$ETH is starting to see buying pressure on DEX platforms. Whales are all in on $ETH 🐋
In the last 2 hours, a wallet believed to be a whale has invested heavily in $ETH. This wallet has purchased a total of 21.6k $ETH (90M $USDT) on the CoW Swap platform at an average price of $4068.
Additionally, last night, this wallet also withdrew a net of 2.4K $ETH (10M $USDT) from the #Binance exchange. After $ETH experienced a dip earlier today, this whale decided to all-in and buy the dip on $ETH.
It is estimated that this whale swapped a total of about 88M $USDC, $USDe, $USDf, and other stablecoins from their wallet managed on the Pendle platform to swap for $ETH.
In total, 24K $ETH (97M $USDT) has been purchased by this whale in the past 15 hours, at an average price of $4,078.
This is the necessary buying pressure on DEX platforms if we want to see the price of $ETH recover, as the team mentioned in yesterday's post.
I’ll leave my wallet link in the comments below 👇
Has the support zone for $ETH been breached❓ What conditions will help $ETH continue to grow in the near future❓
Based on the Cost Basis Distribution Heatmap, the price of $ETH has broken through the large brown support zone at an average price level of around $4500.
Bad scenario: Currently, the strong brown support is very far away at the price level of $3000. If the price of $ETH officially enters a correction wave, this could very well be where the price will head back to.
Good scenario: Looking back at the period of 2/8 when the price dropped to the 3300-3400 range, there was also no strong limit support appearing.
However, coincidentally, on 2/8, the WETH-USDC pair bounced back due to buying pressure on various DEXs + market buy orders on CEXs.
=> Currently, the price has dropped below the limit support on CEXs, but the WETH-USDC pair on DEXs has reached a strong resistance zone. If buying pressure appears on DEXs + direct buy orders from CEXs, the scenario of $ETH bouncing back is still entirely feasible.
Hopefully, the bad scenario mentioned above will not happen ...
Drop a ❤️ and leave your opinions on the two scenarios above!
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