Former BitMEX CEO Resumes Ethereum Accumulation Amid Backlash
- Ethereum Purchase Resumes: Former BitMEX CEO Arthur Hayes has resumed accumulating Ethereum after facing public backlash, recently acquiring 1,400 ETH worth approximately $2.5 million through a wallet linked to the Maelstrom Fund, indicating his continued confidence in Ethereum despite skepticism from the market.
- Intense Market Reaction: Hayes's purchase has sparked significant backlash on social media, with many users labeling him as 'the biggest manipulator' and expressing concerns that he may sell shortly after, reflecting a lack of trust in his trading strategies, especially after his recent sale of ZEC, which caused the asset's price to plummet over 50% within 24 hours.
- Whale Buying Trend: According to Lookonchain, Ethereum buying activity has surged recently, with another whale user, geministar.eth, accumulating 32,278 ETH worth $57 million over just two days, demonstrating strong demand for Ethereum and a rebound in investor confidence.
- Bitmine's Continued Accumulation: Tom Lee's Bitmine has announced a massive $135 million Ethereum purchase on June 15 and has recently acquired another 20,000 ETH from FalconX for nearly $36 million, aiming to hold 5% of Ethereum's total supply, thereby solidifying its position in the Ethereum market.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1342.795 | 1473.118 | 1588.895 | 1719.218 | 1834.995 | 1965.318 | 2081.095 |
| Fibonacci | 1473.118 | 1567.128 | 1625.207 | 1719.218 | 1813.228 | 1871.307 | 1965.318 |
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