Ethereum Whale Accumulates 10,309 ETH Amid Dip

Ethereum experienced a sharp price drop below $3,400 on April 10, attributed to high US Core CPI stats.

On Wednesday, April 10, the price of Ethereum (ETH) plummeted all the way below $3,400 after the United States announced extremely high Core Consumer Price Index (CPI) statistics for the month of March.

Ethereum Whale Accumulation

Ethereum, however, has made a significant recovery since then, climbing back above $3,550 as of the time of this publication. This improvement in the price of ETH takes place against the backdrop of a significant whale accumulation that is going on.

According to a report by Lookonchain, which cited data from Etherscan, a whale in the cryptocurrency markets made a significant purchase of Ethereum (ETH).

A total of around 10,309 ethers, which is equivalent to $35.82 million, were purchased just two hours ago amid a period of market slump. A further big investment was made by the same investor earlier on April 8th, and this acquisition comes after that.

Before there was a significant increase in the price of Bitcoin (BTC), they purchased 10,643 ether, which had a value of around three and a half million dollars at the time.

These investments indicate that the investor is in a positive mood, placing themselves tactically throughout market swings in order to gain on anticipated price moves in the future.

On the other hand, has stated that Ethereum open interest is once again on the rise, and this trend is also accompanied by the futures call, which suggests that bullish momentum is developing for Ethereum in the future.

Analysts are optimistic that this Ethereum price recovery will continue and even reach $4,000 in the future. Ethereum, currently trading close to the $3,500 mark, is closely following the 100-hourly Simple Moving Average.

In close proximity to the $3,600 level, which is also the 61.8% Fibonacci retracement level, there is immediate resistance. We project a significant barrier at $3,725, and another obstacle at $3,780.

We anticipate the primary challenge to be near $3,650. When the price breaks over $3,800, it may be possible for bullish momentum to gain traction.

However, if the price is unable to break through the $3,600 barrier, this could result in a decline. First support is anticipated to be close to $3,520, and a more substantial support level is anticipated to be somewhere around $3,500. If the market continues to move negative, it could test the $3,400 zone.