- BlackRock invested $109.9 million in Ethereum on August 6th, indicating strong buying activity amidst market fluctuations.
- Grayscale ETHE ETF experienced outflows, contributing $39.7 million to market sell pressure on the same day.
On August 6th, BlackRock invested $109.9 million in Ethereum, following a $47.1 million purchase the previous day, reflecting increased acquisition during the market’s downturn.
This investment occurred after a brief pause on August 2nd when market pressures peaked. Such transactions are critical indicators of institutional confidence in Ethereum during periods of price adjustments.
Exchange Traded Funds (ETFs) have been active in the Ethereum market, influencing demand for ETH. For instance, while BlackRock has been purchasing Ethereum, the Grayscale ETHE ETF, which charges an annual fee of 2.5%, has been seeing outflows.
On August 6th, it contributed $39.7 million to selling pressure. Although these outflows have decreased compared to the previous week, they indicate a continued hesitance to sell at lower prices.
In terms of Ethereum holdings across different investor classes, data shows a divergence. Whales increased their holdings to 57.13 million ETH, while retail and smaller investors slightly decreased their shares. Specifically, retail holdings shifted marginally from 65.43 million ETH to 65.39 million.
Address analysis further categorizes Ethereum distribution: the number of addresses holding between 100,000 to 1 million ETH decreased from 93 to 92, and those with 10,000 to 100,000 ETH dropped by 32 addresses.
Conversely, addresses with 10 to 100 ETH increased from 281,750 to 282,530, suggesting small-scale investors are marginally increasing their holdings.
As of the latest ETHNews data, Ethereum (ETH) is trading at $2,317.81, reflecting a 3.80% decrease in the past 24 hours. Let’s delve into a detailed technical analysis:
Price Movement and Trend
Ethereum has shown a robust upward movement, currently oscillating within the day’s range of $2,218.87 to $2,552.31. This indicates a healthy bullish trend. The significant increase from the previous close of $2,418.87 to the current price demonstrates strong buying pressure.
Volume and Market Activity
The 24-hour trading volume stands at $30.65 billion, indicating substantial market activity and liquidity. High trading volumes are generally a positive sign, as they suggest that there is considerable interest and confidence in the asset among traders and investors.
Support and Resistance Levels
Ethereum’s current trading zone suggests immediate support around the $2,400 mark, which has been tested and held multiple times. The next major resistance level is at $2,600. If ETH can break through this resistance, it could potentially target higher levels around $2,700 and beyond.
Moving Averages and Indicators
- 50-day Moving Average (MA): Ethereum is trading above its 50-day MA, reinforcing the bullish trend.
- 200-day Moving Average (MA): The price is also well above the 200-day MA, suggesting long-term bullish momentum.
Relative Strength Index (RSI)
The RSI currently hovers around 20, indicating that Ethereum is approaching overbought territory. This might suggest a potential pullback or consolidation period in the near term before continuing its upward trajectory.
