Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Ethereum price dives to $3682 as whale accumulation signals rebound

Ethereum price dives to $3682 as whale accumulation signals rebound

Grafa2024/12/10 02:40
By: Isaac Francis
BTC+0.01%ETH-0.11%

Ethereum's (CRYPTO:ETH) price dropped by 12.8% on Monday, falling below the $3,500 mark amid a broader market downturn.

The decline was triggered by Bitcoin's (CRYPTO:BTC) difficulty in holding above the $100k threshold and a massive $1.52 billion liquidation in the crypto market.

Despite the pullback, whale accumulation surged, indicating a potential for a bullish reversal.

According to Coingecko, the global cryptocurrency market capitalisation sits at $3.6 trillion, with a 7% intraday loss.

The 24-hour trading volume reached $483.2 billion.

On-chain data from Lookonchain reveals that a prominent crypto whale has added 1,800 ETH, worth approximately $7 million, to their portfolio.

This brings their total holdings to 39,600 ETH, valued at around $99 million, since May 24.

The whale's average purchase price for ETH is $2,487, positioning them with an unrealised profit of $54 million.

This accumulation is seen as a buy-the-dip strategy, suggesting the whale remains optimistic about Ethereum's future prospects.

Historically, such whale accumulation has been a precursor to Ethereum finding a bottom and rebounding.

From the November low of $2,350 to $4,098, Ethereum showed a 73% rally, breaking through an eight-month resistance trendline.

This breakout is seen as signaling the continuation of an uptrend.

Ethereum's price currently trades at $3,682, testing the previous resistance trendline as support.

Data from Coinglass highlights that Ethereum's performance in December has been mixed over the years, with notable gains in 2017 (+70.54%) and 2020 (+19.46%), while declines were recorded in 2021 (-20.61%) and 2019 (-15.09%).

At the time of reporting, the Ethereum price was $3,745.82.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!
Bitget Announcement2025/09/12 07:46
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
New spot margin trading pair — LINEA/USDT!
Bitget Announcement2025/09/11 10:04

Trending news

More
1
New spot margin trading pair — HOLO/USDT!
2
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,929.62
+0.03%
Ethereum
Ethereum
ETH
$4,660.15
-1.24%
XRP
XRP
XRP
$3.08
-1.24%
Tether USDt
Tether USDt
USDT
$1
+0.00%
Solana
Solana
SOL
$246.34
+1.50%
BNB
BNB
BNB
$938.38
+1.32%
USDC
USDC
USDC
$0.9998
+0.00%
Dogecoin
Dogecoin
DOGE
$0.2908
+2.37%
TRON
TRON
TRX
$0.3501
-0.92%
Cardano
Cardano
ADA
$0.9146
-1.54%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter