On-chain analytical platform Spot On Chain reveals that crypto whales have channeled $35.11 million in stablecoins into Ethereum (ETH), propelling its price past $3,400.

These crypto whales’ activities will potentially carve the path for Ethereum’s forthcoming price action.

How Crypto Whales’ Activities Established a Strong Support For ETH Price

A closer look at the transactions reveals a strategic play. Eight crypto wallets, likely under a single entity’s control, deployed $20.86 million in USDT to purchase 6,144 ETH, averaging a price of $3,395.

“Notably, five wallets labeled “Address Group 1” were funded with USDT by wallet 0x065 while those from “Address Group 2” were funded with USDT by wallet 0x8ce. These two funding wallets, in turn, had made several transfers in USDT and ETH with one another; thus, likely belong to one entity,” Spot on Chain explained.

Moreover, another significant trade involved crypto wallet 0x5e9, which bought 4,178 ETH with $14.245 million in DAI, averaging $3,410 per ETH. This crypto whale previously earned a hefty profit of $7.48 million from trading activities in Ethereum and Wrapped Bitcoin (WBTC).

Now, focusing on market trends, the In/Out of the Money Around Price (IOMAP) chart shows Ethereum tightly bracketed by recent crypto whales’ transactions. Consequently, a robust support level has formed between $3,328 and $3,428. Here, about 3.13 million addresses acquired 5.78 million ETH, with an average price of $3,371.

If Ethereum dips below this support, it could face substantial resistance, potentially curtailing its upward momentum. Conversely, above this zone, resistance appears less daunting.

The next significant barrier spans from $3,433 to $3,534. At this level, 2.1 million addresses previously bought 1.6 million ETH, setting an average price of $3,499.

Read More: Ethereum (ETH) Price Prediction 2024/2025/2030

There are chances that some investors might sell at these levels to break even, possibly causing Ethereum’s price to correct. Thus, these transactions are pivotal in shaping Ethereum’s near-term price trajectory.

Nonetheless, Hitesh Malviya, the founder of the on-chain analytical platform DYOR, believes that Ethereum has formed a local bottom.

“After 17 days of re-accumulation period on ETH, the market price is finally moving above the fair price, indicating that we’ve found the local bottom and are ready to go up,” Malviya said.

DYOR claims that its fair price model helps estimate the intrinsic value of a token based on supply and demand dynamics. However, it is an experimental model with a margin of error involved.