The Smart Money Playbook: A Look at Why Whales are Buying Ethereum (ETH) and Bitcoin (BTC) During This Sell-off

Big players in the crypto world are making bold moves amid the market downturn. This article uncovers the reasons behind significant investments in Ethereum and Bitcoin during this sell-off. Dive in to discover which digital assets are primed for growth and why these influential investors are betting big on these cryptocurrencies. Ethereum Market Snapshot: Recent Trends and Key Levels Ethereum ‘s price has slid over the past month by roughly 10.84% and dropped by 35.61% over the half-year period. The price has ranged between about $1923.57 and $2961.91, signaling consistent downward pressure over recent cycles. A week-long fall of 11.71% reflects the sustained bearish influence in the market. Volatility has been heightened by negative momentum measures. The Relative Strength Index sits at 35.03, suggesting weakening buying power and the presence of selling pressure over longer intervals. Price currently trades within a tight band with nearest support at $1318.71 and resistance at $3395.40. Price action remains unsettled without a clear upward trend, as bears currently dominate market sentiment. Trading strategies may include watching for price bounces near the support level before testing resistance. Cautious buying near support with proper risk management could be beneficial, while scalping or taking short-term positions within this range may prove effective until sustained momentum shifts and bulls gain control. Bitcoin Price Review and Trading Outlook Bitcoin experienced a varied performance over the past month and six months with a slight dip in the short term and modest gains over the longer period. The coin dropped by around 5.48% during the last month and showed a decline of approximately 3.91% over just one week, indicating some short-term pressure. In contrast, the six-month change moved up by roughly 2.82%, showing that Bitcoin has maintained ground and slowly gained momentum despite recent pullbacks. These numbers point to a period of consolidation with mixed signals in its price performance across different time frames. The current price range has Bitcoin trading between roughly $94,832 and $113,326.8, bounded by key levels that can shape future price moves. The nearest support level sits at about $84,880.08 while the nearest resistance hovers around $121,869.42. Technical indicators like the Awesome Oscillator at -3281.437 and Momentum Indicator at -4654.76 lean towards bearish sentiment, although the Relative Strength Index at 39.83 suggests the coin is nearing oversold territory. There is no clear trend at this point, leaving room for range-bound trading. Traders might consider entering positions near support levels while remaining cautious of resistance zones that could limit upward moves. Conclusion ETH and BTC remain top choices for large investors even during the sell-off. Whales likely see value in both coins due to their foundational roles in the market. These assets have shown resilience and potential for future growth. Buying during the dip could be a strategic move for long-term gains. This trend indicates continued confidence in the prospects of ETH and BTC. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily