$557 Million in Ethereum Bought in Minutes as Bulls Show Up

Although Ethereum has seen its price plunge deeper beyond key resistance levels, on-chain activities suggest bulls are not gone. 

According to data shared by Cryptoquant analyst Maartunn, the second-largest cryptocurrency by market capitalization has witnessed a significant increase in taker buy volume across all exchanges, with over half a billion worth of ETH purchased in minutes.

The data reveals that the leading altcoin recorded a massive $557 million in buy volume in less than an hour as of August 29 despite major price setbacks witnessed on the day. Considering the timing of the massive Ethereum accumulation spree, it appears that the bulls have decided to buy the dip on Ethereum as efforts to maximize gains.

What's next for ETH?

With the massive buying activity coinciding with the broad crypto market bloodbath, Ethereum has failed to respond with a positive price move as its price continues to plunge lower. Hence, market participants are keeping a close eye on Ethereum on-chain movements as market uncertainty looms.

Although the notable increase in Ethereum’s taker buy volume hints at heightening dip-buying interest among Ethereum investors, the move has raised optimism about a potential price rebound for the asset.

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ByYuri Molchan

After holding strong above $4,700 and moving towards the much-anticipated $5,000 a few days ago, momentum is increasingly fading as traders continue to cautiously reposition their assets. As such, the asset has fallen as low as $4,272 on August 29. Showing a notable price decrease of 3.44% over the last day, data from CoinMarketCap shows that it is trading steadily at $4,340 as of press time.

With major moves like the massive buying spree recorded today reflecting, market participants have raised concerns as to whether the notable demand for Ethereum could outweigh pressures from the short-term price trends. While voluminous ETH outflows from whales, including BlackRock, have also been spotted consistently during the day, it appears that large holders are also hedging against volatility while moving tokens into custody.

Nonetheless, the token moving towards $4,400 in the last hours has seen analysts predict that a sustained bounce above $4,400 will be critical to confirm whether these massive buying activities could push the asset and possibly the broad crypto market to a recovery phase.