$129.3 Million ETH Buy Wall Identified on Binance Below Current Spot Price

$129.3 Million ETH Buy Wall Identified on Binance Below Current Spot Price

A substantial buy wall for Ethereum (ETH) has been identified below its current trading price, indicating potential support. As Ethereum shows stronger trade activity, analysts share insights on its price movements and institutional interest in crypto.

Key Takeaways

A buy wall of 67,000 ETH, valued at approximately $129.3 million, is positioned between $1,920 and $1,965.
Ethereum is currently trading at $1,971, having increased by 1.79% in the last 24 hours.
Analysts express concerns about potential price retractions towards the $1,850 to $1,900 support zone after recent highs.
Institutional interest in Ethereum remains strong, with significant inflows reported recently.

According to Maartunn, a community analyst from the on-chain analytics platform CryptoQuant, a large quantity of ETH is currently positioned beneath Ethereum's present trading price, showcasing a notable support level.

As of now, Ethereum (ETH) is trading at $1,971, representing a gain of 1.79% over the last day and a weekly increase of 7.94%. According to Maartunn's analysis, about 67,000 ETH—equivalent to nearly $129.3 million—has been aggregated just under Ethereum's current trading price, specifically between $1,920 and $1,965.

"67,000 ETH (around $129.3 million) is stacked on Binance between $1,920 and $1,965—sitting directly under the current price," Maartunn noted in a post on X.

The cryptocurrency faced rejection at the $2,000 mark on Tuesday, reaching a peak of $2,041, following a high of $2,089 from the day before. Analysts believe this recent rejection could lead Ethereum back toward the support range of $1,850 to $1,900.

Since the beginning of February, Ethereum's price has fluctuated within the $1,742 to $2,148 range, indicating an ongoing struggle between buyers (bulls) and sellers (bears). Buyers will need to push past $2,148, the upper limit of this range, to seize control over the market. Should they succeed, Ethereum might surge toward its 50-day simple moving average (SMA) at $2,427, and potentially reach $3,045 thereafter.

Conversely, if Ethereum's price declines from its current levels, it may suggest a continuation of sideways trading. A drop below $1,742 could allow sellers (bears) to regain influence, which might open the door for a further decrease to $1,537.

In related news, a recent CoinShares report highlighted that cryptocurrency exchange-traded products saw an influx of $1.1 billion in funds last week, helping to recover from significant losses experienced in previous weeks. Ethereum funds alone received nearly $117 million during this period, marking the highest inflow since mid-January. Prior to the last week, crypto funds had experienced a depletion of $4 billion over five weeks, yet market indicators suggest that institutional investors remain interested in enhancing their crypto portfolios amid these recent inflows.