## Ethereum Price Hints Major Reversal as **Whales Buy 700,000 ETH** Amid Market Dip
The first half of June witnessed a *notably bearish trend* for the **crypto market**, as **Bitcoin price** fell to a low of $65,000 amid several unfavorable updates. The FUD (Fear, Uncertainty, Doubt) surrounding macroeconomic developments, Bitcoin miners' capitulation, ETF outflows, and whale distribution jointly fueled the recent correction in several major cryptocurrencies, including **Ether**. On Friday, the **Ethereum price** dropped to a three-week low of $3,362 but observed an ease in selling pressure over the weekend.
## **SEC's Potential ETF Approval and Whale Investments Boost Ethereum Price**
During the recent market downturn, **Ethereum** formed a new lower high at the $3,950 resistance level on the daily chart. Coin buyers failed to surpass the last high, indicating an *initial shift in market sentiment* where traders prefer to sell on bullish bounces.
On June 14th, the coin’s price peaked at $3,887 before plummeting by 13.5% to a low of $3,364. This level coincides with the 100-day **Exponential Moving Average (EMA)**, which has now begun stabilizing the declining **Ethereum price**, aiding its recovery to $3,509. Concurrently, the market capitalization surged to $431.2 billion.
This surge is likely due to **SEC Chair Gary Gensler's** recent statement suggesting the agency might finalize approvals for listing and trading spot ETH **exchange-traded funds (ETFs)** over the summer.
Moreover, renowned trader Ali highlighted a significant trend in the **Ethereum market**. According to his analysis, Ethereum whales have made substantial investments over the past three weeks, purchasing more than **700,000 ETH**, amounting to approximately $2.45 billion.
This significant accumulation by large holders despite the ongoing correction indicates *strong confidence for the Ethereum price to rebound*.
If the broader market correction persists, the **ETH price** may dive to $3,200 and seek support from the long-coming support trendline. Historical data indicates that Ethereum has rebounded thrice from this dynamic support, signaling high accumulation from investors.
That said, the daily chart indicates a new resistance trendline forming above, suggesting that **Ethereum** might enter a sideways trading pattern. A breakout above this barrier is needed for buyers to regain control and bolster a rally to $3,900.
## Technical Indicators
**Exponential Moving Average (EMA)**: The 100-and-200-day EMAs act as dynamic supports, preventing ETH price from a major correction.
**MACD**: A bearish crossover between the MACD (blue) and signal (orange) indicates *sellers as the key driving force* behind the current price movement.
In conclusion, while the current factors suggest a cautious approach, the potential approval of ETFs by the SEC and substantial whale investments paint a promising picture for Ethereum's market trajectory.
