Ethereum (ETH) Adds 5% But Are Whales Manipulating Prices?

Dalmas Ngetich

Last Updated: June 11, 2024 4:02 pm

2 mins read

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Ethereum (ETH) price is up 5.1 percent
Institutions driving demand for Grayscale Investment’s Large Cap Fund

According to Grayscale Investments, institutional demand for cryptocurrencies, including ETH is high. Last quarter, their Large Cap Fund rose 178.8 percent. Currently, ETH is stable but vulnerable in a bear breakout pattern.

Ethereum Price Analysis

Fundamentals

Cryptocurrency “detectives” report that this week’s Bitcoin’s drop below the $10,000 round number was because of whales’ rapid accumulation of Ethereum (ETH). As per observers, a single 15,000 ETH buy order did cause a demand shock with the temporary oversupply causing ETH prices to drop as price action sought equilibrium.

He's back$ETH @binance pic.twitter.com/QfdpHrdu3S

— 朱溯 🐂 (@zhusu) July 18, 2019

Since BTC and ETH prices are highly correlated, the price of BTC also declined in response. If anything, this could be a possibility. Worse, critics can insist that these were deliberate attempts to prop ETH prices.

Regardless, fundamental factors around Ethereum and even Bitcoin are bullish. That’s despite all the slew of negative news from US politicians. By cushioning the USD, their eyes are at cryptocurrencies, which is a necessary creation borne out of fiat’s vulnerabilities.

Meanwhile, the latest quarterly report from Grayscale Investments reveals demand from institutions. As per their report, the assets under management, held in their Bitcoin and Ethereum Trusts, tripled, rising to $2.7 billion from $927 million of Q1 2019. From this, the Grayscale Digital Large Cap Fund with ETH investment gained 178.8 percent in Q2 2019.

Candlestick Arrangements

At the time of writing, ETH is down 18.7 percent in the last week but stable in the past 24 hours. Up 5.1 percent, the ceiling is at $230. Even so, note that sellers are firmly in control.

Following the drastic fall in prices below two levels of support-in the main support trend line and $230, the current pullback is likely a retest. In that case, and despite impressive gains in Q2 2019, every uptick towards $230 is an opportunity for bears with sights at $170 or even $150.

The projection is valid and in expectation of a possible correction of Q2 2019 steep gains. Similarly, a retracement to the $170-$190 zones will be perfect for traders aiming for $300 and June 2019. However, if ETH prices blast past $230 with high trading volumes, this trade plan will be null.

Technical Indicators

As aforementioned, June 26 bull candlestick anchors this trade plan. It has high trading volumes of 554k. As a result, for buy trend continuation, any surge past $230 or the previous support trend line now resistance must be with high participation exceeding 554k. Equally, drops below $190 with a distinctive breakout bar propelled by high trading volumes would trigger a possible dump to $150 and $100.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.