The price of Bitcoin continues to remain stable today and is holding the critical support level above $36,400. $36,000 was an important resistance for BTC and has now turned into support. However, a close below $34,000 could trigger a pullback to $34,000, which has kept altcoin investors on their toes. In the midst of this uncertainty, the 1inch team has taken action.
Ethereum (ETH) Whale
The price of Ethereum surpassed $2,000 with support from BlackRock, but the halt in the rise of Bitcoin’s price was frustrating. While closures above $2,000 for the altcoin king fuel hopes of new highs, the critical level was lost as $2,200 could not be breached and BTC dropped despite the good news.
The 1inch team has made a move to acquire approximately $11 million worth of ETH. The wallet associated with the 1inch team has transferred 5 million USDT and 5.9 million USDC to two liquidity positions, distributing them between $1,965 and $1,800. When the price reaches the base level of $1,800, the $11 million purchase will be completed.
An $11 million net purchase is a significant demand in low-volume markets. However, the fact that the 1inch team is taking such a position can be interpreted as an expectation of higher levels in the medium term.
ETH Price Prediction
By strategically placing buy orders within a specific price range, the team creates demand for ETH when the price drops, balancing the selling pressure. This allows them to both slow down the price decline and accumulate. Although the spot ETH ETF applications by Fidelity and BlackRock have not yet generated the expected excitement, we should not forget about delayed rallies.
The price of BTC recovered slightly after the BlackRock move in June, but more recently, it was able to test $38,000. If a similar situation arises for ETH, we may see a significant movement in early December.
As the ETH price closes below $1,978, further selling pressure could push it down to $1,941 and $1,905. Half of the gains from the November 9th bullish candle have been retraced. The long tails on the support zones reflect BTC volatility. On the flip side, closures above resistance at $2,140 could open the door to $2,500.
