Ethereum (ETH) Price Ready for 9-16% Move amid Bullish Divergence, Buy the Dips?

Citing this indicator, Ardi also wrote:

“Closed all my $ETH shorts. There‘s potential for a little more pain, but I’m not fading my trusty Divergence Superstacker when Im up triple-digit gains”.

Whales and Institutions Continue Buying

Amid the current Ethereum price movement, a BitcoinOG whale has doubled down on his ETH long positions. The whale, identified as “1011short,” has increased its ETH long position to 120,094 ETH, worth a massive $392.5 million.

Whale increases ETH long position | Source: Hyperdash

The position carries a liquidation price of $2,234.69. It shows that theres a substantial high leverage, and a strong conviction for further Ethereum upside.

On the other hand, Tom Lees BitMine Technologies (BMNR) has continued with its aggressive ETH purchases. A few hours back, the firm purchased an additional 33,504 ETH worth $112 million. The firm already has 3.9 million ETH holdings, and is on a path to achieving its 5% of ETH supply holdings.

On the other hand, inflows into spot Ethereum ETFs have remained strong this week. According to data from Farside Investors, total inflows so far this week have already crossed $250 million.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.