Ethereum price move past $3,800 is followed by strong buying power from bulls

The Ethereum price hitting $3,800 remains largely unnoticed in the market and on-chain data. Many indicators show that, at the moment, with 95% of the money bought cheaper than the current price, ETH bulls are currently controlling the market with solid dominance. At the time of writing, ETH is changing hands at $3,777, still recorded an increase of more than 3% in the past 24 hours.

ethereum-price-move-past-3800-is-followed-by-strong-buying-power-from-bulls

ETH/USD 4-hour chart | Source: TradingView

Ethereum price move past $3,800 put 95% of holders in profit

According to The Block, only 4.6% of Ethereum holders are out of money, meaning investors bought ETH at a higher price than it is now. While the previous bull phase was mainly driven by speculative interest, this time around, Ethereum has become more popular among institutional investors who could see a change like an asset. Due to implementing the fee burning mechanism in the EIP-1559 update, during periods of high network load, more Ethereum is burned than distributed.

ethereum-price-move-past-3800-is-followed-by-strong-buying-power-from-bulls[1]

Source: IntoTheBlock

At press time, the most significant entry zone by volume (number of addresses) is $3,300, with a total volume of 10.2 million Ethereum purchased close to that price range.

Accordingly, in the past nearly a day, a large amount of ETH has been transferred by anonymous Ethereum holders. All in all, 15 significant transactions have yielded a staggering 1.348 billion Ethereum in value. The smallest one carries 10,000 ETH – or $38 million. The most significant volume transferred by the whale contained 50,000 ETH, worth $183,307,518. Two major crypto platforms, Binance and Blockfolio, were also involved in some of those transactions.

ethereum-price-move-past-3800-is-followed-by-strong-buying-power-from-bulls

Source: Whale Alert

Meanwhile, ETH broke through $3,820 earlier today, following Bitcoin’s rise above $60,000 for the first time since April when it hit an all-time high of $64,800. For now, however, Ethereum is down a bit, trading at $3,777. As AZCoin News reported, crypto whales also transferred large amounts of Ethereum — worth more than $1.19 billion of it.

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