1inch Investment Fund has purchased 6,088 ETH for $10 million, taking advantage of the Ethereum price dip.
1inch stacks up more ETH
In a move that’s caught the crypto community’s attention, the 1inch Investment Fund recently acquired 6,088 Ethereum (ETH) for a whopping $10 million, according to blockchain analytics platform Lookonchain.
The purchase was made at a price of $1,655 per Ether, bolstering the fund’s holdings and revealing their confidence in the token’s future price move despite the ongoing crypto winter.
The researchers also revealed that the investment fund purchased 17,000 ETH in three separate transactions between January and March.
The fund also reportedly sold 11,000 ETH worth $21 million on July 5, when Ethereum was trading at $1,906, making a profit of approximately $3.7 million.
In related news, the 1inch decentralized exchange (DEX) aggregator was recently implemented on Coinbase’s Ethereum layer-2 platform, Base. This integration introduces a new feature that allows Base users to place limit orders, giving them greater influence over their trades.
Ethereum price analysis
At the time of writing, the price of ETH stands at $1,650, marking a decrease of over -1.2% in the past week, according to CoinGecko.
While Ethereum consolidated on Aug. 28, with prices staying relatively stable around last week’s low of below $1,600, the recent rebound above the $1,650 support zone has garnered attention.
Ethereum’s Relative Strength Index (RSI) on a weekly timeframe is at 26, indicating a potential bullish momentum on the horizon. The token is aiming to reclaim the key $1,700 level, which could set the stage for a fresh rally.
Ogwu Osaemezu Emmanuel
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