Ethereum (ETH) has been making headlines recently as the world’s second-largest cryptocurrency by market capitalization. After a notable price decline, investors and long-term holders are showing renewed interest in ETH, leading to bullish speculation about its future.
One significant development that has caught the attention of the crypto community is the recent purchase of $28.5 million worth of ETH by crypto whales. According to Lookonchain, four new crypto wallets belonging to whales acquired 8,440 ETH from Binance during a period when the altcoin’s price was on the rise. This purchase came after a recent downturn in ETH, which saw a price drop of over 22.5%. However, with increasing interest from investors, ETH has bounced back, reclaiming a crucial level after testing its support at the 200 Exponential Moving Average (EMA) of $3,100.
Currently, ETH is trading near $3,475, with a price surge of over 1.75% in the past 24 hours. The trading volume has also increased by 10%, indicating heightened participation from traders and investors. Long-term holders and whales have taken advantage of this opportunity to accumulate more ETH, signaling optimism about the altcoin’s future prospects.
In terms of technical analysis, experts suggest that ETH has regained its support level of $3,400 and recently closed a bullish pin bar candle at this level, indicating potential upside momentum in the coming days. If ETH manages to cross the $3,500 level, there is a strong possibility that it could soar by 17% to reclaim the $4,000 mark in the near future. The current market sentiment seems to favor the bulls, supporting the upside momentum for ETH.
Overall, the recent developments in the ETH market point towards a positive outlook for the altcoin. Investors and traders are closely monitoring the price movements and technical indicators to gauge the potential for further gains. With increasing interest from whales and long-term holders, ETH could be on track for a significant price rally in the near future. Stay tuned for more updates on Ethereum and other cryptocurrencies as the market continues to evolve.