Key Insights
- The 24-hour trading volume has increased by 120% to $32.77 Billion.
- A whale has withdrawn 4,700 ETH worth $12.98 Million from the exchange.
Ethereum (ETH) price has witnessed a great fall at the beginning of February. However, it has recovered half of its loss and consolidated in a narrow range. In the past 6 days, the ETH price has attempted twice to exceed the 20-day EMA but couldn’t.
Since the price trend lines from the chart analysis show consistent upward movement, there is no cause for concern. The market values for Ethereum have increased by 2% over the past day.
The whale withdrawals of ETH have also shown significant positive changes. This pattern is noteworthy to market watchers because the Ethereum price is approaching the $3,000 mark.
Whale Activity Sparks Market Interest in Ethereum Price
After a large wallet went idle for about 500 days, the market focused on whale movement and subsequent price hikes.
This whale’s noteworthy action demonstrated increased interest in ETH price. They took 4,700 ETH out of $12.98 Million worth of cryptocurrency exchanges. Whales are showing interest in ETH, which could be a bullish signal.
Ethereum Price at Major Support: Can Buyers Make It Big?
When writing, Ethereum price was trading at $2,706.00, which has increased by 1.61% over the past 24 hours. The market capitalization was $326.08 Billion, and the 24-hour trading volume was $32.77 Billion.
The technical chart suggested that the ETH price has been bullish for a wider time frame. It has been rising by taking support on a major ascending trendline. The token has experienced an accumulation phase for the past few weeks.
Suppose bulls dominate the accumulation phase; it could attract buyers. If the token exceeds the 20-day EMA, buyers may be eyeing the 200-day EMA. A strong bullish momentum can be anticipated once the ETH surpasses the 200-day EMA.
On the other hand, if the digital asset price slips below the major trendline, sellers may dominate ahead. Buyers may lose confidence if the Ethereum price sustains below the trendline.
Here, most traders and investors prefer to book profit, which may result in a bearish trend. RSI has kept rising amid this consolidation phase. This has further triggered a bullish crossover with the RSI-based moving average.
ETH Price Analysis on Major Trendline
Ethereum was currently navigating a pivotal moment in the market. With this, a notable increase in whale activity signaled heightened interest in cryptocurrency.
The recent withdrawal of 4,700 ETH and increased trading volume imply that prominent investors planned for future gains. As ETH hovers around the crucial support level of $2,706, the outcome of this accumulation phase will be critical.
A successful breakout above the 20-day EMA could ignite bullish momentum. This could lead to further ETH price appreciation toward the 200-day EMA.
Conversely, a drop below the ascending trendline may trigger selling pressure and a bearish trend. This could cause traders to reassess their positions. The next few trading sessions will be essential for determining Ethereum’s trajectory in the near term.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
