๐๐๐ Surging #EthereumWhales Transactions Hint At Upcoming $ETH Price Rally
Ethereum (ETH), the world's second-largest cryptocurrency, has experienced a significant rebound, surging nearly 15% in the past ten days from its recent lows of $3,000. At the time of writing, the Ethereum price stands at $3,510, marking a 1.1% increase, reaching a pivotal point with a market capitalization of $421 billion.
- Accumulation of Ethereum by Whales
Recent insights provided by crypto analyst Ali Martinez reveal a notable uptick in whale transactions involving Ethereum (ETH) amid the recent price correction. This surge in whale activity is seen as a #bullish signal, suggesting potential upward movements in Ethereum's price in the near future.
- Price Outlook for Ethereum
Analysts anticipate the Ethereum price rally to extend to $4,000 and potentially reach its all-time high of $5,000 by the end of the year. However, opinions are divided regarding the approval of a spot Ethereum ETF, with major players like Bitwise expressing optimism about SEC approval by mid-May 2024.
- Recent ETH Price Action
Following a downward correction, Ethereum briefly fell below the $3,550 mark before finding support around $3,450, mirroring movements in the Bitcoin market. Subsequently, bullish momentum emerged, leading to a rebound in price, with a low formed near $3,459.
Ethereum surged past the $3,520 resistance and the 50% Fibonacci retracement level from its recent dip, while also breaking a key bearish trend line near $3,540 on the hourly chart.
Ethereum is currently above $3,520 and the 100-hourly Simple Moving Average. Near-term resistance is expected around $3,600, followed by a significant barrier at $3,630, corresponding to the 76.4% Fibonacci retracement level.
Upside potential extends to $3,680, possibly leading to a push towards $4,000. On the downside, initial support is at $3,480, with further targets at $3,250.
Source - coingape.com