Ethereum whale transactions surge

Does it foreshadow anything?

Ethereum (ETH), the world's second-largest cryptocurrency, has staged a strong rally, rising nearly 15% from a low of $3,000 over the past 10 days.
Currently, Ethereum price is up 1.1% to $3,510, giving it a market capitalization of $4,421 billion.
Ethereum whales accumulate massively
In recent insights shared by cryptocurrency analyst Ali Martinez, whale trading volumes involving ETH have surged significantly amid the correction in Ethereum’s price over the past few weeks.
This trend is seen as a bullish indicator, suggesting that Ethereum price may rise in the foreseeable future.
Analysts have been expecting Ethereum price to continue rising towards $4,000 and further hit an all-time high of $5,000 before the end of the year. On the other hand, there are mixed opinions on the approval of spot Ethereum ETFs, with major companies such as Bitwise optimistic about SEC approval in mid-May 2024.
Ethereum started a downward correction and fell below the $3,550 mark. Bullish momentum emerged after a retest of support at $3,450, reminiscent of Bitcoin’s moves. The price formed a low near $3,459 before rebounding.
There was notable progress above the $3,520 resistance. Bulls pushed the price above the 50% Fibonacci retracement level of the downtrend from the $3,680 high to $3,459 low. Additionally, ETH price broke above a key bearish trend line, marked by resistance at $3,540 on the hourly chart of ETH/USD.
Currently, Ethereum is trading above $3,520 and the 100 hourly simple moving average. Looking ahead, immediate resistance is near $3,600 with the first major hurdle near $3,630. This level is consistent with the 76.4% Fibonacci retracement level of the recent decline from the $3,680 high to $3,459 low.
On the upside, the next major resistance level is $3,680, above which it could open the door for a further rally towards $4,000. On the downside, the first major support level is seen at $3,480, below which it could open a move towards $3,250
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