Ethereum (ETH) activity rises as ETF expectations rise

According to blockchain tracker Whale Alert, approximately 11,999 ETH, worth $40,178,586, was transferred from an unknown wallet to Kraken.

Simultaneously, 9,438 ETH worth $31,571,639 were transferred from another undisclosed wallet to Binance. Additionally, 11,913 ETH worth $39,880,410 was transferred from Gemini to Coinbase, highlighting significant transactions in the ETH ecosystem.

ETH showed a steady trading session with distinct support and resistance levels defining its price dynamics. $3,200 served as a steady support level, with buyer interest keeping the price above this threshold. Furthermore, $3,250 served as a consolidation point after the initial rise, suggesting a stabilization phase before a potential further rise.

As for resistance, the current price near $3336.34 represents an immediate hurdle, with minor sell-offs seen reflecting initial resistance levels. A break above $ 3350 could signal a continuation of the uptrend, highlighting key resistance points to watch out for in the upcoming trading sessions.

The price movement is showing a bullish trend, having started at around $3200 and steadily climbing to current levels around $3336. This upward trajectory has been accompanied by a notable 34.06% increase in trading volume over the past 24 hours, indicating increased market activity and investor interest in ETH.

In terms of broader market indicators, Ethereum's market capitalization rose by 4.22% to reach $ 401,088,479,399, highlighting the positive sentiment among investors. A significant trading volume of $13,154,601,411 further emphasized strong market participation and liquidity, supporting the bullish price trend seen throughout the day.

Analyzing the technical indicators, Ethereum's RSI for Week 1 was 54.02, indicating neutral market sentiment. Meanwhile, MACD 1 week trading below the signal line suggests potential short-term downward pressure on prices. $ETH