Ethereum has seen a remarkable recovery over the past 24 hours, rising 3.36% after a brief drop. This rally was fueled by significant inflows, most notably a $13 million purchase of ETH by a major Ether whale.
Ethereum is on the mend after Mondayâs sell-off, with the broader market recovering, and has surged 17.70% in the process, outperforming many major altcoins.
Additionally, Ethereum has attracted a lot of attention among investors today, seeing a significant increase in trading volume by 80.47% to reach $19.88 billion.
Ether Whale Purchased 5,000 ETH â What Does It Mean?
This surge comes after a well-known Ether whale made a significant purchase of 5,000 ETH, worth $12.8 million at its current market value. According to a Scopescan post on X (formerly Twitter) on August 12, the whale had previously followed a similar strategy by buying on the dip when Ether dropped to $2,100 and then rose to $3,100 shortly thereafter.
Whale buying often provides important clues about the underlying sentiment around the asset. Previous whale purchases of Ether have been observed to signal local price lows just before a strong rally. Such strategic moves could also contribute to a more positive sentiment among investors.
The digital asset market attracted $176 million in inflows last week, with Ethereum-linked products accounting for $155 million of that figure. These significant inflows were largely driven by the launch of spot Ethereum exchange-traded funds (ETFs) in the U.S. Investors are viewing the recent price weakness as a buying opportunity.
Last week, Ethereum ETFs saw positive net inflows for the first time since their debut on July 23, raising $104.8 million in the process. These inflows reinforce investor confidence in Ethereum and are an indication of a strategy to take advantage of lower prices.
Ethereum Price Prediction â Are We at the Bottom?
This weekâs Ethereum price action has been exhibiting extended swings, reinforcing the formation of an expanding triangle pattern, signaling increased volatility during periods of fear, uncertainty, and doubt (FUD) for the asset. After touching the lower support of this pattern last week, increased volume has led Ethereum to retest the upper resistance of the pattern.
Ethereum managed to reclaim the key resistance at $2,550 during todayâs upward move. However, it encountered a strong resistance at $2,700, which capped the upside momentum. This resistance level coincides with the convergence between the 50-Day Exponential Moving Average (50EMA, pink) and the 200-Day Exponential Moving Average (200EMA, blue). This could present a potential opportunity to buy Ethereum at a discounted price, reflecting short-term price weakness.
This technical structure could also signal a possible bullish reversal. If Ethereum fails to hold the $2,550 support level, a stronger sell-off could be triggered, potentially pulling the price down to $2,100, the lower boundary of the pattern.
However, other technical indicators are softening this bearish sentiment. The Chaikin Money Flow (CMF) (green) shows dominant selling pressure, while the Relative Strength Index (RSI) (purple) takes a more neutral stance. This suggests that the asset is in a downtrend but not yet oversold, leaving room for a potential reversal.
If the buying pressure continues and Ethereum manages to break the $2,700 resistance level, the next important target would be the $2,870 resistance. Beyond this level, a successful breakout from the upper boundary of the expanding triangle formation could pave the way for Ethereum to reclaim $3,100.
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