$ETH

Ethereum (ETH) Price Could Get a Boost as Whales Return to the Market

Ethereum (ETH) price has gained 6% over the past week, trying to build momentum towards the $4,000 level. The recent formation of a golden cross, with the Relative Strength Index (RSI) currently at 63.6, suggests that the bullish move could continue.

Additionally, whales have resumed their accumulation, with the number of wallets holding at least 1,000 ETH increasing after a slight dip earlier in January. With ETH approaching key support and resistance levels, its ability to maintain the bullish momentum will be crucial in determining whether it can sustain its rally or face a pullback.

ETH RSI Drops from 70

Ethereum’s RSI is currently at 63.6, having briefly crossed the overbought threshold of 70 between January 3 and January 4. The Relative Strength Index (RSI) measures the speed and magnitude of price movements on a scale of 0 to 100, providing insights into market momentum. Readings above 70 indicate overbought conditions, signaling a potential pullback, while readings below 30 indicate oversold conditions, potentially signaling a price recovery. A current RSI for ETH below 70 suggests that while buying pressure has eased, bullish momentum remains.