Ethereum (ETH), the second-largest cryptocurrency in the world by market capitalization, is preparing to continue its upward trend after a significant price drop in recent days. This bullish speculation is driven by investors and long-term holders who recently bought in as ETH prices fell.
Crypto Whales Added $28.5 Million in ETH
Recently, the blockchain-based transaction tracking tool Lookonchain posted on X (formerly Twitter) that four new cryptocurrency wallets belonging to whales purchased a significant 8,440 ETH worth $28.43 million from Binance. This large ETH purchase occurred as the price of this altcoin began to recover after a significant drop.
In the recent downturn, ETH prices dropped by more than 22.5%. However, with increasing interest, this altcoin has recovered, reclaiming an important level after testing the crucial support level at the 200 Exponential Moving Average (EMA) of $3,100.
Current Price Momentum
At the time of the press report, ETH was trading at nearly $3,475, having experienced a price increase of over 1.75% in the past 24 hours. During the same period, its trading volume increased by 10%, indicating increased participation from traders and investors in a declining market. Meanwhile, long-term holders and whales seem to have seized this opportunity, accumulating significantly.
Technical Analysis of Ethereum and Upcoming Levels
According to technical analysis by experts, ETH has reclaimed the important support level of $3,400 and recently formed a bullish pin bar candle at this support level, characterized by a long wick. The formation of this bullish candle at the support level indicates potential upward momentum in the coming days.
Based on recent price movements, if the altcoin surpasses the $3,500 mark, there is a strong possibility that ETH could surge 17% to reclaim the $4,000 level in the near future. Currently, market sentiment seems to favor the bulls, which could further support the upward momentum.
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