Ethereum (ETH) has fallen below $3,500, drawing attention with the increase in whale activity, which has made investors curious.
Ethereum’s recent 10% rally has pushed its price to $3,422. On-chain data highlights the growing institutional interest that plays a significant role in Ethereum’s price movements. According to IntoTheBlock data, there has been a significant increase in ETH whale activity. This development could be a positive sign for the altcoin market.
The decline in whale activity indicates a decrease in interest. As of now, the total value of whale transactions is around $11 billion. Historically, periods when this metric has increased along with the price have been bull markets.
The price increase in Ethereum is also supported by the Weighted Sentiment indicator. This indicator measures the overall market sentiment of a cryptocurrency. Positive values indicate an uptrend, while negative values indicate a downtrend. The Sentiment data reveals that Ethereum's Weighted Sentiment value is approaching the positive territory. If it remains in this region, the value of ETH is expected to continue to rise.
Ethereum’s 3-day chart shows that the Accumulation/Distribution (A/D) line continues to rise. A rising A/D line indicates that investors are willing to buy. However, a falling A/D line indicates increasing selling pressure.
The uptrend in the A/D line suggests that Ethereum could break the $3,982 resistance level. If this resistance is broken, ETH could reach $4,110. However, if Ethereum fails to break this level, the price could pull back to $3,178.