The post Time To Buy Ethereum? Crypto Whale Buys $5.92 Million of ETH appeared first on Coinpedia Fintech News
Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is poised for massive upside momentum as it has formed a bullish price action pattern on the daily time frame. In the past few hours, sentiment across the cryptocurrency market has completely changed, with the price shifting from experiencing downside momentum to upside.
Crypto Whale $5.92 Worth of ETH Purchase
Before the opening bell of the United States market, ETH was witnessing a modest price decline, but this changed completely as the price moved from the $3,190 level to the $3,445 level in a matter of six hours. This massive upside momentum gained significant attention from crypto enthusiasts, resulting in substantial accumulation.
Today, January 15, 2025, a blockchain-based transaction tracker, Lookonchain, made a post on X (formerly Twitter) stating that a newly created wallet had withdrawn a significant 1,799 ETH worth $5.92 million from Binance. In such market conditions, the withdrawal of an asset is considered a purchase and signals a fresh acquisition, making it an ideal buying opportunity.
After the #CPI data was released, a newly created wallet withdrew 1,799 $ETH($5.92M) from #Binance.https://t.co/gH11D0Nt5W pic.twitter.com/Ew3RLAkspc
— Lookonchain (@lookonchain) January 15, 2025
Current Price Momentum
This recent accumulation, upcoming political events, and the SEC’s recent plans regarding pending cases have resulted in a significant price surge in ETH. Currently, ETH is trading near $3,460 and has witnessed a price increase of over 8.2% in the past 24 hours. Moreover, during the same period, trader and investor participation jumped by 15% compared to the previous day.
Ethereum (ETH) Technical Analysis and Upcoming Level
According to expert technical analysis, ETH is back above the crucial support level and is poised to breach the falling wedge price action pattern on its daily time frame.
Source: Trading View
Based on the recent price action and historical momentum, if ETH breaches the pattern and closes a daily candle above the $3,600 level, there is a strong possibility it could soar by 15% to reach the $4,000 level in the future.
On the positive side, ETH’s Relative Strength Index (RSI) is still below the overbought zone, indicating that the asset still has enough room to soar to the predicted target.
Ethereum ($ETH ) Surges Above $3,380 – A Perfect Bullish Setup .. I continuously Ask Everyone buy the Start of new Year to Buy $ETH at $3,010 .. Now Almost hit $3,400 ... How many of you guys buy at Dump and now in Good profit .. Must share your buying price as well as Profit ..
$ETH has shown an impressive rally, reaching $3,382.39 with a 5.07% gain in the last 24 hours. After rebounding from a low of $2,920, Ethereum has broken key resistance levels, supported by strong trading volumes of over 396,000 ETH. This bullish momentum indicates growing market interest and a potential for further upward movement.
For new trades, consider entering around $3,350. Targets to watch are $3,420 and $3,500 for short-term profits. Set a stop-loss at $3,250 to manage risks effectively. With Ethereum's strong fundamentals and increasing adoption, this could be the perfect time to position yourself for further gains. Keep an eye on the $3,400 resistance zone for confirmation of continued bullish momentum.
#ETH🔥🔥🔥🔥🔥🔥 #ETH
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Date Comparison | Amount Change | % Change |
---|---|---|
Today | $20.04 | +9.18% |
30 Days | $-13.90 | -5.51% |
60 Days | $-10.36 | -4.17% |
90 Days | $65.59 | +37.96% |
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