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  • At press time, Ethereum is trading at a critical level in the daily trading session

  • Institutions and whales resume activity as optimism returns to the market

Ethereum (ETH), the second largest cryptocurrency by market cap, is once again trading at key levels with Bitcoin. These levels are especially important for long-term investors. At the time of writing, ETH is hovering around $2,700, which is a significant resistance level on the daily timeframe.

Last month’s price levels are now acting as a key support and resistance zone. ETH is using last month’s low as support, while the midpoint between last month’s high and low is acting as resistance.

The market sentiment remains optimistic, suggesting a possible breakout above the $2,700 resistance level. This could push ETH towards its target level of $3,200. However, market dynamics remain unpredictable and any sudden changes could alter this outlook.

Increased whale and institutional activity

Larger institutional and whale activity further supports higher ETH prices. Recently, an Ethereum whale that had been silent for four months cashed out 12,979 ETH for a profit of $34.3 million.

The whale initially bought ETH at $7.07 per token. Since then, the whale has sold a total of 15,879 ETH, netting $43.5 million.

Since this whale still holds 5,760 ETH worth about $15.5 million, this means that larger investors are betting on ETH to reach the $3,200 target. This new whale activity is a strong indicator of ETH's bullish potential, further supporting the $3,200 target.

At the same time, institutional behavior is also influencing the market.

Recently, two major institutions have been selling ETH. Trading firm Cumberland deposited 11,800 ETH worth $31.88 million to Coinbase. Conversely, ParaFi Capital withdrew 5,134 ETH from Lido and transferred it to Coinbase Prime.

Despite this selling activity, the increase in whale participation suggests that many remain optimistic about Ethereum’s future price action.

The total ETH address balance increased

Another positive sign for ETH is the increase in the total number of addresses holding balances. An increasing number of wallet addresses is a strong indicator that more investors are entering the Ethereum ecosystem.

The trend is generally seen as a bullish sign, indicating that Ethereum’s adoption is increasing due to its utility in decentralized finance (DeFi) and scalability solutions.

The increase in wallet addresses can be interpreted as another bullish signal, suggesting that ETH has a price target of $3,200 in the last quarter of the year. This period is known for bullish cryptocurrency market activity.

Fear and Greed Index is now neutral

The market’s optimism is also reflected in the Fear and Greed Index, which has dropped to a neutral reading of 50 at press time. This is a positive turnaround after a long period of extreme fear, especially after the market crash on August 5.

As the market starts to recover, more traders may be attracted to ETH, making this an ideal time to accumulate more ETH ahead of the expected bullish move.

Historically, entering the market when there is neutral sentiment has provided better opportunities than waiting for extreme greed to set in. This often signals a market top.

Currently, Ethereum is expected to move higher, driven by whale activity, increased adoption, and improved market sentiment.

If ETH can break above the $2,700 resistance, the next target of $3,200 could be within reach.