If ETH holds at $2,570, it could rise to $2,900.
The ratio of long to short positions for #ETH currently stands at 2.023, indicating an extremely bullish sentiment among traders.
#Ethereum [ETH], the world's second-largest #cryptocurrency by market capitalization, has come under scrutiny from "whales" who are buying it, presumably because of bullish indicators in the #blockchain .
September 24, analyst firm TheDataNerd reported on X (formerly Twitter) that a "whale" wallet with the address "0xBCFB" purchased 50,020 ETH worth $132 million on Kraken.
This large purchase came after ETH broke a two-day consolidation after breaking through the $2,570 level. However, some cryptocurrency miners saw the current price level as a favorable opportunity and are actively adding to their funds, while others continue to dump their assets, believing that prices will fall even further in the coming days.
According to AMBCrypto's technical analysis, ETH looks bullish despite the fact that it is trading below the 200th exponential moving average (EMA) on a daily basis. The 200 EMA is a technical indicator that is used to determine whether an asset is in an uptrend or downtrend.
Given the recent breakout of the key resistance level at USD 2,570 and some consolidation, there is upside potential.
Based on historical price action, if ETH breaks above the upper resistance level, it is likely to rise to USD 2,900 with further upside potential if market sentiment remains favorable.
This positive outlook is supported by the performance on the blockchain: the Coinglass ETH long/short ratio stood at 2.023 at the time of publication, indicating that traders are extremely bullish on the market. In addition, open interest in futures has increased by 3.2% over the past 24 hours.
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