$ETH

Brothers, there has been a new move in the Ethereum market recently. A "freshly baked" Ethereum whale bought 18,000 ETH. Will this be the prelude to the next wave of market? Let's take a look at the impact of this "whale game" on the market!

Whale's entry: signal or accident?

This Ethereum "new" whale spent about $57.8 million in the past few days to buy 18,000 ETH, with an average purchase price of about $3,201. What is the impact of this move on the market? First of all, large-scale purchases often reflect optimistic expectations for the future market, and whales are not easy to make! This action may suggest that the market is about to usher in a larger increase, especially when the ETH price approaches the key support range.

Upper resistance: $3,500 challenge

However, the rise is not unimpeded. ETH faces strong resistance near $3,500, an area that has repeatedly "turned back" many times in history. Technical analysis shows that this range corresponds to the Fibonacci 0.618 position, and it is also a multiple supply-intensive area, so it is not easy to break through in the short term. Therefore, if ETH wants to continue to rise, it needs stronger trading volume and market momentum to push the price above the $3,500 "barrier".

Support below: $3,000 rebound opportunity

Currently, Ethereum has a fair value gap FVG between $3,070 and $2,880, and the support of the 20-day moving average further strengthens the stability of this range. If the price falls back, $3,000 or so may become a new entry opportunity, and whales may increase their positions again to attract more buying intervention.

In summary, the current ETH market is a bit like a "chasing battle": the entry of whales has released a bullish signal, but the resistance of $3,500 above is still a challenge. As long as the support of $3,000 below is not broken, ETH still has a chance to continue to rise. If you are still waiting and watching, you might as well pay attention to the entry opportunities near $3,000. After all, this whale "scramble for chips" may have just begun!