#Ethereum ($ETH ), which has fallen below $3,500, has confused people with increased whale activity.
Ethereum’s 10 percent surge has taken the price to $3,422. On-chain data points to increased institutional interest as a significant factor influencing Ethereum’s trajectory. According to IntoTheBlock data, whale activity is on the rise. These developments could be a positive sign for the altcoin market.
A decrease in this metric indicates a decline in interest. As of this writing, the total value of whale trades is approaching $11 billion. Historically, when this metric increases with the price, the market begins to rise.
The Ethereum price rally is also supported by the Sentiment Weighted Index. This index measures the overall market sentiment for the cryptocurrency. Positive levels reflect an upward trend, while negative levels reflect a downward trend. The sentiment data shows that Ethereum’s Sentiment Weighted Index is approaching the positive zone. If it stays within this zone, ETH is expected to continue to increase in value.
The 3-day ETH chart shows that the Accumulation/Distribution (A/D) line continues to rise. A rising A/D line indicates that investors are keen to buy. On the other hand, a decline in this indicator indicates that investors are starting to feel selling pressure.
The rising A/D line of Ethereum suggests that its price may break the resistance of $3,982. If this scenario happens, Ethereum may reach $4,110. However, unless it manages to break this resistance, the price may drop to $3,178.
