Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, appears to be struggling after rising 8.80% yesterday.
Today, January 17, 2025, ETH has given back nearly 5% of yesterday’s gains, dropping from $3,450 to the $3,260 level.
ETH Current Price Momentum
Currently, ETH is trading near $3,331, with prices down more than 3.15% over the past 24 hours. Trading activity has increased modestly over the same period, resulting in a 5.5% increase in trading volume.
Crypto whales bought $9.5 million worth of ETH
In the current market conditions, some whales appear to be accumulating ETH and taking advantage of the recent price drop. Recently, blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a newly created crypto wallet withdrew 2,884 ETH worth $9.57 million from the largest cryptocurrency exchange Binance.
This is the second accumulation by a new whale, after a new crypto wallet withdrew 1,799 ETH worth $5.92 million from Binance on January 16, 2024.
ETH outflow from exchanges reaches $51 million
Additionally, long-term holders appear to be accumulating altcoins, according to on-chain analytics firm Coinglass. Spot inflow/outflow data shows that exchanges have witnessed a massive outflow of $51.15 million worth of ETH.
Source: Coin Glass
In the cryptocurrency space, outflows refer to the movement of assets from exchanges to wallets, indicating potential accumulation and creating buying pressure that can drive further upside momentum.
The continued accumulation of whales and long-term holders indicates growing confidence in ETH’s price potential.
Ethereum (ETH) Price Trend and Key Levels
According to expert technical analysis, ETH is showing bullish momentum and is currently retesting support levels. Moreover, it has formed a bullish falling wedge pattern on the daily timeframe.
Source: Trading View
Based on recent price action, if ETH breaks out of this pattern and closes the daily candle above $3,500, a 15% surge to $4,000 levels is very likely in the future.
On the positive side, ETH’s relative strength index (RSI) is below the overbought territory, suggesting strong upside potential.
