Bitcoin‘s price remains steady at elevated levels, while altcoin losses have stabilized. Although Bitcoin has not yet reclaimed the key $67,500 mark, it continues to hover above $66,000, indicating a positive trend. Meanwhile, attention is shifting towards Ethereum as significant whale activity suggests potential price movements. What are the expectations for Ethereum?
What Are Ethereum Whales Doing?
Ethereum, currently trading around $3,100, has seen substantial interest from whales, which are large holders of the cryptocurrency. Despite the anticipated rejection of an upcoming ETF, this has already been factored into the price. The calmness in futures markets suggests no surprise price swings are expected. Over the past week, addresses holding between 100,000 and 1 million ETH have accumulated an additional 390,000 ETH, equating to $1.26 billion in value.
The total holdings of these whales have approached the 20 million ETH mark, reflecting strong demand and signaling potential price increases. Historically, such significant purchases have preceded notable price hikes.
Where Is ETH Price Headed?
The Global In/Out of the Money (GIOM) indicator shows that assets worth $18.65 billion purchased between $3,000 and $3,163 are likely to keep investor sentiment positive. Investors are generally hesitant to sell at cost levels, especially for an asset like Ethereum. ETH has recently broken out of a descending wedge pattern, which typically signals an upward breakout in bearish trends.
Should this breakout target be achieved, ETH could see a 30% rally, potentially reaching $3,873. The initial resistance level to watch will be $3,336. However, if the support is lost, ETH could face a challenging period, possibly testing critical levels around $2,539.
Key Observations and Insights
- Bitcoin remains above $66,000, indicating market strength.
- Ethereum whales have accumulated 390,000 ETH, worth $1.26 billion.
- ETH has broken out of a descending wedge, suggesting a potential upward move.
- Key resistance level for ETH is at $3,336, with a possibility of rallying to $3,873.
- If support fails, ETH could test the level of $2,539.
In summary, while Bitcoin maintains its high levels, Ethereum’s whale accumulation and technical indicators suggest potential upward movement, albeit with certain resistance and support levels to watch closely.
