Ethereum (ETH) has been making headlines recently, with notable figures like President Donald Trump and Justin Sun making significant moves in the cryptocurrency market. The world’s second-largest cryptocurrency has been holding steady above a crucial price level, attracting interest from investors and long-term holders alike.
As of the latest data, ETH is trading near $3,380, showing a notable increase of over 4.80% in just 24 hours. This positive price action has caught the attention of crypto whales and industry giants, who have been actively accumulating ETH during its recent dip.
In a recent report by SpotOnChain, it was revealed that President Donald Trump’s World Liberty entity purchased 3,079 ETH worth $10 million, significantly boosting their ETH holdings. Additionally, Justin Sun, the founder of TRON, made a splash in the market by depositing a significant amount of USDT into HTX and withdrawing 9,018 ETH worth $29.2 million. This move has sparked speculation that Sun is focused on reforming the Ethereum Foundation and pushing ETH to reach new heights, possibly hitting $10k in the future.
Apart from these high-profile investors, data from Coinglass indicates that exchanges have seen outflows of ETH worth $51.78 million in the last 24 hours. This suggests that there is a growing interest from investors and long-term holders in accumulating ETH, presenting a potential buying opportunity for those looking to enter the market.
Despite the consolidation phase that ETH seems to be going through, technical analysis suggests that the cryptocurrency is forming a bullish falling wedge price action pattern. If ETH manages to break out of its current consolidation range and close a daily candle above the $3,510 level, it could potentially soar by 17% to reach the $4,100 level in the future. The altcoin’s Relative Strength Index (RSI) standing at 50 further indicates that there is room for a rally and a potential price reversal from this level.
In conclusion, Ethereum (ETH) continues to show strong potential for growth and price appreciation, with key players like Donald Trump and Justin Sun making significant moves in the market. As the cryptocurrency market evolves, ETH remains a top contender for investors looking to capitalize on the growing interest in decentralized finance and blockchain technology.