The Rise of Ethereum: Whales Making Waves in the Crypto Market
The crypto markets have started to heal after suffering losses due to the ongoing trade war, which wiped out billions from the space. Bitcoin surged above $93,000, while Ethereum made an even more impressive leap of over 10% in the past 24 hours, aiming to secure the newly gained support at $1800. The second-largest token displayed strength, prompting whales to jump in and intensify their activity, leading to a surge in volatility.
Reports indicate that an ETH whale recently purchased nearly 20,000 ETH, amounting to almost $34.7 million. On the other hand, another whale withdrew over 12,000 ETH from Binance, sparking concerns of a potential drop. Despite this, the selling pressure has not intensified, suggesting that the price may continue to rise for the remainder of the week.
Although the ETH price rose, it failed to surpass the 50-day MA at $1830 as bears took some profits. The conversion and base lines have triggered a bullish crossover, but the cloud indicates that the token remains under bearish influence. The price is likely to remain consolidated within a narrow range, with bulls defending the $1770 support level.
Currently trading just below $1800 at $1797, the gains have dropped below 10%. Resistance is strong at $1860, and if breached, Ethereum may target $2000. However, a drop to the $1750 support area could lead to a correction below $1700.