Ethereum (ETH) is currently facing a minor setback after a significant gain of 8.80% yesterday. As of January 17, 2025, the price of ETH has retraced nearly 5% from its peak of $3,450 to the current level of $3,260.
ETH’s Current Price Momentum
At present, ETH is trading around $3,331, experiencing a price decline of over 3.15% in the last 24 hours. Despite the drop in price, trading activity has seen a moderate increase, with a 5.5% rise in trading volume.
Crypto Whale Buys $9.5 Million Worth of ETH
In the midst of market fluctuations, some whales are taking advantage of the price dip to accumulate ETH. Recently, a newly created crypto wallet made a substantial withdrawal of 2,884 ETH, equivalent to $9.57 million, from Binance, one of the largest cryptocurrency exchanges. This marks the second significant accumulation by a new whale, following a withdrawal of 1,799 ETH worth $5.92 million on January 16, 2024.
$51 Million of ETH Outflow from the Exchanges
Furthermore, long-term holders are actively accumulating ETH, as indicated by on-chain analytics firm Coinglass. Data shows that exchanges have witnessed an outflow of $51.15 million worth of ETH. This movement of assets from exchanges to wallets signifies potential accumulation and creates buying pressure, potentially driving further upward momentum.
Ethereum (ETH) Price Action and Key Levels
Technical analysis suggests a bullish outlook for ETH, as it is currently testing a support level and has formed a bullish falling wedge pattern on the daily timeframe. If ETH successfully breaks above this pattern and closes a daily candle above the $3,500 level, there is a strong possibility of a 15% increase, reaching the $4,000 level in the future.
Additionally, ETH’s Relative Strength Index (RSI) is below the overbought zone, indicating a strong potential for an upward rally in the near term.
In conclusion, despite the recent price retracement, the increasing accumulation by whales and long-term holders reflects growing confidence in ETH’s price potential. Investors and traders are closely monitoring ETH’s price action and key levels for potential opportunities in the market.