Ethereum (ETH) recently experienced an impressive 11% price surge, although it is currently undergoing a correction after falling from $4,760 to the $4,500 level. Despite this dip, crypto whales have shown a keen interest in the asset, accumulating a significant amount of Ethereum.
Data from Onchain Lens and Lookonchain indicates that Ethereum whales have purchased 30,432 ETH worth $141.66 million in the past 24 hours. This substantial buying activity by whales suggests a strong upside potential for Ethereum in the near future.
Furthermore, global perps volume distribution data reveals that altcoins, including ETH, dominated overall crypto trading volume by 85.56%. Ethereum led the pack with $38.16 billion in trading volume, surpassing Bitcoin, SOL, and DOGE. This surge in altcoin trading volume, particularly in ETH, indicates strong bullish sentiment and a more optimistic outlook compared to Bitcoin.
At the time of writing, Ethereum is priced at $4,520, representing a 3.15% decrease in the past 24 hours. However, there has been a significant increase in trader and investor participation, leading to a 22% surge in trading volume.
In terms of technical analysis, Ethereum is still in an uptrend as indicated by the Supertrend indicator. The asset is currently retesting a key breakout level at $4,500, and if it manages to hold above $4,490, there is a possibility of a 7.5% rally towards $4,865. The Average Direction Index (ADX) value for ETH stands at 28.75, suggesting that the ongoing trend is gaining strength and could continue in the near term.
On-chain data also supports a bullish outlook for Ethereum. Over $244 million worth of ETH has exited exchanges in the past 48 hours, signaling ongoing accumulation and potentially indicating an end to the correction phase.
Additionally, data from Binance shows the ETHUSDT Long/Short ratio at 1.50, with 60.08% of traders holding long positions and 39.92% holding short positions. This strong trader interest further reinforces the positive sentiment surrounding Ethereum.
In conclusion, Ethereum’s recent price correction may be temporary, as on-chain data, whale accumulation, and strong trading volume point towards a potential rally in the near future. Traders and investors are closely monitoring key support levels and technical indicators to gauge the asset’s future price movements. Are you looking to learn more about the latest trends in technology and how they are impacting our daily lives? Look no further! In this article, we will explore some of the most exciting advancements in technology that are reshaping the way we live, work, and interact with the world around us.
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