The cryptocurrency market is abuzz with excitement as President-elect Donald Trump’s inauguration approaches on January 20, 2025. Crypto enthusiasts are particularly focused on the recent activity of crypto whales, who have made some significant moves in the past week.
According to a well-known crypto expert on social media platform X (formerly Twitter), whales have purchased over $1 billion worth of Ethereum (ETH) in the past week alone. This massive accumulation of more than 330,000 ETH suggests a strategic move by these whales to capitalize on the positive impact that Trump’s inauguration is expected to have on the crypto market.
While experts and analysts are speculating about a potential surge in the market following the inauguration, there is also the possibility of profit booking as the market has been on the rise in recent days. Only time will tell how the market will react to this upcoming political event.
Currently, ETH is trading near $3,515 after crossing the $3,500 mark. The cryptocurrency has seen a price surge of over 5.5% in the past 24 hours and has attracted significant traders and investors, leading to an 11% increase in trading volume.
With this impressive price surge, ETH has once again reached the crucial resistance level of $3,500, where it previously experienced a price reversal. Technical analysis suggests that if ETH can breach this resistance level and close a daily candle above $3,550, it could potentially soar by 15% to reach the $4,100 mark in the coming days.
Despite the price increase, ETH’s Relative Strength Index (RSI) is still below the overbought zone, indicating that there is still room for significant growth in the asset in the near future.
Overall, the cryptocurrency market is showing strong bullish potential ahead of Trump’s inauguration, with whales making strategic moves to capitalize on the expected positive impact on the market. As the market continues to evolve, traders and investors will be closely watching for any further developments that may impact the price of ETH and other cryptocurrencies.