Ethereum (ETH) has been a hot topic of discussion lately, especially after hitting the key resistance level of $2,700. The second-largest cryptocurrency in the world has been attracting attention from industry giants, but the bullish sentiment seems to have faded somewhat in the past 24 hours. This shift in sentiment can be attributed to the actions of dormant whales who have resurfaced and started dumping their holdings.
One notable incident involved an Ethereum whale wallet linked to an ICO that unstaked 10,195 ETH, worth a staggering $25.67 million, and deposited it to the Kraken exchange. This wallet had been inactive for three years before this sudden move. Similarly, another crypto wallet that had been dormant for eight years deposited 1,764 ETH, valued at $4.4 million, to Kraken, realizing a profit of over $3.93 million. These unexpected deposits by long-dormant whales raise questions about their motives – do they anticipate a price dip, or are they simply following historical patterns?
On the trading front, intraday traders are displaying confidence in ETH’s potential for a bullish run. Data from the on-chain analytics tool Coinglass reveals that traders are over-leveraged at $2,466 (support) and $2,612 (resistance). With $1.02 billion worth of long positions and $192.57 million worth of short positions at these levels, traders seem optimistic about ETH’s prospects, signaling a bullish sentiment in the market.
Despite the mixed sentiments from traders and whales, ETH is currently trading near $2,580, showing a 3.5% increase in the last 24 hours. The trading volume has also surged by 20%, indicating increased participation from traders and investors. As the market dynamics continue to evolve, Ethereum’s price action and key levels become crucial factors to monitor.
According to technical analysis, Ethereum is potentially heading towards the key resistance level of $2,700. This level has historically acted as a strong selling pressure area since the beginning of 2024. If ETH fails to break this resistance and close above $2,800, experts anticipate a price reversal, leading to a possible 15% decline to the $2,200-level. However, a successful breach of the $2,700-resistance level and a daily close above $2,800 could propel ETH to new highs, potentially reaching $4,000 in the near future.
As the market awaits Ethereum’s next move, it’s essential to remain vigilant and monitor these key levels closely for potential trading opportunities. Stay tuned for more updates on Ethereum and the cryptocurrency market as a whole.