Whales Turn Active After Ethereum’s Strong Recovery – What’s Next for ETH Price
The Ethereum price is currently showing resilience as it strives to maintain its rally above the crucial range of $1800, which has now become a new support level for the token. While Bitcoin is making repeated attempts to break out of its consolidated zone, Ethereum appears to be taking its time. The decrease in trading volume has also shifted traders’ attention away from the token, raising concerns about whether a breakout will occur this month or if Ethereum will continue to trade within its current range.
In recent weeks, there has been a significant increase in ETF inflows, indicating growing interest from institutional investors in Ethereum. Reports have also surfaced of a whale selling 14.38 WBTC (worth approximately $1.4 million) to buy 758 BTC at a base price of $1836 after being inactive for three years. These developments suggest a bullish price action on the horizon, with the current trade setup hinting at a potential bull run that could surpass Bitcoin’s gains.
Looking at the monthly chart of Ethereum, the price has faced strong upward pressure in recent months, leading to a bearish close. Despite multiple bearish attempts to push the price lower, bulls have managed to keep the rally within a decisive symmetric triangle pattern. The RSI indicator is currently on a descending trend, struggling to break above the trend line, indicating bearish dominance. However, the DMI levels have converged, signaling a decrease in volatility and a potential bullish crossover.
It appears that Ethereum is nearing the end of a mid-term correction and could soon experience a strong rebound from previous lows. This could result in a ‘Dead-cat’ bounce, potentially leading to a new all-time high. The initial target for Ethereum is around $2500, with a rejection zone between $2700 and $3200. If the price can sustain within this range, the bull run may extend to new highs.
In conclusion, Ethereum’s recent price action and market dynamics suggest that a bullish trend may be on the horizon. With institutional interest growing and whales becoming more active, Ethereum could be gearing up for a significant price surge in the near future. Investors and traders should keep a close eye on key support and resistance levels to capitalize on potential opportunities in the market.