Despite whale sell-offs, Ethereum is targeting a bullish journey towards $2,795.
With the recent federal rate cuts stirring the financial waters, Bitcoin saw a substantial 3.85% surge in just the last 24 hours. This momentum has rippled through the broader cryptocurrency market, instilling a sense of optimism as indicated by the improving fear and greed index, which now sits neutrally.
In this bullish wave, Bitcoin managed to surpass the $62,000 barrier, while Ethereum is fast approaching the significant $2,500 mark. Over the past 24 hours, Ethereum’s price saw an impressive 5.25% hike, closing in on its next milestone.
Ethereum’s Steady Ascent
Ethereum’s recovery has been remarkable, with the daily chart reflecting a steep upward trajectory. Over three consecutive days, Ethereum noted a 6% increase, currently trading at $2,432 with a 2.43% intraday gain from an opening price of $2,374.
Looking at the broader picture, this recovery is forming a higher-low pattern within a declining channel, rebounding off the support trend line. This pattern highlights Ethereum’s potential for further gains.
Whale Activity Amid Ethereum’s Surge
Despite the ongoing recovery rally, crypto whales have been seizing this moment to cash in. Early today, a notable Ethereum whale, who had been inactive for two years, moved 10,000 ETH worth $24 million into the Kraken Exchange.
This particular whale, who participated in Ethereum’s ICO and received 50,000 ETH for around $15,500, now sees this investment’s value soar to approximately $121.85 million.
Another significant whale transaction revealed that within three days, 10,595 ETH was sold for $24.79 million. Despite Ethereum’s rally, the whale continues staggered sell-offs, recently offloading 87.56 ETH for USDT at regular intervals. Currently, this whale holds 6,042 ETH, valued at approximately $14.7 million, retaining about 36.3% of the original holding, and has realized profits nearing $39.34 million.
Future Projections for Ethereum
On the 4-hour chart, Ethereum’s rally is testing a local resistance trend line, indicating a triangular pattern with recent price movements. As Ethereum approaches this overhead trend line, a breakout is increasingly anticipated.
A bullish breakout could propel Ethereum towards immediate resistance levels at $2,533 and ultimately $2,795. Conversely, if the price faces a bearish reversal within the triangular formation, we might see tests against the ascending trend line. Critical support levels to watch include $2,350, $2,150, and the psychological barrier of $2,000.
Disclaimer: This content offers informative insights and should not be considered as financial advice. The views expressed may reflect the author’s personal opinions and not necessarily those of The Crypto Basic. Always conduct thorough research before making investment decisions. The Crypto Basic bears no responsibility for any financial losses.
Discover more from Make Money Online and Work From Anywhere
Subscribe to get the latest posts sent to your email.
