ETH Briefly Reclaims $3,900 Amid High Risk Zone Concerns
Ethereum (ETH) Market Update:
- ETH briefly surpassed $3,900, rebounding after a volatile week. It remains 15% down monthly.
- Currently trading at $3,877.40, up 3.4% in the last 24 hours and 1% over the week.
- CryptoQuant warns ETH is in a "high-risk zone" due to overheated retail sentiment.
- Trading volume dropped by 25%, indicating limited activity behind the price rally.
The Korea Premium Index
- The Ethereum Korea Premium Index surged to 8.2%, historically linked to market tops and potential corrections.
- This indicates increased FOMO among Korean traders and potential weakening of the rally.
- Past spikes in this index have led to significant pullbacks for Ethereum.
Key Price Levels
- ETH is battling to reclaim support between $3,870 and $3,920.
- A break above $3,920 could lead to targets of $4,160 and $4,425; failure may push prices to $3,700 or $3,350.
- Sustained daily close above $4,000 needed for a short-term uptrend.
Whale Activity
- A new whale accumulated over 4,300 ETH (~$17 million) with recent purchases at $4,096 and $3,892.
- The average cost per ETH for the whale is approximately $3,963, suggesting confidence in future price resilience.
