Ether Gains 6% as Whales Sell Near Key Resistance
Ethereum (ETH) is experiencing a rebound after a recent dip, climbing over 6% to $4,383. Trading volume has increased by 45%, reaching $52.48 billion in the last 24 hours.
- Large holders are taking profits as ETH nears $4,505, a critical resistance level.
- Analyst Ali Martinez points out that $4,505 is crucial for ETH's short-term trajectory, supported by a realized price distribution chart from Glassnode.
Whale Activity and Market Movements
- On-chain data shows whales reducing exposure; Trend Research moved 24,051 ETH ($104.3M) to Binance.
- Another whale sold 20,830 ETH ($98.3M) via Wintermute, and an OG Ethereum whale sent 4,000 ETH ($17.3M) to Kraken.
- These actions suggest a potential short-term pullback unless ETH surpasses $4,500.
Price Outlook and Analyst Predictions
- Despite selling activity, analysts remain optimistic. Cas Abbe notes a Wyckoff accumulation pattern, predicting a possible 80-100% rally if ETH establishes strong support around $4,000.
- ETH could rise above $8,000 by November according to market predictions.
- Currently trading 11% below its all-time high of $4,953, ETH's daily chart indicates a bounce off the lower Bollinger Band towards the mid-band near $4,380.
The RSI indicates neutral momentum. A break above $4,505 may lead ETH to targets of $4,800 and $5,000.