Ethereum Price Increases to $3,427 Amid Declining Whale Activity
In the last 24 hours, the price of Ethereum #ETH increased by 1.62%, resulting in a 7-day growth of 4.40% and a market price of $3,427. The market cap stands at $412 billion, with institutional support and whale activity indicating potential price fluctuations.
Ethereum Price at Crossroads
The ETH price struggled to maintain above the 38.20% Fibonacci level at $3,477, leading to a pullback to the 23.60% Fibonacci level at $3,333, marking a 4.67% drop and forming a bearish engulfing candle on the daily chart. The price trend is consolidating between two key Fibonacci levels.
Photo: TradingView
Currently, the trend exhibits a bullish engulfing candle with a 3.20% increase. Breaking above the 20 EMA line indicates a challenge against the dynamic resistance average line at the 50 EMA. The RSI line has crossed above the 14-day average and the 50% level, signaling increased buying pressure.
ETH Price Targets
The bullish engulfing candle suggests a greater likelihood of breaking the 38.20% Fibonacci level, potentially targeting the critical resistance level of $3,600. Conversely, closing below $3,300 could lead to tests at $3,100, with further declines possible down to $3,000 amid market fluctuations.
Whale Address Number on a Decline
In the past 7 days, whale addresses holding Ethereum valued from $10,000 to over $10 million decreased from 805.57k to 788.3k. Addresses holding more than $10 million fell from 2.52k to 2.47k, while those holding between $1 million and $10 million dropped from 13.37k to 13.14k. This decline reflects weakness in the Ethereum whale community.
Ethereum ICO Whale Returns to Offload
A whale from the Ethereum ICO era has resumed activity after 9.5 years, depositing 742.11 Ethereum tokens worth nearly $2.5 million into two wallets. One wallet transferred 431.11 Ethereum to Coinbase. Originally investing about $600 in the ICO for 1,940 ETH, the whale now holds 1,198 ETH valued at $4.01 million. The awakening of ICO-era whales suggests potential short-term volatility for Ethereum.
In summary, Ethereum shows bullish momentum aiming for $3,600, yet declining whale activity and the offloading of dormant wallets indicate possible short-term volatility.