Ethereum Records 2.5% Price Surge Amid Increased Whale Activity
Ethereum has experienced a 2.5% price surge in the last 24 hours, coinciding with a buy signal from the TD Sequential indicator, as observed by analyst Ali Martinez.
- A significant whale withdrew 1,897 ETH, valued at over $3 million, from Bitget, indicating a trend towards self-custody.
- This same whale has withdrawn a total of 3,844 ETH (approximately $6.51 million) since April 3, suggesting confidence in Ether's price potential.
- ETH held on exchanges has decreased to levels not seen since October 2024, indicating reduced selling pressure.
- Trader Merlijn indicated that Ethereum is at the bottom of an accumulation zone, hinting at a potential price increase.
Market Analysis
Currently, Ether is trading around $1,648, with a market cap of $198.6 billion. The RSI is at 45.49, recovering from oversold conditions. The price is testing the middle Bollinger band at approximately $1,632.
- A breakout above this midline could lead to a test of the upper band near $1,827, suggesting bullish momentum.
- If the price fails to hold, support is at $1,437.
- Key resistance levels are at $1,830, $2,000, and a crucial supply wall at $2,330, beyond which a bull rally is anticipated.
Ethereum appears to be aligning with global liquidity trends, signaling a possible upward movement.