Ether eyes $3,900 as Whales accelerate buying pressure
Ethereum (ETH) is trading above $3,500, showing a 1.5% decline in the last 24 hours, but it may rally higher. This follows Ethereum whales significantly increasing their holdings, with one key whale adding over $1.38 billion worth of ETH in ten days. The whale holds a mix of loaned positions and direct spot holdings, reflecting bullish sentiment. Despite current bearish market trends, ETH's Relative Strength Index indicates a fading bearish trend, and recovery above $3,470 could push it towards $3,900. However, resistance at $3,660 remains a critical challenge, while failure to surpass it may lead to retesting $3,470 or $3,100 support levels.
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ETH Trading Performance Overview
ETH is currently trading above $3,500 per coin, despite being down by 1.5% in the last 24 hours. The cryptocurrency defended the $3,300 low on Wednesday and may rally higher in the near term. This performance highlights increased market activity and potential upside momentum.
Whales Accelerate Ethereum Buying
Ethereum's recent positive performance has been supported by whales accelerating their buying activity. In the past ten days, a key Ethereum whale has added over $1.38 billion worth of Ether to their wallet. According to Arkham Intelligence, the whale also borrowed $270 million from the decentralized lending platform Aave, potentially to expand their ETH holdings. Currently, the whale's portfolio includes:
- 228.39K ETH in loaned positions worth $818.6 million
- 157.32K ETH in direct spot holdings worth $563.8 million
Other on-chain platforms also reflect bullish sentiment among Ethereum whales, suggesting continued strong buying interest.
Market Conditions and ETH/USD Chart
Despite the recent activity, the ETH/USD 4-hour chart shows a bearish outlook. Over the past 24 hours, ETH has experienced:
- A decline of 1.5%
- Liquidation of over $153 million, with $122.8 million in long liquidations
This bearish trend followed Ether's rejection at the 200-day Exponential Moving Average (EMA) near the $3,660 resistance. The cryptocurrency dropped to the $3,470 support level before recovering above $3,500 per coin.
Key Levels and Technical Indicators
ETH's recovery could continue if the coin sustains its position above the $3,470 support level. In the near term, all eyes will be on two critical points:
- Resistance level at $3,660: Overcoming this would pave the way for ETH to rally towards $3,900.
- Support levels at $3,470 and $3,100: Failing to surpass resistance could see ETH retest these levels.
Technical indicators reflect mixed signals:
- The Relative Strength Index (RSI) stands at 51, showing a fading bearish trend.
- The MACD line remains below the neutral zone, but a bullish crossover could occur if recovery persists.