Key Takeaways
- Ethereum (ETH) is down 1.5% and currently trades above $3,500 per coin.
- This downturn occurs amidst increased buying pressure from whales.
Whales Accumulate Ethereum
Ethereum, the second-largest cryptocurrency by market capitalization, is trading above $3,500 after defending a low of $3,300 earlier this week. Despite a 1.5% decrease over the past 24 hours, a short-term recovery seems possible.
This positive trend is underscored by a significant Ethereum whale adding over $1.38 billion worth of Ether to their holdings in the last ten days. According to Arkham Intelligence, the whale has acquired another million ETH while borrowing $270 million from the decentralized lending platform Aave, potentially to expand their ETH position.
The whale now holds approximately 228.39K ETH in loaned positions valued at about $818.6 million, alongside 157.32K ETH in direct cash holdings worth around $563.8 million. Several other on-chain platforms exhibit a similarly bullish sentiment among Ethereum whales.
Ethereum Aims for $3,900 Despite Market Volatility
Analysis of the ETH/USD four-hour chart indicates a bearish trend, with Ethereum experiencing a 1.5% drop over the past day. The cryptocurrency faced over $153 million in liquidations within the last 48 hours, including $122.8 million in long liquidations.
This downturn follows Ethereum’s rejection at the 200-day exponential moving average (EMA), just below the $3,660 resistance level earlier this week. The token fell to the support level of $3,470 but has since rebounded, trading above $3,500 per unit.
If ETH maintains its recovery above $3,470, it could rebound to approach the $3,900 mark. However, the $3,660 resistance level may pose a challenge in the short term. Conversely, failure to surpass this resistance could lead ETH to retest $3,470, with an additional support level near $3,100.
The Relative Strength Index (RSI) stands at 51, indicating a fading bearish trend. Meanwhile, the MACD line is below the neutral zone but could shift to a bullish territory if the recovery continues.
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