Key Points
- Ethereum’s price has seen a significant recovery, with a 6% surge from its weekly low of $3,381.
- Whale activities and investor resilience are believed to be the key factors behind Ethereum’s price upswing.
Ethereum, known as the king of altcoins, has experienced a notable price recovery. It has seen a 6% increase from its weekly low of $3,381.
Whale Activities Influence Ethereum’s Price
Data from leading platforms attribute Ethereum’s [ETH] upswing to increased whale activities. Ethereum’s price has risen by 14% in the past 30 days, with an average trading price of $3,527 at the time of reporting. The 24-hour trading volume stood at approximately $19.5 billion, with a market cap of $433 billion.
Ethereum surged by 6% after retesting a 50-day exponential moving average resistance level. If the bulls continue to accumulate momentum, the next price target is expected to be around the $3700 resistance level.
The stochastic RSI indicates an oversold zone, suggesting a potential price reversal to the bullish side.
Whale Transactions and Market Resilience
Data from santiment indicates a spike in whale activities involving Ethereum in recent days. The number of whale transactions increased to over 1400 on 18th June, coinciding with Ethereum’s recent price surges. This suggests that investors were actively accumulating ETH during the recent dip.
Whales’ long positions may cause ETH to surge if the bullish pressure continues.
Despite liquidations across the cryptocurrency market, Coinglass’s liquidation heatmap data shows that Ethereum has remained resilient. ETH whales managed to hold a significant $43.57 million worth of long positions in the last 24 hours, indicating confidence in Ethereum’s long-term prospects.
The long-short ratio data shows a stagnation in the long positions, indicated by a flattened curve. However, there has been a spike in the data, indicating that the long positions are currently in control of the market.
Increased whale activity and investor resilience suggest that Ethereum’s recent bullish momentum is likely to be maintained. Market sentiments indicate that long investors outweigh short position traders, which could signal a price surge in the near future. However, the bearish rally could continue.
