Key Points
Ethereum’s Bullish Trend
A wallet suspected to be owned by Justin Sun has amassed a substantial amount of Ethereum (ETH). The market sentiment and most indicators for Ethereum are bullish.
Over the past 24 hours, Ethereum has consistently stayed above $3,000 due to its bullish price movement. This trend has continued into the current week, with Ethereum’s daily chart showing green.
Whale activity around Ethereum has also seen an uptick. Despite a brief dip below $3,000 in recent days, Ethereum, the king of altcoins, bounced back swiftly.
Ethereum reclaimed the $3,000 mark as its price surged by more than 2% in the last 24 hours. At the time of writing, Ethereum was trading at $3,103.84, boasting a market capitalization of over $372 billion.
The recent price uptrend suggests that Ethereum could potentially reach $3.2k this week. When Ethereum’s price gained bullish momentum, whales seized the opportunity to purchase more Ethereum.
According to a tweet by Lookonchain, a whale purchased 14,632 Ethereum, valued at $45.5 million, from Binance and staked it within the past six days.
On February 25th, a wallet believed to belong to Justin Sun acquired 13,780 Ethereum, worth $41.24 million at the time of the tweet. These metrics indicate a high buying pressure on Ethereum.
Analysis of data from Santriment reveals that whales have been buying Ethereum, as the supply held by top addresses increased last week. However, Ethereum’s exchange outflow decreased, indicating that the buying sentiment was not dominant.
In addition to high whale accumulation, another key metric appears bullish for Ethereum. The latest data shows that Ethereum’s Open Interest is approaching its 2021 all-time high.
A rise in Open Interest suggests a higher likelihood of the current price trend continuing. With Ethereum’s daily and weekly charts showing green, it’s possible that Ethereum could reach $3.2k this week.
The market sentiment surrounding Ethereum remains bullish, as evidenced by a slight increase in its Weighted Sentiment. The altcoin’s Social Dominance also surged, demonstrating its popularity.
The king of altcoins’ MACD shows a clear bullish upper hand in the market, indicating a continued upward price movement. However, the Relative Strength Index (RSI) is in the overbought zone, which could exert selling pressure on the token and potentially halt its bull rally.
