Key Points
- Ethereum (ETH) has seen a nearly 7% increase in value over the past week.
- Whale activity around ETH has also increased, indicating potential further growth.
Ethereum (ETH) experienced a substantial price surge last week, comfortably surpassing the $3.5k mark. This positive trend may continue as large-scale investors, or “whales”, continue to accumulate more ETH.
Data from CoinMarketCap indicates that ETH investors enjoyed profits last week, with the cryptocurrency’s value increasing by almost 7%. At the time of writing, ETH was trading at $3,520.80 and boasted a market capitalization exceeding $422 billion.
Whale Activity and Predictions
Intriguingly, as the price of the token rose, so did whale activity. A recent tweet from Lookonchain revealed an increase in ETH accumulation by whales. One whale reportedly withdrew 22,251 ETH, equivalent to $80.06 million, from exchanges. Another withdrew 3,092 ETH, worth $11.12 million, from Binance. This suggests that whales are confident in the future of ETH and anticipate further price increases.
Analysis of data from Santiment and CryptoQuant showed similar trends, with a rise in ETH supply held by top addresses and a decrease in Ethereum’s exchange reserve. However, the Coinbase Premium for ETH turned red, indicating a dominant selling sentiment among US investors.
Price Targets and Indicators
Data from Hyblock Capital suggests that if whale accumulation results in a bull rally, ETH will need to surpass key resistance levels of $3.65k and $3.8k before reaching $4k. This is due to an expected increase in ETH liquidations at these levels.
Analysis of Ethereum’s daily chart reveals that its Relative Strength Index (RSI) has been moving sideways for multiple days. The Moving Average Convergence Divergence (MACD) indicates a struggle between bulls and bears for advantage. However, the Chaikin Money Flow (CMF) is showing a sharp uptick, suggesting that ETH may gain bullish momentum in the near future.
