Key Points
- Ethereum (ETH) maintains a strong position above a crucial price point, attracting investor interest.
- Significant ETH purchases have been made by crypto whales, including Donald Trump and Justin Sun.
Ethereum (ETH), the world’s second-largest cryptocurrency, continues to hold its ground above a significant price level.
This has led to increased attention from both investors and long-term holders.
Whale Activity
SpotOnChain reported on January 24th that crypto whales, including President Donald Trump and Justin Sun, bought considerable amounts of ETH during its recent dip.
Trump’s World Liberty reportedly purchased 3,079 ETH worth $10 million, significantly boosting its ETH holdings.
In the past four days alone, they have amassed nearly 32,994 ETH worth $109.9 million, bringing their total holdings to 74,228 ETH.
Five crypto wallets, presumably owned by Justin Sun, deposited a hefty 29.2 million USDT to HTX and withdrew 9,018 ETH at an average price of $3,237.5.
Accumulation and Price Action
Other industry giants, investors and long-term holders also seem to be accumulating the token.
Data from Coinglass showed that exchanges saw outflows of ETH worth $51.78 million in the last 24 hours, suggesting possible accumulation and a good buying opportunity.
Interestingly, this increasing interest from crypto whales and investors has emerged during a period when ETH seems to be consolidating within a tight range.
According to technical analysis, ETH formed a bullish falling wedge price action pattern, but it seems to be consolidating within a tight range between $3,200 and $3,500, potentially due to recent profit booking.
However, ETH still looks set for a breakout.
If the price breaks out of the consolidation range, it will have successfully breached the falling wedge price action pattern.
If ETH closes a daily candle above the $3,510-level, it could rise by 17% to reach the $4,100-level in the future.
The altcoin’s Relative Strength Index (RSI) stood at 50, indicating the asset has the potential to rally and show a price reversal from this level.
