ETH Soars in Price as Whales Show Persistent Interest in Ethereum

Crypto News- Ethereum (ETH) experienced an impressive price surge, with a remarkable 3.6% gain in the past 24 hours, as reported by CoinMarketCap. This rally propelled the leading altcoin to $1,893.51 at the time of writing, contributing to its weekly performance of +6.49%.

ETH Soars in Price as Whales Show Persistent Interest in Ethereum

One potential catalyst for ETH’s robust performance in the recent trading day could be attributed to a substantial transaction by a prominent whale. In a recent post on the on-chain tracking platform Lookonchain, it was revealed that this whale withdrew a substantial 8,618 ETH, equivalent to $16 million, from Binance within the past 12 hours. Notably, the same whale had previously deposited 31.8 million USDT to Binance and withdrew 17,317 ETH before this latest move. It’s worth mentioning that their average purchase price was $1,836, as highlighted by Lookonchain.

From a technical standpoint, Ethereum successfully broke through the $1,850 resistance level in the last day of trading. If it manages to close today’s daily candle above this level, it could potentially aim for the next obstacle at $1,945 in the coming days.

On the flip side, a daily candle closing below $1,850 might expose the cryptocurrency to the risk of a correction towards the next critical support level, which stands at $1,747 in the short term.

Traders and investors should take note of the favorable technical indicators supporting a bullish scenario. As of the latest data, the daily Relative Strength Index (RSI) line has positioned itself bullishly above the RSI Simple Moving Average (SMA) line. This crossover, which occurred yesterday, indicates that buyers have gained an advantage over bears in Ethereum’s daily chart.

In addition to the RSI, the daily Moving Average Convergence Divergence (MACD) indicator is signaling a bullish trend. The MACD line is positioned above the MACD Signal line, suggesting that Ethereum’s bullish momentum may persist in the next few days.