Ethereum Price Maintains Bullish Momentum Despite Recent Pullback
Ethereum has remained bullish after experiencing a pullback to $1,900 earlier this week. The dip was triggered by the recent events surrounding Binance’s founder and CEO, Changpeng Zhao. While most cryptocurrencies saw a decline in response to the developments at Binance, Ethereum has since recovered and is currently trading at $2,104, up 2% in the last 24 hours.
Ethereum Price On The Rise Thanks to Whales’ Buying Activity
Ethereum’s price has been bolstered by whales who have shown significant interest in the leading smart contracts token. According to crypto analyst @ali_charts, approximately 1.67 million addresses have purchased 38.7 million ETH. This surge in buying activity has allowed Ethereum to overcome key resistance zones and is expected to push the price towards $2,500.
Increased Outflows from Exchanges Indicate Profitable Opportunities
Data from blockchain analytics platform IntoTheBlock shows that over 500k ETH has been transferred from exchanges to non-custodial wallets in the past 30 days. This is the highest level in three months and has resulted in total outflows of $1 billion in just three weeks. These outflows indicate that it is profitable for investors and traders to take advantage of Ethereum’s dips.
Ethereum Whales Accumulate More Tokens
Santiment, another blockchain data platform, reports that the 200 largest Ethereum wallets now hold a combined 62.76 million ETH, worth around $124.1 billion. These whales have accumulated 30.3% more coins since November 21, 2022, and now control 52% of Ethereum’s circulating supply.
Ethereum Price Faces Resistance, But Buyers Remain Strong
The current technical situation shows that Ethereum price is facing resistance from a possible double-top pattern. However, the Relative Strength Index (RSI) indicates that buyers still have the upper hand, with a strength of 66 and a northward trend. This suggests a potential return to the overbought region and could invalidate the bearish theory for a quick rebound above $2,500.
Hot Take: Ethereum Maintains Bullish Momentum as Whales Drive Buying Activity
Ethereum’s recent pullback has not dampened its bullish momentum. Whales have been actively accumulating ETH, pushing the price higher and overcoming key resistance levels. Increased outflows from exchanges also indicate profitable opportunities for investors. While there is some resistance to overcome, buyers remain strong and could drive Ethereum to new highs. Overall, Ethereum’s market fundamentals and buying activity suggest a positive outlook for the cryptocurrency.
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