According to the most recent market figures, Ethereum’s price is $2,737.61, a 2.15% decrease across the last 24 hours.
The market has focused its attention on whale movement and simultaneous price rise after a significant wallet spent nearly 500 days inactive.
A remarkable action from this whale reflected enhanced interest in Ethereum. They removed 4,700 ETH from cryptocurrency exchanges worth $12.98 million.
Ethereum Price Surge: A Bullish Trend Emerges
Ethereum maintained its trading position at $2,816 before establishing around $2,800 based on recent strong market performance.
The price trend lines from the chart analysis show no reason for concern because they demonstrate continuous upward movement.
The Ethereum market values have demonstrated a 2% growth during the previous 24 hours alongside strong positive changes from whale withdrawals of ETH.
Market observers find this pattern significant because Ethereum approaches the important price point of $3,000.
Since mid-February, Ethereum has shown a persistent upward movement, reaching its minimum point at $2,739 on February 21 before it strengthened significantly.
The price indicator shows a high possibility for the asset to surpass the $3,000 threshold marking an important point in this market cycle.
Market participants believe Ethereum might potentially rise to $4,000 even though this possibility remains unclear after the observed recent price gains.
Ethereum traders and investors took notice when a whale wallet that stayed inactive for 500 days started its recent movement.
The wallet transferred 4,700 ETH, totaling $12.98M, out of exchange platforms, thus highlighting changing market feelings.
When whales move their assets, traders consider such activity, marking either market optimism or worry.
The massive Ethereum extraction by this whale spans three facts. These are a possible extended accumulation pattern or an upcoming liquidity drain.
Nonetheless, the substantial ETH volume implies that investors expect Ethereum to rise strongly.
The significant Ethereum withdrawal from exchanges decreases market supply and creates upward price potential when demand increases.
The prolonged rest period of the whale wallet suggests that this entity plans to remain invested over time, strengthening the potential for additional buying activity at current market rates.
Ethereum Shor-term Outlook Showing Bulls in Control
Ethereum’s cost data shows ongoing bullish momentum since the previous week when it established support at $2,730 and resistance at $2,850.
Rising interest in Ethereum becomes more evident through higher trading volume and increased price activity.
The coin demonstrated consistent upward momentum during the latter part of February, which resulted in a sharp ascent after it tested lower support regions.
Ethereum tracks an obvious upward channel when examined through a one-hour time span in the second chart.
It shows signs of accelerating its growth rate in the near future while remaining likely to reach additional gains.
It is crucial to be mindful of the $2,840 resistance area because a breakthrough of this barrier will indicate future price level advancements.
Ethereum remains inside an established upward trend pattern, which appears green in the chart.
A victory over the resistance level at $2,850 may create space for the following phase of positive price action, which could drive Ethereum toward the $3,000 mark or beyond.
The price will continue to increase if it crosses $2,850, triggering additional price targets to reach $3,000 as the next strong psychological hurdle.
However, the Volume Oscillator is currently on a steep decline, which could probably indicate waning interest.
The post Whales Stacking Up Ethereum, Price Heads For $3K, $4K Soon? appeared first on The Coin Republic.
The Coin Republic – Read More