Ethereum is climbing, whales are buying – What happens next?
Ethereum's price continues its upward trend, rising for the fourth consecutive day and trading near $3,140. Despite a significant 52% drop in trading volume to $12.40 billion, indicating trader hesitancy, long-term holders are actively accumulating ETH. On-chain data reveals a whale withdrew 20,000 ETH ($62.3 million) from major exchanges, while Bitmine staked over 49,000 ETH ($152.7 million). Additionally, spot Ethereum ETFs saw an influx of $174 million from institutional investors. Technically, ETH is testing a key resistance level at $3,150. A successful breakout from its symmetrical triangle pattern could lead to a 6% rise toward $3,600, though weak directional momentum suggests ongoing volatility. Mixed sentiment among leveraged traders reflects a tug-of-war between bulls and bears.
ambcrypto01/04 20:03