Ethereum (ETH) is showing resistance in the market as technical indicators point toward sustained bullish strength. The coin price over the last 24 hours is showing stability, and over the last week it is up by 7.91%.
At the time of writing, ETH is trading at $4,633.46 with a 24-hour trading volume of $30.14 billion, up by 1.93% over the last 24 hours. The coin has a market capitalization of $559.12 billion, which is showing stability.
Source: CoinMarketCap
A prominent crypto analyst, Arkham, revealed that Ethereum just saw a massive influx of capital as three newly created whale wallets purchased $205.48 million worth of the coin through the institutional trading platform FalconX.
The scale of the acquisition suggests that significant players, potentially institutional investors, are starting to increase their exposure to Ethereum, signaling growing confidence in the network’s long-term potential.
Such large purchases often attract market attention, as they can indicate shifts in sentiment among big-money investors. With Ethereum continuing to drive the decentralized finance, NFT, and Web3 ecosystems, these fresh whale addresses may mark the beginning of a new wave of institutional money flowing into the coin.
Also Read: Ethereum Bulls Ready for Explosive $5,000 Breakout Rally
Ethereum technical indications are putting out positive signs. The Relative Strength Index (RSI) is at 68.28, just below overbought, and the MACD is positive with a MACD line of 560.33 above the signal line of 404.71.
Bollinger Bands are diverging, with the upper band at $5,219, midline support at $3,400, and lower support at approximately $1,581, which indicates increasing volatility and potential room to rise further.
Source: TradingView
Ethereum is holding firmly above the $4,600 level. That level has been a major support zone in recent days, and the market is eyeing resistance around the $5,200 level. In a clean breakout above that resistance, new highs could be opened up by the coin, while a break back below $4,600 could see a retracement back towards the support range of $4,000-$4,200.
Ethereum derivatives market activity also picked up steam. Trading volume surged by 6.91% to $65.26 billion, while open interest rose by 0.43% to $63.80 billion. The rise in both indicates investors are actively capitalizing upon it’s uptrend.
Source: Coinglass
The OI-weighted funding rate experienced a minor fluctuation of 0.0098%, revealing a neutral bias of long versus short positions. This indicates that despite Ethereum’s positive price action, the derivatives market is not yet overheated.
Source: Coinglass
Also Read: Ethereum Eyes $4,880 After $333 Million BlackRock and Fidelity Investment
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