Ethereum is seeing renewed attention from whales, with key buying driving market interest. Analysts say a breakout from major technical patterns will unleash large-scale price action, which could impact the broader crypto market.
Currently, Ethereum (ETH) is trading at $4,381.78 with a 24-hour trading volume of $62.24 billion and a market cap of $530.55 billion. ETH saw a slight dip of -0.66% in the last 24 hours, but recent whale activity has captured the market’s attention.
Crypto analyst Ali Martinez reported that whales purchased around 260,000 ETH in the past 24 hours. Such large-scale purchases indicate rising demand from investors, which could influence Ethereum’s intraday price movements.
Meanwhile, analyst EGRAG CRYPTO shared his insights on Ethereum’s potential next targets. According to his analysis, ETH could reach $8,500, $15,250, or even $22,000. The key factor for these moves is a breakout from an ascending triangle formation, which could confirm strong upward momentum.
EGRAG CRYPTO further outlined Fibonacci-based cycle targets: Cycle 1 reached Fib 3.888, Cycle 2 reached Fib 1.414, and Cycle 3 could reach Fib levels of 1.272, 1.414, or 1.618. These levels and the breakout form the ‘confluence factor’ that validates the projected price changes.
The analyst further explained that logarithmic analysis points to a potential $22,000 price target, while non-logarithmic calculations suggest $8,500. Averaging these levels gives a mid-range target of $15,250. If ETH reaches these levels, it could trigger significant activity in the broader altcoin market as liquidity shifts between assets.
Investors and crypto enthusiasts are closely monitoring ETH’s next steps due to whale activity and technical indicators pointing to a likely rally that will dictate market trends in the weeks ahead.
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Ethereum’s Relative Strength Index (RSI) stands at 52.69, while the signal line stands at a higher 56.81. This positions ETH in a neutral zone where neither intense buying pressure nor selling pressure is observed. The RSI, however, signifies that trading remains fairly balanced after recent volatility.
A quick look at the MACD shows the blue line at 153.55 and the orange signal line higher at 205.51, indicating a bearish crossover on ETH. The histogram is negative at -51.95, showing fading momentum. The narrowing gap suggests a potential reversal if buying volume increases.
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