Originally published on: November 14, 2024
Ethereum made waves last week with a 29% jump, breaking the $3,000 mark for the first time since August. Despite Bitcoin’s 13% increase, Ethereum’s momentum has slowed.
While Ethereum has seen a modest 0.66% increase since November 11, there are signs that whales are looking to accumulate for the long term at the current price levels.
Recent data from Lookonchain revealed that a new whale wallet has emerged, scooping up 7,389.5 ETH worth $23.44 million in value over the past 24 hours. This wallet, which became active on November 9, has purchased over 18,000 ETH at an average price of $3,201, now valued at $57.8 million.
Interestingly, this whale wallet holds only Ethereum and $19.3 million in Tether (USDT), indicating potential for more ETH accumulation during price dips.
With Ethereum yet to surpass its previous all-time high from 2021, the altcoin faces resistance at macro structural levels. Eddie, an independent trader, noted that ETH’s recent rally to $3,450 aligned with the 0.618 Fibonacci line and a supply zone between $3,550-$3,050.
From a technical perspective, Ethereum’s daily chart suggests a possible retest of the fair value gap between $3,072 and $2,987, with support from the 50-EMA level on the four-hour chart. There is a chance of ETH bouncing back from the $3,000 range if bullish momentum returns.
As Ethereum navigates the waters of price discovery, the actions of new whales and existing holders could impact its journey towards $3.5K and beyond. Subscribe to our newsletter for more insights on market trends and investment opportunities.
