Ethereum

Rally

<p>The world’s second-largest cryptocurrency Ethereum (ETH) has registered a strong bounceback gaining nearly 15% over the last ten days from the lows of $3,000. As of press time, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum price</a> is trading 1.1% up at a crucial juncture of $3,510 with a market cap of 4421 billion.</p>
<h3 id="ethereum-whales-accumulating-in-big-numbers">Ethereum Whales Accumulating In Big Numbers</h3>
<p>In recent insights shared by crypto analyst Ali Martinez, amidst the observed correction in Ethereum’s price over the preceding weeks, there’s a noteworthy surge in whale transactions involving ETH. This trend is viewed as a bullish indicator, hinting at potential upward movements in Ethereum’s price in the foreseeable future.</p>
<figure id="attachment_188764" aria-describedby="caption-attachment-188764" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-188764" src="https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Whale-Transactions.png" alt="" width="2868" height="1456" srcset="https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Whale-Transactions.png 2868w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Whale-Transactions-300x152.png 300w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Whale-Transactions-1224x621.png 1224w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Whale-Transactions-768x390.png 768w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Whale-Transactions-1536x780.png 1536w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Whale-Transactions-2048x1040.png 2048w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Whale-Transactions-150x76.png 150w" sizes="(max-width: 2868px) 100vw, 2868px">
 <figcaption id="caption-attachment-188764" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://twitter.com/ali_charts/status/1773743655540449552" target="_blank">Ali Martinez</a>
 </figcaption>
</figure>
<p>Analysts have been expecting the Ethereum price rally to continue to $4,000 and further to hit its all-time high of $5,000 by the year-end. On the other hand, there have been mixed opinions regarding the approval of the spot Ethereum ETF with big players like <a href="https://coingape.com/spot-ethereum-etf-bitwise-submits-s-1-ethereum-etf-filing/" target="_blank" rel="noopener noreferrer nofollow">Bitwise staying optimistic</a> about the SEC approval by mid-May 2024.</p>
<h3 id="eth-price-action-ahead">ETH Price Action Ahead</h3>
<p>Ethereum initiated a downward correction, dipping below the $3,550 mark. After retesting the $3,450 support level, reminiscent of Bitcoin’s movement, bullish momentum emerged. The price formed a low near $3,459 before rebounding.</p>
<p>A notable development occurred with a breach above the $3,520 resistance area. Bulls propelled the price above the 50% Fibonacci retracement level of the downward swing from the $3,680 peak to the $3,459 low. Additionally, the ETH price broke a crucial bearish trend line, marked by resistance at $3,540 on the ETH/USD hourly chart.</p>
<figure id="attachment_188766" aria-describedby="caption-attachment-188766" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-188766" src="https://coingape.com/wp-content/uploads/2024/03/ETHUSD-2.jpeg" alt="" width="1024" height="449" srcset="https://coingape.com/wp-content/uploads/2024/03/ETHUSD-2.jpeg 1024w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD-2-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD-2-768x337.jpeg 768w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD-2-150x66.jpeg 150w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption id="caption-attachment-188766" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/news/newsbtc:f72637ee2094b:0-ethereum-price-gearing-for-another-lift-off-to-4k-increase-isn-t-over-yet/" target="_blank">TradingView</a>
 </figcaption>
</figure>
<p>Currently, Ethereum is trading above $3,520 and the 100-hourly Simple Moving Average. Looking ahead, immediate resistance looms near the $3,600 level, with the first major obstacle residing at around $3,630. This level coincides with the 76.4% Fibonacci retracement level of the recent downward move from the $3,680 peak to the $3,459 low.</p>
<p>On the upside, the next major resistance is at $3,680, crossing which will open the gates for a further rally to $4,000. On the downside, the first major support is at $3,480 dropping under which could open further gates at the $3,250 level.</p>
<p>The post <a href="https://coingape.com/surging-ethereum-whale-transactions-hint-at-upcoming-eth-price-rally/" rel="noopener noreferrer nofollow">Surging Ethereum Whale Transactions Hint At Upcoming ETH Price Rally</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Surging Ethereum Whale Transactions Hint At Upcoming ETH Price Rally

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