Ethereum

Bitcoin

Momentum

For over a week, the second largest cryptocurrency <a href="https://coingape.com/ethereum-eth-price-surges-3-66-amid-ancient-wallet-activation/" rel="noopener noreferrer nofollow">Ethereum</a> has been trading sideways trying to sustain above the combined support of $2875 and 38.2% Fibonacci retracement level. Despite stable support and the completion of the fourth <a href="https://coingape.com/markets/bitcoin-price-analysis-when-to-expect-the-post-halving-rally/" rel="noopener noreferrer nofollow">Bitcoin halving</a>, the ETH price witnessed a modest upswing to $3144 this weekend registering a 9.5% jump. Will this reversal gain sufficient momentum to surpass the $4000 high?&nbsp;
Aso Ready: <a href="https://coingape.com/ethereum-gas-fee-crashes-to-three-month-low-eth-price-recovers-to-3100/" rel="noopener noreferrer nofollow">Ethereum Gas Fee Crashes to Three-Month Low, ETH Price Recovers to $3,100</a>
<h2 id="span-style-font-weight-400-strong-eth-stands-strong-above-fibonacci-support-strong-span">&nbsp;ETH Stands Strong Above Fibonacci Support</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/z/zjxpS8MU.png" alt="BITSTAMP:ETHUSD Chart " width="1815" height="792">
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 Ethereum Price Analysis| Tradingview
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</figure>
Amid the pre-halving consolidation in the crypto market, the Ethereum price prevented its correction below the $2875 level. This horizontal level aligned with the 38.2% Fibonacci retracement level created suitable support for buyers to regain trend control.&nbsp;
This healthy retracement amid the Bitcoin halving uplifted the <a href="https://coingape.com/ethereum-gas-fee-crashes-to-three-month-low-eth-price-recovers-to-3100/" rel="noopener noreferrer nofollow">ETH price</a> to a high of $3198. An analysis of the 4-hour chart shows this upswing as the formation of a double bottom pattern— a technical setup often located at the downtrend bottom and potential for higher rally.
Moreover, On-chain data provided by Lookonchain reveals a noteworthy Ethereum whale transaction. Recently, 10,119 ETH were withdrawn from Binance, marking yet another substantial move by this investor, who has amassed 127,388 ETH since April 8, equivalent to roughly $405.19 million. The whale’s average purchase price of $3,172 per ETH suggests a long-term optimistic view of Ethereum’s market potential.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 This giant whale withdrew 10,119 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($31.85M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> again 8 hours ago.
 He has bought 127,388 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($405.19M) from <a href="https://twitter.com/hashtag/DEX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DEX</a> and <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> since Apr 8, with an average buying price of ~$3,172.<a href="https://t.co/gV3J2sZdS1" rel="noopener noreferrer nofollow">https://t.co/gV3J2sZdS1</a> <a href="https://t.co/IJ7olISDkw" rel="noopener noreferrer nofollow">pic.twitter.com/IJ7olISDkw</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1781890417791029266?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 21, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Thus, if the bullish momentum persists, the ETH price may breach the $3300 neckline resistance, bolstering buyers to prolong recovery. The post-breakout may drive the asset to $3730.followed by $4100.
Also Read: <a href="https://coingape.com/markets/crypto-price-prediction-4-21-memecoins-gain-post-bitcoin-halving/" rel="noopener noreferrer nofollow">Crypto Price Prediction 4/21: Memecoins Gain Momentum Post-Bitcoin Halving</a>
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: A bearish crossover between 20-and-50 <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> indicates the near-term trend is bullish but the price still trading above 100-and-200 EMA projects the long-term trend remains bullish.</li>
 <li aria-level="1">Relative Strength Index: The daily RSI slope at 44% reflects a neutral to bearish market trend.</li>
</ul>
The post <a href="https://coingape.com/markets/ethereum-price-analysis-whale-activity-spikes-as-eth-support/" rel="noopener noreferrer nofollow">Ethereum Price Analysis: Whale Activity Spikes as ETH Finds Support At Key Fibonacci Level</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum Price Analysis: Whale Activity Spikes as ETH Finds Support At Key Fibonacci Level

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