Ethereum

Golem

TRON

The cryptocurrency market is showing signs of recovery after a recent downturn, with Ethereum (ETH) in focus as key investors signal bullish sentiment. Despite the lingering bearish sentiment, recent activities by prominent whales suggest a potential shift toward optimism. On July 11, 2024, blockchain analytics firm Lookonchain reported that TRON founder<a href="https://news.todayq.com/justin-sun-in-trouble-as-ethereum-crashes-10-heres-why/"> Justin Sun </a>has significantly bolstered his Ethereum holdings. Sun purchased 1,614 ETH, valued at $5 million, at an average price of $3,097.&nbsp; Justin Sun ETH accumulation 
This purchase follows his ongoing accumulation since February 2024, amounting to 362,751 ETH worth approximately $1.11 billion, acquired through three distinct wallets. Sun’s additional deposit of $45 million USDT to Binance further underscores his bullish outlook on Ethereum. 
12 hours ago, Justin Sun ( 
Concurrently, another major player named Golem has ceased ETH selling activities, instead staking a substantial 40,000 ETH valued at $124.6 million. This strategic shift by Golem suggests a potential alignment with bullish market trends. 
Golem( ETH technical analysis and upcoming level 
Technical analysts highlight Ethereum’s recent bullish indicators. Notably, ETH has broken out above the neckline of a bullish double-bottom pattern on the 4-hour chart, with experts eyeing a potential rise to the $3,300 level upon a daily closing above $3,135. Ethereum’s price action above the 200 Exponential Moving Average (EMA) on the daily timeframe further supports a bullish sentiment, corroborated by a positive reversal signal from the Relative Strength Index (RSI). 
Despite these bullish signals, market sentiment remains cautious, reflected in a negative open interest (-0.53%) over the past 24 hours, indicating subdued investor activity amid prevailing market uncertainties. However, data from CoinGlass suggests a resurgence in bullish support over the last 7 days, potentially triggering liquidations of approximately $1.18 billion in short positions if ETH surpasses $3,300. Conversely, failure to sustain current levels could lead to liquidations totaling $1.46 billion in long positions should ETH retreat to $2,900. 
As of the time of writing, Ethereum is trading near $3,115, marking a modest 0.5% increase in the past 24 hours. Over a broader timeframe, ETH has experienced a 2.3% decline in the last 7 days, and a notable 12% drop over the past 30 days, highlighting recent market volatility.

Bullish outlook for Ether, analyst eyes on $3,300 level

Todayq News

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