Ethereum

Amidst the ongoing confusion in the cryptocurrency landscape, Ethereum, the world’s second-largest cryptocurrency, once again captured everyone’s attention. On February 7, 2024, Lookonchain, an on-chain analytic firm, posted on X (formerly Twitter) that a crypto whale had added a significant amount of Ethereum (ETH) and WBTC. Why investors and whales are accumulating Ethereum? Lookonchain mentioned in their post on X that this crypto whale had been highly active since December 2023. However, in the last few hours, the whale added over 4,242 ETH with an average price of $2,358, totaling around $10 million, and WBTC worth $10 million. Additionally, the same whale has purchased a total of 13,843 ETH, valued at around $33 million with an average price of $2,388, and WBTC worth around $19 million since December 2023. 
Apart from this, whales and investors have significantly accumulated Ethereum worth around $1.2 billion from exchanges in January 2024 as reported by <a href="https://news.todayq.com/1-2-bln-in-eth-withdrawn-from-cex-during-jan-this-might-be-the-reason/" rel="noopener noreferrer nofollow">Todayq News</a>. However, this accumulation by these investors and whales occurred while the ETH price was trading below $2,150. Observing these moves by whales and investors suggests that they are taking advantage of the current discounted ETH price and continuously accumulating.
This massive accumulation of ETH highlights that traders and investors may be anticipating the potential approval of a spot Ethereum ETF in the United States. Additionally, in the upcoming days, the crypto community is set to experience Bitcoin Halving, which could lead to a significant market move across the cryptocurrency landscape. There is a high chance that the ETH price may surge before the approval of a spot Ethereum ETF, similar to how the Bitcoin price surged before ETH approval. Ethereum technical analysis and its upcoming move 
As of now, Ethereum’s ETH is trading near $2,360, and in the last 24 hours, it has experienced over 1.50% upside momentum. Looking at the ETH performance over a longer period, in the last 7 days, Ethereum has only seen a 1% upside momentum, while in the last 30 days, the ETH price has experienced over 5% upside momentum.
According to experts’ technical analysis, ETH on a daily time frame is currently looking bearish. The current price of ETH is at a level where it has experienced a reversal in the last 4 instances. As ETH is trading near $2,360, there is a strong resistance near $2,400, which is contributing to the bearish sentiment.
Historical data indicates that whenever the ETH price reached this level, it experienced over 8% downside momentum within a few days. Nevertheless, if ETH experiences a reversal this time, and on a daily time frame closes above the $2,430 level, we may witness a new 52-week high for ETH in the coming days.
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