Ethereum whales have increased their activity as big holders bought more ETH in the last 4 days.
You can read more about it here:
- Ethereum whales have added 140.000 ETH over 96 hours, as the price remained at $2300.
- ETH needs to hold a $2,200 level of support in order to prevent renewed pressure towards the $1,900 area.
- Ethereum could be on a path to $2.800 if the currency moves above $2.400.
Ali Charts reports that whales have accumulated more than 140,000 sperm. Ethereum In just 96-hours, the value of this event is estimated at $322 Million.
ETH has been trading near $2305.11. In 24 hours the asset gained 0.1%, but it was down by 1.04% in the last seven days. The daily trading volume was $6.8 billion.
The price of ETH is flat as whales’ holdings increase
Ali Charts shared this chart shows A steady rise in Ethereum by whale wallets. The number of Ethereum held increased between May 1 to May 3 from approximately 13.78 million to almost 13.98 million.
The steady purchases by the large holders are more likely to be a result of this than a large-scale transfer. This move suggests major wallets have increased exposure, while the price remains silent.
But traders still wait for a stronger confirmation. ETH is still close to 2,300 dollars, but the market hasn’t yet adopted the trend of whale buyers.
Ethereum’s key support is $2,200
Ethereum remains above the support zone of $2,200. Analysts view This level is important to the market structure as it stands.
If ETH maintains a price above $2.200 then the slow recover could continue towards $2.800. A price move above $2400 can also offer traders an improved long set-up.
But the downside remains very clear. The structure could become weaker if it falls below the $2,200 mark. This would allow the path to be opened up for $1,900.
The intraday view is mixed. The chart has been described as “choppy and slow,” The traders are waiting for better structures before they enter new positions.
The next step could be determined by a $2,400 break-out
After a dramatic decline at the beginning of the year, ETH formed a strong base in the area between $2,000 and $1800. Price has since printed higher lows showing gradual recovery.
Ethereum continues to be below an important descending trendline. This $2,400 region is the closest resistance. It is possible to move up towards $2600 or $2800 if there was a clean break above this area.
This resistance is still far higher than current levels. This area remains a key test for any wider economic recovery.
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Source: crypto.news
