- Ethereum’s daily trading timeframe was at a critical level at the time this article went to press.
- As optimism returns to the market, institutions and whales have resumed their activity.
Ethereum (ETH)As the second biggest cryptocurrency in terms of market cap, it is now trading again at critical levels. The levels of importance are particularly important for investors who plan to invest long term. At the time of writing, ETH was hovering around the $2,700 range – An important resistance level on the daily timeframe.
Prices from previous months are used as support and resistance levels. ETH respects the low of the previous months as support while the middle point between the high and low acts as resistance.
Market sentiment continues to be positive and indicates a break over the resistance of $2,700. This could cause ETH’s price to rise towards $3,200. The market is still unpredictable. Any sudden change in the dynamics of the markets could affect this outlook.
TradingView, Hyblock Capital
Whale and Institution Activity Increases
A higher ETH value was also supported by greater institutional and whale activities. A whale Ethereum who had been quiet for 4 months cashed out 12,979 Ethereum, making $34.3 Million.
This whale purchased ETH initially at $7.07 per token. The whale sold 15,879 tokens, earning $43.5 million.
This whale is still in possession of 5,760 ETH, which are worth around $15.5 million. It means that bigger investors have bet on ETH reaching the $3200 goal. The renewed whale activity indicates ETH’s potential bullishness, which further supports the $3200 target.
SpotOnChain
In addition, the actions of institutions are also having an impact on the market.
Recent ETH sales have come from two large institutions. Cumberland Trading, a firm that specializes in trading, deposited 11800 ETH valued at $31.88million into Coinbase. ParaFi Capital on the other had transferred 5134 ETH out of Lido to Coinbase Prime.
Even though there is increased selling, it’s clear that the majority of whale participants are optimistic about Ethereum’s future.
Increase in ETH addresses total with balance
The increase in total addresses with a balance is another positive sign for ETH. A growing number of addresses for wallets is an indication that more people are investing in the Ethereum eco-system.
The trend can be viewed by many as an indication of a positive outlook. Ethereum’s Adoption is growing due to the utility of decentralized financial (DeFi), and its scalability.
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The increase in wallet address can be interpreted by some as a further bullish indicator, pointing to the $3.200 target price for ETH in the last quarter of 2018. The crypto markets have historically been bullish during this period.
Fear and Greed Index is now neutral
Fear and Greed Index also shows the market’s optimism, with a reading of neutral 50 as at time of press. The market’s optimism is also reflected in the Fear and Greed Index, which moved to a neutral reading of 50 at press time.
The market is likely to begin to recover and more traders will be drawn to ETH. This makes it a great time to stock up on ETH in anticipation of upcoming bullish moves.
In the past, it has been better to enter the market at a time when there is a neutral mood than wait for extreme greed. This signals the top of the markets.
Source: intothecryptoverse
Ethereum’s price is expected to rise in the near future, thanks to increased whale activity, adoption and improved market sentiment.
The next target, $3,200, could be reached if ETH is able to break the resistance of $2,700.
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Source: ambcrypto.com
