SNEAK PEEK
- Whale wallets holding over 0.1% of ETH supply increased to 30.07 million.
- Ethereum whales are accumulating more ETH.
- Ethereum price analysis shows a bullish market sentiment.
Recent data indicates a noticeable surge in Ethereum whales as their holdings have soared to 30.07 million $ETH, showcasing a substantial increase from the earlier figure of 26.56 million $ETH recorded in early 2023. These significant increments in the Ethereum holdings of addresses possessing over 0.1% of the total supply point towards a prevailing trend of accumulation.
This surge in Ethereum whales signals a potential rise in the concentration of wealth within the Ethereum ecosystem, which may impact market dynamics and influence the overall sentiment within the ETH community.
Ethereum Price/Technical Analysis
The latest Ethereum price analysis shows a bullish market sentiment, with the price of ETH hovering above $1,800 at press time. ETH is trading on an uptrend pattern and has seen a gain of over 1% since yesterday’s close as it is exchanging hands at $1,814.
The immediate resistance level lies at $1,817, which if broken could target a rally up to the $1,900 psychological level. However, if the bullish trend persists, the price of ETH is likely to reach $2,000 in the coming weeks. Furthermore, with the recent surge in whale holdings and accumulation, Ethereum may be set to continue its upward trajectory.
The support level of ETH/USD is seen at $1,782, which if broken could take the price of ETH to a low of $1,700. Therefore, traders should be aware of these levels and keep an eye out for any possible breakouts. The $1,700 level has been a key support level for over the past month and if breached could lead to a price correction.
The market capitalization of ETH stands at $218 billion, displaying an increase of 1.51% since yesterday. Ethereum’s market dominance has also seen a slight increase, currently standing at 19.6%. However, the trading volume has seen a drop today, currently at $5.44 billion having lost 21.49% since yesterday’s close.
Technical indicators for ETH/USD on the daily chart continue to remain in the bullish territory, with the MACD and RSI both showing a positive divergence from their respective midlines. The MACD line has crossed above the signal line indicating a bullish crossover, while the RSI is sloping upwards with a value of 46.23 showing that ETH is still in the neutral region and may see a further rise in price if the current trend continues.
Overall, Ethereum’s market sentiment remains positive with bullish momentum currently forming on the daily chart. The increase in whale holdings could be indicative of a larger accumulation phase, which if true could lead to an even stronger upward surge for ETH/USD in the near future
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions
