Ethereum (ETH) Price Dodges Broader Market Selling Pressure As Whales Accumulate

The world’s second-largest cryptocurrency Ethereum (ETH) breaks free from the broader market selling by gaining 2.5% in the last 24 hours. At press time, The Ethereum price is trading at $3,109 with trading volumes jumping 10% in the last 24 hours to $13.3 billion, and weekly gains extending past 7%.

Ethereum Whales Accumulate

Significant Ethereum (ETH) transactions indicate a notable trend of accumulation among whale investors. recently, the whales have withdrawn large sums of ETH from exchanges and staked them further.

As per data from Etherscan, address 0x8B94 has withdrawn a substantial amount of 14,632 ETH, valued at approximately $45.5 million, from the Binance exchange, staking it within the past six days. Additionally, two newly identified whale wallets have withdrawn a total of 6,000 ETH, equivalent to $18.7 million, from Kraken within the past two days.

Analysts are closely awaiting the launch of the Ethereum Dencun upgrade scheduled for the next month of March. The upcoming Dencun upgrade is set to revolutionize Ethereum’s functionality and strengthen its position in the market. It will introduce proto-danksharding and data blobs, aiming to tackle crucial issues like transaction fees and network throughput, thereby enhancing Ethereum’s overall utility and competitiveness.

Furthermore, the Ethereum Denver 2024 will commence ahead this week on February 28-29, and we can expect some key announcements as well!

ETH Price Gearing for $3,500 and Above

The Ethereum price continues to show strength amid the broader crypto market consolidation as the altcoins gear up for a rally to $3,500. Throughout last week, the Ethereum price remained relatively stable, fluctuating between the horizontal levels of $3,030 and $2,875. After a strong rally, this period of consolidation likely provided Ethereum with an opportunity to regain strength.

The Relative Strength Index (RSI) is hinting at a potential buy signal, awaiting confirmation once the RSI surpasses the signal line (yellow band). Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is positioned above its signal line (orange band), accompanied by green histogram bars signaling positive territory.

So far in 2024, Ether has outperformed Bitcoin and is likely to do so going ahead. The ETH/BTC pair has successfully surpassed the critical resistance level at 0.06 BTC, indicating potential for further upward movement. This breakout occurred after the weekly Relative Strength Index (RSI) experienced a breakout and subsequent retracement.

ETH-BTC testing resistance

If broken, #ETH can attempt to put in a higher high and also confirm a higher low for the first time since the top in September of 2022: pic.twitter.com/qTyRUgRcNm

— Matthew Hyland (@MatthewHyland_) February 21, 2024

On the other hand, market analysts have been giving bullish and high price targets for Ethereum. Popular crypto analyst Doctor Profit expects the ETH price to touch $10K on a conservative basis. On an optimistic note, he suggests that the ETH price rally to $13K-$15K.