Ethereum Price Analysis: Whale Activity Spikes as ETH Finds Support At Key Fibonacci Level

For over a week, the second largest cryptocurrency Ethereum has been trading sideways trying to sustain above the combined support of $2875 and 38.2% Fibonacci retracement level. Despite stable support and the completion of the fourth Bitcoin halving, the ETH price witnessed a modest upswing to $3144 this weekend registering a 9.5% jump. Will this reversal gain sufficient momentum to surpass the $4000 high? 

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 ETH Stands Strong Above Fibonacci Support

Amid the pre-halving consolidation in the crypto market, the Ethereum price prevented its correction below the $2875 level. This horizontal level aligned with the 38.2% Fibonacci retracement level created suitable support for buyers to regain trend control. 

This healthy retracement amid the Bitcoin halving uplifted the ETH price to a high of $3198. An analysis of the 4-hour chart shows this upswing as the formation of a double bottom pattern— a technical setup often located at the downtrend bottom and potential for higher rally.

Moreover, On-chain data provided by Lookonchain reveals a noteworthy Ethereum whale transaction. Recently, 10,119 ETH were withdrawn from Binance, marking yet another substantial move by this investor, who has amassed 127,388 ETH since April 8, equivalent to roughly $405.19 million. The whale’s average purchase price of $3,172 per ETH suggests a long-term optimistic view of Ethereum’s market potential.

This giant whale withdrew 10,119 $ETH($31.85M) from #Binance again 8 hours ago.

He has bought 127,388 $ETH($405.19M) from #DEX and #Binance since Apr 8, with an average buying price of ~$3,172.https://t.co/gV3J2sZdS1 pic.twitter.com/IJ7olISDkw

— Lookonchain (@lookonchain) April 21, 2024

Thus, if the bullish momentum persists, the ETH price may breach the $3300 neckline resistance, bolstering buyers to prolong recovery. The post-breakout may drive the asset to $3730.followed by $4100.

Also Read: Crypto Price Prediction 4/21: Memecoins Gain Momentum Post-Bitcoin Halving

Technical Indicator

• Exponential Moving Average: A bearish crossover between 20-and-50 EMA indicates the near-term trend is bullish but the price still trading above 100-and-200 EMA projects the long-term trend remains bullish.
• Relative Strength Index: The daily RSI slope at 44% reflects a neutral to bearish market trend.