Price Analysis

Ethereum Price Today: $900M Buying Spree as Bitcoin Hits $100K

A Falling Wedge pattern hints Ethereum price could soar nearly 20% to $4,000. Is recovery bounce next as whales buy $900M ETH?
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Ethereum Price Today: $900M Buying Spree as Bitcoin Hits $100K

Highlights

  • Ethereum price trades at $3,300 after a 20% surge since January 13.
  • Ethereum whales accumulate $900 million worth of ETH, indicating strong demand.
  • Falling Wedge setup forecasts a 17% price rally targeting $4,000.

Ethereum (ETH) price today trades at $3,298.2 as of 11 PM after shooting up nearly 20% since January 13. This impressive recovery is due to Bitcoin’s climb to revisit the historic $100,000 level. Despite the bounce, ETH is down $3,454.3 after -4.26% in the last 24 hours as of October 9.

Ethereum (ETH) price continues to hover around the $3,300 region after a quick recovery rally from the January 13 low of $2,900.
eth price today

*Ethereum price updated as of 11 PM. 

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Can Ethereum (ETH) Price Bounce Amid $900M Buying Spree?

Sanitment’s on-chain data shows that addresses holding between 1K and 10 K ETH increased their stack from 14.17 million to 14.44 million since January 7. Considering the current price of ETH, the 270,000 tokens accumulated by this cohort are valued at nearly $900 million.

Such a massive accumulation in a short period indicates demand. Hence, the recent rally will likely continue in the long run regardless of short-term volatility.

Ethereum Whales Accumulate $900 million ETH
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Falling Wedge Setup Forecasts Bullish Outlook

Since December 16, Ethereum (ETH) has set up three distinctive lower highs and two lower lows. Connecting a trendline to the swing points shows a Falling Wedge setup. This technical formation forecasts a 17% price rally that targets $4,000. The target is obtained by measuring the distance between the first swing high and low and adding it to the breakout point.

ETH/USDT 1-day chart
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Strategic Support & Take-Profit Levels For ETH Traders

In this case, Ethereum will likely continue its descent toward the support zone, extending from $3,132 to $3,057. This zone is a good place to scoop more ETH. For short sellers, this area will be a good place to book profits. Hence, a dip into the $3,132 to $3,057 zone will lead to a massive spike in buying pressure from sidelined investors accumulating more ETH and short sellers closing their positions. As a result, ETH will trigger a volatile move to the upside that retests the upper limit of the Falling Wedge.

A decisive daily candlestick close above the Wedge’s upper trend line around $3,400 will confirm a breakout from the setup. In such a case, the key targets for short-term investors to book profits include $3,592, $3,975 and $4,069.

Invalidation Thesis

While the outlook for Ethereum looks bullish from a big-picture perspective, investors need to consider the possibility of a bearish outlook. Investors need to watch the $3,132 & $3,057 support levels. A breakdown of this zone will signal a weakness from buyers and potentially kickstart a steep 13% correction to $2,657. Beyond this ETH could also revisit the $2,341 barrier if the selling pressure is too high.

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Frequently Asked Questions

What is the current Ethereum price?

The current Ethereum price is $3,300 as of January 16, 2025.

What is the significance of the Falling Wedge setup for Ethereum?

The Falling Wedge setup forecasts a 17% price rally that targets $4,000.

What are the strategic support levels for Ethereum traders?

The support zone extends from $3,132 to $3,057, which is a good place to scoop more ETH.
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Akash Girimath

Senior Cryptocurrency Analyst & Market Strategist Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts. A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise. Known for mentoring analysts and optimizing workflows for high-impact reporting, Akash’s work is cited across global crypto publications, reaching 500k+ monthly readers. Follow his insights on YouTube, X, and LinkedIn for cutting-edge perspectives on decentralized ecosystems and crypto innovation.

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