Surging Ethereum Whale Transactions Hint At Upcoming ETH Price Rally
Highlights
- Ethereum whale transactions are on the rise in March hinting at ETH price rally.
- The ETH price is trading in a tight band suggesting the possibility of upside breakout towards $4,000.
- ETH price holds above the 100-hour Simple Moving Average suggesting strength.
The world’s second-largest cryptocurrency Ethereum (ETH) has registered a strong bounceback gaining nearly 15% over the last ten days from the lows of $3,000. As of press time, the Ethereum price is trading 1.1% up at a crucial juncture of $3,510 with a market cap of 4421 billion.
Ethereum Whales Accumulating In Big Numbers
In recent insights shared by crypto analyst Ali Martinez, amidst the observed correction in Ethereum’s price over the preceding weeks, there’s a noteworthy surge in whale transactions involving ETH. This trend is viewed as a bullish indicator, hinting at potential upward movements in Ethereum’s price in the foreseeable future.
Analysts have been expecting the Ethereum price rally to continue to $4,000 and further to hit its all-time high of $5,000 by the year-end. On the other hand, there have been mixed opinions regarding the approval of the spot Ethereum ETF with big players like Bitwise staying optimistic about the SEC approval by mid-May 2024.
ETH Price Action Ahead
Ethereum initiated a downward correction, dipping below the $3,550 mark. After retesting the $3,450 support level, reminiscent of Bitcoin’s movement, bullish momentum emerged. The price formed a low near $3,459 before rebounding.
A notable development occurred with a breach above the $3,520 resistance area. Bulls propelled the price above the 50% Fibonacci retracement level of the downward swing from the $3,680 peak to the $3,459 low. Additionally, the ETH price broke a crucial bearish trend line, marked by resistance at $3,540 on the ETH/USD hourly chart.
Currently, Ethereum is trading above $3,520 and the 100-hourly Simple Moving Average. Looking ahead, immediate resistance looms near the $3,600 level, with the first major obstacle residing at around $3,630. This level coincides with the 76.4% Fibonacci retracement level of the recent downward move from the $3,680 peak to the $3,459 low.
On the upside, the next major resistance is at $3,680, crossing which will open the gates for a further rally to $4,000. On the downside, the first major support is at $3,480 dropping under which could open further gates at the $3,250 level.
- BitMine’s Tom Lee Calls Dip Golden Opportunity as Trump Sets Meeting With China on U.S. Tariffs
- Pi Network Set for Massive Growth as App Studio Upgrade Expands Pi Coin Utility
- US Shutdown Beyond 40 Days To Delay Crypto ETF Approval, But Demand Spikes
- OpenSea Set to Reward Investors With Massive SEA Token Airdrop Ahead of Q1 2026 Launch
- Cardano’s Charles Hoskinson Addresses Allegations of Diverting Treasury Funds
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
- 3 Altcoins Defying the Market Momentum In October 2025
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
