Surging Ethereum Whale Transactions Hint At Upcoming ETH Price Rally

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.