Ethereum Whale Transactions Surge in March, Signaling ETH Price Rally Summary Ethereum (ETH) whale transactions have been on the rise in March, indicating a potential rally in ETH price. ETH price has been trading within a tight range, hinting at a possible breakout towards $4,000
Ethereum Whale Transactions Surge in March, Signaling ETH Price Rally
Summary
Ethereum (ETH) whale transactions have been on the rise in March, indicating a potential rally in ETH price. ETH price has been trading within a tight range, hinting at a possible breakout towards $4,000. Additionally, ETH price has remained above the 100-hour simple moving average, showing signs of strength.
Body
Ethereum (ETH), the second-largest cryptocurrency, has rebounded strongly, gaining close to 15% from its lows of $3,000 in the past ten days. As of writing, Ethereum is trading 1.1% up, hovering around $3,510, with a market capitalization of $442.10 billion.
Ethereum Whales Accumulating Aggressively
During the recent ETH price pullback over the past few weeks, there has been a notable surge in whale transactions involving ETH. This trend is often seen as a bullish indicator, suggesting that ETH price is likely to move higher in the foreseeable future.
ETH Price Action
ETH price initially corrected lower, breaking below the $3,550 level. However, a bullish momentum emerged after retesting the $3,450 support, similar to the price action of Bitcoin. The price formed a local bottom around $3,459 before bouncing.
Notably, ETH price has broken above the $3,520 resistance zone. The bulls pushed the price above the 50% Fibonacci retracement level from the swing high of $3,680 to the swing low of $3,459. Additionally, ETH price has broken a crucial descending trend line with resistance near $3,540 on the hourly ETH/USD chart.
Technical Analysis
Currently, ETH is trading above $3,520 and the 100-hour simple moving average. Looking ahead, the immediate resistance lies near $3,600, with the first major resistance around $3,630. This level coincides with the 76.4% Fibonacci retracement level from the decline from the swing high of $3,680 to the swing low of $3,459.
On the upside, the next major resistance is at $3,680, which would open the doors for a further rally towards $4,000. On the downside, the first major support is at $3,480, a break below which could open the gates for an extended decline towards the $3,250 level.
The combination of increased ETH whale transactions, price trading within a bullish range, and the technical breakout above key resistance levels suggests that ETH price is likely to move higher in the foreseeable future. However, investors should always conduct their own research and due diligence before making any investment decisions.
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