Ethereum made a significant move last week, though its bullish momentum has slowed. Meanwhile, large investors, known as 'whales', are showing interesting trends.
New Whale Acquisition
According to Lookonchain, a new whale has invested $23.44 million in ETH, acquiring over 18,000 ETH in recent days. Notably, this wallet holds only Ethereum and USDT, potentially indicating further purchases on price corrections.
Ethereum Resistance at $3,500
Despite Bitcoin's price rise, Ethereum has yet to break past its previous 2021 high, encountering resistance around $3,500. Analyst Eddie noted that the 0.618 Fibonacci level corresponds to a strong resistance area and expects more price action before a breakthrough.
Technical Analysis and Prospects
Technical analysis indicates ETH might test between $3,072 and $2,987, where there's an order block on the four-hour chart. This could support the cryptocurrency at a good level.
Current market analysis of Ethereum shows significant interest from investors, with 'whales' as major active players, potentially affecting future price movements.
