Ethereum shows signs of consolidation with increasing whale activity, suggesting potential market shifts.
Current Market Situation of Ethereum
Ethereum is currently trading at $3,397.46, reflecting a daily rise of 1.91%. Its market capitalization stands at $409.28 billion, reinforcing its position as the second-largest cryptocurrency. Over the last 24 hours, trading volume increased by 37.13% to $13.35 billion, with a volume-to-market cap ratio of 3.29%.
Analysis of Whale Activity and Impact
Significant whale activity was observed, with a transfer of 3,370 ETH worth $11.37 million to Kraken. The whale, who received 200,000 ETH from the Genesis Block of Ethereum in 2015, has sent 48,687 ETH to Kraken this year at an average transfer price of $3,528, indicating profit-taking amid market fluctuations. The wallet still holds 7,594 ETH, valued at $25.72 million, indicating potential for further market influence.
Prospects for ETH Price Level Change
On the daily chart, Ethereum is hovering near a critical support level of $3,375. If this level breaks, the price may drop towards $3,200. Conversely, resistance lies at $3,525, and a breakout above this level could propel Ethereum to $3,750 in the near term. The Relative Strength Index (RSI) at 44.46 indicates neutral market sentiment but leaning toward oversold territory. The RSI average at 46.08 suggests limited momentum, but a potential upward move if buying pressure increases.
Ethereum's technical indicators point to cautious market behavior. The RSI and CMF indicate low momentum and declining capital inflows. Traders should closely monitor support and resistance levels.
