Ethereum is riding a wave again, testing an important resistance level and attracting attention from major investors who are increasing their positions.
Key Level for Ethereum
Ethereum approaches an important technical level, consolidating below the $2,750 mark. Analysis from Crypto Tony suggests this level has historically acted as resistance and support. A breakout above it could pave the way for a 20% price increase, targeting the $3,300 - $3,500 range.
Whale Activity in the Market
According to Lookonchain, whale wallet address 0xd8d0 added 115,465 ETH since early June, worth nearly $295 million in USDC. The average purchase price was around $2,555. Despite the aggressive buying, the investor currently faces a paper loss of around $15 million due to ETH's struggle near the $2,750 barrier.
Current Market Conditions for Ethereum
At the time of writing, Ethereum is trading at $2,443.60, down 4.36% in the past 24 hours. Earlier in the day, ETH reached $2,552.90 but reversed sharply. This indicates a need for caution until a clear breakout or rejection from the key level is confirmed.
Ethereum is at a critical juncture for determining further direction. Investor attention and whale actions may significantly influence market dynamics in the coming days.
