Recently, the market has focused on the movement of large Ethereum holders (whales) and the consequent changes in the cryptocurrency's price.
Analysis of Ethereum's Current Position
Currently, Ethereum's price is $2,737.61, reflecting a 2.15% decrease over the past 24 hours. However, in recent days, the price has shown a 2% growth, made possible by positive market dynamics and significant ETH withdrawals from exchanges.
Impact of Whale Movements on the Market
The recent movement of 4,700 ETH from a wallet that was inactive for 500 days has sparked discussion among market participants. Such behavior from large holders could indicate asset accumulation and potentially reduced market liquidity, contributing to price growth. As a result, exchange supply decreases, and the likelihood of rising prices increases if demand grows.
Short-term Outlook for Ethereum
Technical indicators show that Ethereum remains on an upward trend, with a key resistance level at $2,850. Breaking this level could pave the way for further growth up to $3,000 and beyond.
With active whale movements and favorable market conditions, Ethereum retains the potential for further growth, attracting interest from traders and investors.
