Ethereum displays strong support around the price of $2.5K, with over 3.45 million ETH concentrated in this range. This serves as a significant indicator for investors.
Strong Support for Ethereum at $2.5K
At the $2.5K level, Ethereum is experiencing buying activity. According to Glassnode, over 3.45 million ETH have a cost basis between $2,513 and $2,536, marking this level as one of the strongest accumulation zones in recent months.
Whale Activity: 200,000 ETH Over the Weekend
Crypto analyst Ali reported that wallets holding 10,000 to 100,000 ETH accumulated 200,000 ETH from July 5 to 6. This increased the total ETH held by this group to approximately 26.88 million ETH, confirming heightened whale activity. The accumulations took place during a period of price stability.
Technical Indicators Show Moderate Momentum
On the daily chart, Ethereum is trading around $2,564.6 with a 0.87% gain at the time of reporting. The Relative Strength Index (RSI) is at 54.67, suggesting mild bullish momentum. However, with an RSI below 70, ETH is not currently in overbought territory. The Chaikin Money Flow (CMF) indicates a positive but cautious capital inflow at 0.08.
In conclusion, the current price levels for ETH around $2.5K continue to be supported by large investors' activity, which may indicate a strengthening demand in the near future.
