Whales have begun to actively accumulate Ethereum, which is reflected in the current market conditions. This article explores signs of cryptocurrency recovery.
Whale Accumulation Dynamics
Recently, a major investor withdrew 3,844 ETH (approximately $6.51 million) from the Bitget platform over the last two weeks. The latest withdrawal was 1,897 ETH ($3 million) just 10 hours ago. These significant fluctuations confirm the active participation of major investors in the market.
Technical Indicators of Ethereum
Currently, Ethereum is trading above $1,700 with a daily gain of almost 4%. The cryptocurrency has exited a short-term bullish pennant, which often indicates further upward movement. This breakout supports the view that a local trend may be reversing, especially in light of increased trading volume.
Market Prospects for Ethereum
Ethereum is now around $1,880 and is attempting to reclaim the 50-day EMA, which has served as a ceiling for the asset over the past month. Regaining this level could open a path to the $2,200-$2,300 resistance zone and increase investor interest. Additionally, a rise in the RSI suggests that momentum is building without overheating.
The observed patterns of whale accumulation, combined with a technical breakout and increasing momentum, may indicate potential recovery for the cryptocurrency in the future.
