In recent days, the activity of Ethereum whales has noticeably increased, attracting the attention of traders and analysts worldwide. The accumulation of 260,000 ETH in one day raises questions about future market trends.
Rising Whale Activity
Whale wallets holding between 10,000 and 100,000 ETH added about 260,000 tokens in the last 24 hours. This growth brings their total assets close to 29.6 million ETH. Data shows that this purchase occurred amid relatively stable price dynamics, with Ethereum trading around $4,400.
Positive Funding and Bullish Trends
Funding across exchanges remained positive throughout August, indicating a dominance of long positions. Peaks in funding often align with price increases. On September 2, funding approached 0.02, demonstrating that traders are willing to support bullish bets, although elevated funding can increase the risk of corrections.
Technical Analysis and Market Outlook
Chart analysis from Merlijn indicates that Ethereum has broken above a multi-year resistance level that had held the price several times since 2021. This breakthrough is now being retested as support. He stated, "Ethereum has entered the expansion phase... This isn’t resistance anymore. It’s the launchpad for growth." Support and resistance levels suggest the start of a new upward cycle.
The increasing activity of whales and positive funding create an optimistic outlook for the Ethereum market. Technical analysis also indicates the potential for price growth in the future, making the current situation significant for traders.
