An unusual activity involving a large wallet with 9,610 ETH raises market speculation about the potential recovery of Ethereum’s price.
Major Trade in the Ethereum Market
According to Spot on chain, a substantial change was registered in a wallet that acquired 9,610 ETH worth approximately $14.54 million. The wallet owner withdrew 5,000 ETH from the Kraken exchange, then used it as collateral on the Spark platform to borrow $7 million in USDS. These funds allowed the acquisition of an additional 4,610 ETH at an average price of $1,518, indicating confidence in Ethereum's potential.
Analysis of Harmonic Pattern
Analyst Ghostmxmm conducted an analysis revealing a possible bullish reversal on the ETH/USDT chart. A clear XABCD structure is observed, with price sharply declining from point B to C, approaching a critical support zone around $1,368.39, coinciding with the 0.886 Fibonacci level. If this support holds, ETH may aim for a target zone between $5,500 and $6,500, reflecting Fibonacci extensions of 1.272 and 1.645.
Critical Resistance Levels for Ethereum
However, Ethereum must surpass several resistance levels to maintain upward momentum. Notably, the $2,000 region represents a significant consolidation area where price previously faced selling pressure, highlighting the importance of breaking this level for renewed growth.
Ethereum's potential upward movement depends on overcoming key resistance zones and maintaining critical support. The outlook remains positive if these conditions are met.
