Ethereum (ETH) is experiencing notable activity from large investors and traders. Over the past week, whales purchased 600,000 ETH, taking advantage of the recent price decline.
Attracting the Attention of Major Investors
This accumulation strategy aligns with a 'buy the dip' approach. However, Coinglass data indicates these same whales have started moving ETH to exchanges, with $10 million worth of inflows recorded in the last 24 hours. Such movements often indicate potential selling pressure, though the current amount remains limited.
Intraday Trader Positions
Intraday traders are also positioning themselves for a potential price rebound. At the time of reporting by ETHNews, traders hold $201 million in long positions at $2,567, compared to $60 million in short positions at $2,635. This disparity reflects a bullish outlook among traders, despite ETH’s recent 3.25% price drop. Trading volume has increased by 15%, showing heightened activity as market participants anticipate a shift in momentum.
Technical Analysis and Outlook
From a technical standpoint, Ethereum is forming a descending triangle pattern on the four-hour chart, a setup often linked to potential breakouts. ETHNews analysts suggest that if ETH closes above the $2,700 resistance level, it could rise by 10%, reaching $3,000. However, ETH remains below the 200-day EMA, a key indicator of long-term trends, currently signaling a bearish market sentiment.
The recent actions highlight a contrast between short-term traders and long-term holders. While whales have accumulated ETH during the price dip, their decision to transfer tokens to exchanges introduces uncertainty. Meanwhile, intraday traders are leveraging their positions, betting on a near-term recovery.
