Ethereum maintains a price above $3,000, indicating potential for further growth as market sentiment improves. Recent on-chain analysis reveals significant ETH accumulation by large holders, further supported by technical indicators.
Impact of FOMC Volatility on Ethereum
In recent months, Ethereum has shown remarkable recovery trends following market fluctuations triggered by Federal Open Market Committee (FOMC) announcements. The Net Realized Profit/Loss (NPL) data from Sentiment Feed indicates that Ethereum often experiences significant price reversals during these key market events.
Whale Movements and Their Impact
Recent data suggests substantial whale activity, particularly noted on January 13 and January 27. While initial whale actions were somewhat subdued, the latter date saw a surge in transactions over $100,000, signaling growing confidence among large holders. Since January 21, wallets containing between 1,000 to 10,000 ETH have accumulated an impressive 100,000 ETH. Meanwhile, wallets with 10,000 to 100,000 ETH have added 300,000 ETH, and the largest wallets, holding between 100,000 and 1 million ETH, increased their holdings by 900,000 ETH.
Technical Analysis and Market Expectations
Ethereum's recent price movements hint at a potential upward trajectory. If the positive technical outlook persists, reaching the $4,000 mark seems feasible. Currently valued at $3,265, ETH has shown a 7% increase over the last 24 hours. Resistance levels to watch include $3,322, $3,592, and the key $4,000 mark, while support levels are identified at $3,182 and $3,057.
Positive market signals and ongoing accumulation by large holders may propel ETH prices upward, making it crucial for traders to monitor key resistance and support levels closely.
