In recent days, the Ethereum market has shown signs of recovery as whales increase their activity after weeks of price pressure.
Whale Activity in Ethereum Market
Recent data indicates that whale activity in the Ethereum market is picking up, which may indicate changes in market dynamics. Notably, an ICO-era whale wallet has offloaded over 12,800 ETH since March. Additionally, whale address 0xddb transferred 1,001 ETH worth $1.58 million to Kraken.
Technical Charts Indicate Possible Reversal
Ethereum is currently trading at $1,579.75, hovering near important support levels between $1,525 and $1,575. The TD Sequential on the weekly timeframe has flashed a buy signal, suggesting potential changing momentum after a significant 41% drop from February's highs.
Critical Price Levels for Ethereum
Ethereum is facing resistance around the $1,600 level, while trading volume has decreased, indicating market stabilization. Support levels at $1,525 and $1,575 continue to hold, which gives bulls some hope for a possibly positive turnaround.
The surge in whale activity and emerging buy signals indicate possible changes in Ethereum's trend, creating an interesting backdrop for the asset's short-term outlook.
