- Ethereum’s recent rally to over $3,000 has sparked renewed whale accumulation, with a “fresh” whale purchasing over $23 million in ETH.
- Despite recent whale accumulation and renewed interest, Ethereum is facing strong resistance at the $3500 level.
Ethereum, the second largest cryptocurrency by market cap recently took center stage after recording a 29% surge breaking past the $3000 mark. Remarkably, this was the first time since August. However, while the cryptocurrency continues to see impressive gains, its momentum has slowed.
Diving deep, ETH is swapping hands $3,039.47 marking a 4.64% and 16.48% surge in the past week and month respectively. Additionally, ETH’s market cap has a 3.35% decline. On the other hand, Bitcoin, the crypto king is changing hands with $87,651.23 rallying 15.40% in the past week. Â
Whale Acquires $23.44M in ETHÂ
Ethereum’s recent price rally has brought a fresh breath of interest among cryptocurrency whales. According to Lookonchain, a blockchain analysis platform, via an X post, a newly active whale wallet purchased 7,389.5 ETH, worth around $23.44 million, within 24 hours. This whale, which became active on November 9, has since accumulated over 18,000 ETH at an average price of $3,201.Â
Whales continue to accumulate $ETH!
A fresh whale wallet accumulated 7,389.5 $ETH($23.44M) again 3 hours ago.
The whale has accumulated a total of 18,049 $ETH($59.3M) in the past 3 days.https://t.co/SQuMHXIHB9 pic.twitter.com/mFkHEY3DPz
— Lookonchain (@lookonchain) November 13, 2024
Tracking back, Ethereum whales have historically influenced market trends. Notably, a 2016 whale recently sold ETH with an 80,000% return, converting an initial $38,000 investment into over $30 million.Â
Similarly, another whale that acquired ETH in 2017 and 2018 recently moved $20 million worth of ETH to Kraken raising speculations that other ETH long-term holders might be preparing to cash out from Ethereum’s recent rally.
Despite recent whale accumulation and renewed interest, Ethereum is facing strong resistance at the $3500 level. Additionally, One independent trader Eddie took to the x platform noting that ETH’s recent peak at $3,450 coincided with the 0.618 Fibonacci retracement level, a key technical indicator. Coupled with a supply zone between $3,050 and $3,550, this suggests that Ethereum may face challenges in breaking out above its current resistance.
$ETH tapping the .618 fib level covering it's macro range from previous ATH to its 2022 lows
Perfectly fine level to reject from and retest and beat later on
Also facing stiff resistance at the start of a next significant supply zone 3100-3500, expect more price work to get… pic.twitter.com/UKKNmlB3qK
— Eddie (@eddietradezz) November 13, 2024
On a technical note, Ethereum’s price action is forming a challenging path. It has closed the last couple of daily candles with slight drawdowns, hinting at possible consolidation. The fair value gap (FVG) between $3,072 and $2,987 on the daily chart presents a key support range, where buyers might step in to defend Ethereum’s current price. The 50-EMA (Exponential Moving Average) level on the four-hour chart aligns with this zone, potentially offering ETH a bounce-back point to revive its upward trajectory.
To break above $3,500, Ethereum needs to attract sustained buying pressure and overcome key resistance levels. With accumulating whale activity and a foundation of strong support, ETH is in a promising position to reach new highs. However, investors should monitor Bitcoin’s movements and overall market sentiment, as these factors may determine if Ethereum can surpass the $3,500 resistance in the near future.
