- Traders seemed to be too much liver at $ 2,466 at the bottom and $ 2,612 at the top
- Ethereum could fall by 15% if it does not break the most important level of $ 2,700 display
After he reached the most important resistance level of $ 2,700, Ethereum (ETH), the world’s second largest cryptocurrency, received considerable attention from giants in industry.
However, the bullish sentiment faded somewhat in the last 24 hours. Especially since whales that had been slumbering for years and their participations started to dump.
A landfill that is worth millions of ETH!
Blockchain-based transaction tracker Onchain Lens revealed that an Ethereum on X (formerly Twitter) whale Coupled to an ICO unpacked 10,195 ETH worth $ 25.67 million and has poured it to Kraken.
This wallet had been slumbering for three years before he informed the money and dumped the funds to Kraken. Earlier this wallet had received 50,000 ETH worth $ 15,550 during the ICO.
Meanwhile another crypto wallet That had been destroying for eight years 1,764 ETH worth $ 4.4 million in the Kraken Exchange, and achieved a profit of more than $ 3.93 million. The post also noted that the wallet of this whale received the ETH for $ 469,000 from Bitfinex eight years ago.
These important ETH deposits of crypto giants have, after years of having been in sleep, fueled a few questions -do these whales know something about a potential price dip, or do they simply follow the price action based on historical patterns?
$ 1.02 billion in long bets
Intraday traders, however, still believe that ETH will have the potential to rise in the coming days, as reported by the Coinglass of Analytics on-Chain Analytics.
Data even showed that traders are currently being used too much at $ 2,466 at the bottom (support) and $ 2,612 at the top (resistance).
At these levels they built $ 1.02 billion in long positions and $ 192.57 million in short positions – which indicates a bullish signal. Given the prevailing market sentiment and the billions of dollars in long positions, it suggested that traders believe that ETH will not fall below $ 2,466.
Source: Coinglass
If we look at these data sets together, it seems that traders and whales have mixed feelings.
At the time of the press, ETH acted in the charts near $ 2,580 after he rose by 3.5% in just 24 hours. In the same period, trade volume rose by 20%, which indicates increased participation of traders and investors compared to the previous day.
Ethereum (ETH) Price promotion and key levels
According to the technical analysis of Ambcrypto, Ethereum can be on its way to the most important resistance level of $ 2,700. Since the beginning of 2024, this level has consistently functioned as an area of sales pressure on the daily graph.
Source: Trade reproduction
Historically, when the ETH price has reached this level, it has included a price reputation, unless it succeeds in closing above $ 2,800-mark. This time, experts expect a similar type of reversal.
Based on the daily graph, if the market sentiment remains unchanged and ETH will not close a daily candle over the $ 2,800 level, there is a strong possibility that history will repeat itself. If that is the case, ETH can see a price fall of more than 15%, which may fall to the $ 2,200 level.
On the other hand, if ETH successfully infringes the $ 2,700 resistance level and closes a daily candle above $ 2,800, it could rise considerably in the coming days and reach $ 4,000.