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Ethereum (ETH) is quietly making a resurgence in the crypto market, buoyed by strong investor support and increased whale activity.
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Despite its current range-bound price action, ETH’s underlying structure is revealing significant accumulation patterns that could signal future price movements.
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“Whale accumulation suggests a bullish outlook for Ethereum, especially as we see higher transaction volumes at current price levels,” noted a source from COINOTAG.
Ethereum shows signs of recovery as whale activity surges, indicating potential bullish momentum amid cautious investor sentiment.
Support builds, but confidence remains measured
Ethereum is currently positioned on a solid foundation of investor support between $1,886 and $1,944, where over 3 million addresses have accumulated 6.12 million ETH. This area serves as both a psychological and technical base for traders.
Should ETH fall below this range, it could trigger widespread selling pressure, marking a critical point for market participants.
Source: X
Over the past 48 days, more than 1.20 million ETH has been withdrawn from exchanges, indicative of diminishing near-term selling pressure. This trend underscores that while many investors are holding their positions, the current environment is marked more by caution than by aggressive buying strategies.
Whale accumulation surges as ETH crosses $2K
Source: Santiment
In a notable shift, Ethereum whales have significantly increased their positions, accumulating nearly 470,000 ETH within the week as the price reclaimed the $2,000 mark. This uptick in large transactions highlights strategic positioning ahead of a possible price breakout.
Data from Santiment reveals a marked increase in whale transaction counts starting March 19, suggesting enhanced interest from institutional players who are viewing current price ranges as an attractive accumulation point, rather than a temporary peak.
Ethereum price action hints at recovery, but resistance looms
ETH recently bounced back with a 4.23% increase, trading around $2,090, indicating potential for a short-term recovery. Technical indicators are beginning to align positively, with the MACD signaling a bullish crossover.
Additionally, the Relative Strength Index (RSI) has risen to 48.43, reflecting improved buying momentum without entering overbought territory.
Source: TradingView
However, ETH still encounters significant resistance within the $2,200-$2,250 range, which was last tested in early March. A successful break above this zone could pave the way for a retest near $2,400.
Conversely, should momentum weaken, a pullback to retest $2,000 as support is plausible. Currently, the combination of whale accumulation and a shift in on-chain sentiment provides Ethereum with positive momentum, though a decisive breakout remains essential to confirm a larger trend reversal.
Conclusion
In summary, while Ethereum is showing signs of recovery amidst whale activity and strong support levels, cautious investor sentiment remains. The upcoming resistance zones warrant close monitoring as successful breaks could indicate a lasting uptrend.
