- The cryptocurrency market has been buzzing with activity, particularly surrounding Ethereum (ETH).
- An increase in the number of large Ethereum addresses indicates significant buying interest.
- Key resistance levels could play a crucial role in potential price movements.
Ethereum (ETH) shows signs of strong buying interest, hinting at potential price movements toward key resistance levels.
Ethereum Whale Addresses Spike
Recent data indicates a significant increase in the number of Ethereum addresses holding 10,000 or more ETH, marking a 3% rise over the past three weeks. This uptick suggests a noteworthy buying pressure and growing interest from large investors.
Similarities to 2021 Price Patterns
Market analysts have observed patterns in Ethereum’s price action that resemble its performance in 2021, a year during which ETH experienced an impressive 83% rally. This comparison has intrigued many investors, prompting speculation about a potential bullish trajectory.
On-Chain Indicators Reveal Insights
According to on-chain data from Santiment, the general sentiment around Ethereum has stabilized following the SEC’s approval of Ethereum ETFs. This balance in social sentiment is seen as an opportune moment just before the trading of these new financial products begins.
Price Levels to Watch
If Ethereum’s price can maintain support above $3,650, it may set the stage for a move beyond $4,000. Breaking this resistance could pave the way for further gains into the $5,000 to $6,000 range, according to market analysts. Conversely, falling below this support could see it retesting lower levels around $3,152.
Open Interest and Market Signals
Recent trends in Ethereum open interest lend further insight into market conditions. Since June 6, a decline in open interest from $16.97 billion to $16.35 billion was observed, which could potentially signify a bullish recovery signal. The dip in open interest was not as sharp as the price decline, suggesting ongoing investor interest and potential market resilience.
Conclusion
Ethereum’s recent price action coupled with increasing whale accumulation suggest a promising outlook. By maintaining critical support levels, ETH could aim for higher resistance points, potentially igniting a robust bullish run. Investors continue to eye these key levels as determinants for Ethereum’s next move.
