Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is poised to continue its upside momentum following a notable price decline in recent days. This bullish speculation is driven by investors and long-term holders who have recently been buying the dip in ETH.
Recently, the blockchain-based transactions tracker Lookonchain posted on X (formerly Twitter) that four fresh crypto wallets belonging to Whales had purchased a significant 8,440 ETH worth $28.43 million from Binance. This massive ETH purchase occurred during a period when the altcoin’s price had begun to recover after a notable decline.
During a recent downturn, ETH experienced a price decline of over 22.5%. However, with rising interest, the altcoin has rebounded, reclaiming a crucial level after retesting its vital support at the 200 Exponential Moving Average (EMA) of $3,100.
At press time, ETH is trading near $3,475, having experienced a price surge of over 1.75% in the past 24 hours. During the same period, its trading volume jumped by 10%, indicating heightened participation from traders and investors amid the market dip. Meanwhile, long-term holders and whales appear to have seized this opportunity, accumulating heavily.
Ethereum’s price is on the move will it soar or dip? Read our Ethereum price prediction to find out what’s next!
According to expert technical analysis, ETH has regained its crucial support level of $3,400 and recently closed a bullish pin bar candle at this support, characterized by a long wick. The formation of this bullish candle at the support level suggests potential upside momentum in the coming days.
Based on recent price action, if the altcoin crosses the $3,500 level, there is a strong possibility that ETH could soar by 17% to reclaim the $4,000 mark in the near future. Currently, market sentiment appears to favor the bulls, which could further support the upside momentum.
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