Time to Buy Ethereum? Whales Purchase Over $1 Billion in ETH

The overall cryptocurrency market has shown strong bullish potential ahead of President-elect and pro-crypto advocate Donald Trump’s inauguration, scheduled for January 20, 2025. However, one thing that has been capturing the massive attention of crypto enthusiasts is the recent activity of crypto giants over the past week.

Whales Purchase Over $1 Billion in ETH

Recently, a prominent crypto expert posted on X (formerly Twitter), revealing that whales have purchased over a billion dollars worth of Ethereum (ETH) in the past week. The expert stated that more than 330,000 ETH, valued at over $1 billion, has been acquired by these crypto whales.

This large accumulation of ETH by whales suggests a strategic move to capitalize on Donald Trump Donald Trump   Donald J. Trump is a US-based business tycoon,  pro-crypto politician, and 47th (present) President of the United States. He comprehends the significance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto politician.   Once doubtful about Bitcoin's dominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his pool. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.   Quick Facts   Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Famous For Business, Politics   Donald Trump - Career Highlights & Events   2016 – Elected as the 45th President of the United States from the Republican Party.   2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments   2019 – Slammed crypto king Bitcoin on X, calls it "not money".   2025 – A gala party was hosted by him for the top 220 Trump meme coin holders.   President inauguration, which is expected to have a positive impact on the crypto market. However, experts and analysts are already speculating that the crypto market could experience a significant surge following the inauguration day.

In the meantime, there is also a possibility of profit booking as the market has been rising over the past few days. However, only time will tell where the market will head after this upcoming political event.

Current Price Momentum and Rising Participation

Currently, ETH has crossed the $3,500 mark and is trading near $3,515. It has experienced a price surge of over 5.5% in the past 24 hours. During the same period, it has attracted significant traders and investors, resulting in an 11% jump in trading volume.

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Ethereum (ETH) Price Action and Key Levels

With the impressive price surge, ETH has once again reached the crucial resistance level of $3,500, where it previously experienced a price reversal. According to expert technical analysis, if ETH breaches this resistance level and closes a daily candle above $3,550, there is a strong possibility it could soar by 15% to reach the $4,100 mark in the coming days.

On the positive side, ETH’s Relative Strength Index (RSI) is still below the overbought zone, indicating that the asset has room to rise significantly in the coming days.