Ethereum price has held up well in the last 24 hours and steered clear of a major pullback. It has retested $3200 again and is on an uptrend.
Over the weekend, ETH broke through the $3,200 resistance level and retraced to $2,900, forming a new higher low. Since then, the price again rose back to $3,200. For the better part of the day ETH tried to break above $3200 and subsequently achieved it.
At the time of writing, ETH is trading at $3244 up by 3.8% in the last 24 hours. This is a retracement from its 24 hr high of $3267.
The price action has picked up momentum and a surge from here looks plausible. As for the technical indicators, the RSI is flashing a neutral signal, while the moving averages hint at a buy signal.
Ethereum price to plunge after a surge?
According to a recent tweet by Ki Young Ju, CEO and co-founder of CryptoQuant’s on-chain data aggregator, there is increased activity by users with ETH across centralised crypto exchanges.
Despite the fact that many people are withdrawing their coins, Ju believes there is still a significant chance of Ethereum price dumping following a price increase. He describes it as a result of too many investors entering the ETH market.
The CEO says, Ethereum is likely to climb first, then fall, because when the number of new investors and their activities exceeds the average.
He had previously warned investors that the Bitcoin Exchange Whale Ratio may reach 90%. According to Ki Young Ju, an increase in this statistic indicates increased selling pressure from crypto whales.