The cryptocurrency market has turned bullish again after a bearish start this week.
Following the recovery in the cryptocurrency market last week, several Ethereum ($ETH) On-chain metrics show noticeable changes.
Bitcoin reached the $78,100 level early Wednesday, while Ethereum is now approaching $2,400 again.
The rally was held after President Donald Trump announced that he would extend the Iranian ceasefire indefinitely.
But he added that the United States would refrain from any new attacks while maintaining a blockade of the Strait of Hormuz.
Whales earn more Ether tokens
Whales are taking advantage of the bullish narrative in the market to buy more Ether tokens.
On-chain data reveals that the wallet balance is over 10,000 $ETHAlso known as whales, approximately 700,000 pieces have been accumulated. $ETH between Thursday and Monday.
Part of this figure is due to Ethereum finance company BitMine Immersion Technologies (BMNR), which has acquired over 101,000 assets. $ETH last week.
Smart money tracker Lookonchain revealed that there has been some whale buying activity over the past week.
Specifically, $35,000 was withdrawn from the newly created wallet. $ETH It was transferred from cryptocurrency exchange Binance early in the US session on Tuesday and transferred to digital asset management company BitGo.
However, retailers and investors with $100 to $10,000; $ETH It has remained roughly flat and has added minimal holdings over the past week.
This is in contrast to their behavior since early March, when distribution resumed.
The bullish sentiment was also evident in Ethereum’s foreign exchange reserves, which decreased by approximately $458,000. $ETH Since Thursday.
This decline indicates increasing buying pressure and could push it higher. $ETHprice will rise in the short run.
Institutional and traditional investors also continued to show a recovery in their risk appetite for top altcoins.
spot $ETH Exchange-traded funds (ETFs) recorded net inflows totaling $493.7 million for the eighth day in a row.
Ethereum price prediction
Similar to Bitcoin, $ETH/USD 4-hour chart remains bearish and efficient.
However, over the past seven days, it has outperformed the broader crypto market.
Ether is trading above its 20-, 50-, and 100-period exponential moving averages (EMAs) centered between approximately $2,323 and $2,268.
This stack of EMAs provides multi-layered dynamic support, suggesting that the decline may continue to attract buyers.
Momentum indicators also suggest a bullish story.
The Relative Strength Index (RSI) is hovering at 62, above the neutral 50 but still below overbought territory.
The MACD line is also within positive territory, indicating that the bulls are currently leading the market.
If the rally continues, the first resistance will appear at the horizontal barrier near $2,388. A daily candlestick close above this level could result in the next major resistance level at $2,746.
On the downside, the 100-period EMA at $2,267 and the previous trendline baseline near $2,263 will provide immediate support for buyers.
A deeper slide reveals broader structural support at $2,211, $2,107, and $1,909.
