Important points
- ETH has fallen by 1.5% and is currently trading above $3,500 per coin.
- The strong performance comes as whale buying pressure accelerates.
Whales pile up Ethereum
Ether, the second-largest cryptocurrency by market capitalization, is trading above $3,500 after hitting a low of $3,300 on Wednesday. The coin is still down 1.5% in the past 24 hours, but could rise further in the short term.
This strong performance comes as major Ethereum whales added more than $1.38 billion worth of Ether coins to their wallets in the past 10 days. According to Arkham Intelligence, Whale could add an additional $1 million in ETH to its holdings, as well as borrow $270 million from decentralized lending platform Aave to expand its ETH position.
Whale currently holds 228,390,000 ETH in loan positions worth approximately $818,600,000 and 157,320,000 ETH in direct spot holdings worth $563,800,000. Several other on-chain platforms have also revealed similar bullish sentiment among Ethereum whales.
Ether aims for $3,900 despite volatile market environment
The 4-hour chart of ETH/USD is bearish and efficient as Ether is down 1.5% over the past 24 hours. The cryptocurrency saw over $153 million in liquidations in the past 48 hours, led by $122.8 million in long-term liquidations.
The bearish performance came after Ether faced a rejection at the 200-day exponential moving average (EMA) just below the $3,660 resistance on Wednesday. It fell to the $3,470 support level but has now rebounded and is trading above $3,500 per coin.
If ETH sustains its recovery above $3,470, it could move higher and reach the $3,900 level. However, the resistance level at $3,660 will pose a challenge in the short term. Conversely, if the $3,660 resistance level is not broken, ETH could retest $3,470 and another support level could be just around $3,100.
The Relative Strength Index (RSI) is 51, indicating that the bearish trend is fading. The MACD line is also below the neutral zone but could cross over into bullish territory if the recovery continues.
