The crypto market has turned bullish, with Bitcoin and Ether posting significant gains over the past 24 hours.
Ether, the second-largest cryptocurrency by market capitalization, has risen more than 6% in the past 24 hours and is currently trading above $2,250 per coin.
The rally followed a ceasefire agreement between the United States and Iran.
Whales continue to accumulate more Ether tokens, hinting at a breakout above key levels in the short term.
Whales increase ether accumulation
Ether has risen nearly 7% in the past 24 hours due to a ceasefire agreement in the Middle East and an increase in whale stocks in recent days.
Whale or wallet containing 10,000 to 100,000 pieces. $ETH Cumulative total: 230,000 $ETH In the last few days.
On the other hand, retailers or wallets holding 100-1,000 and 1,000-10,000 $ETH We maintained a similar balance to the previous week and remained stable.
Over the past two weeks, investors in this bracket have not been able to record a significant decline in their overall holdings, in stark contrast to their behavior in January and February.
Continued accumulation by whales and retail investors could strengthen Ether’s prospects in the short term.
Derivatives data also shows that the outlook for Ether remains somewhat bullish.
Currently, Ethereum net taker volume has maintained a positive slope since early March as the price remains range bound.
Net taker volume measures the difference in trading volume between buyers and sellers. $ETH Futures contracts with market orders.
The indicator staying in the positive zone indicates that traders are trending slightly bullish.
Additionally, the estimated leverage ratio (ELR), which measures the leverage used by traders, has skyrocketed over the past month.
The ratio rose from about 0.70 in February to 0.93 on Monday.
Ethereum futures open interest (OI) increased by nearly 6% in the past 24 hours to $32.12 billion, according to CoinGlass.
Ethereum price prediction: $ETH Eyes $2,388 Resistance
of $ETHThe /USD 4-hour chart is bullish but inefficient due to the rally over the past 24 hours.
At press time, $ETH is trading at $2,256 and has recorded $114.6 million in futures liquidations in the past 24 hours.
This liquidation was caused by the liquidation of a $90.6 million short position.
Ether is currently trading above its 20-day exponential moving average (EMA) and 50-day EMA at around $2,090 and $2,145, respectively.
The Relative Strength Index (RSI) on the 4-hour chart is now reading 73, approaching overbought territory, and momentum has improved.
The MACD line is also within positive territory, adding further bullish confluence to the pair.
If the buying pressure continues, Ether could encounter some immediate resistance at the swing high $2,388 zone formed on March 16th.
Above this level, it could head towards $2,746.
However, if the market suffers a correction following this rally, we see first support at $2,108, just below the 20-day EMA, below which $1,911 would be exposed, followed by a possible downside level at $1,741.
The short-term bias will remain bullish as long as the price sustains above $2,108.
If the daily candlestick breaks below $2,108, the focus will return to the lower support and the new bullish bias will disappear.
