Walrus
Bitcoin
Quantus
Pearl
Quant
Pudgy Penguins
Sui
- 10,000 ETH was transferred from Gemini to an unknown wallet.
- Ethereum price gained over 10% this week, conveying rising buying pressure.
Ethereum price witnessed an upswing and climbed above the 50-day EMA mark. This week, altcoin surged over 10%, depicting fresh buying momentum.
Notably, this remarkable surge came due to significant whale activity. Recently, a transaction from Gemini exchange to an unknown wallet of over 10,000 ETH worth about $24.93 Million was witnessed.
This significant whale movement suggests that smart money has started accumulating ETH crypto, and a further upward move may be on the horizon.
ETH Price at Press Time
Ethereum price was trading at $2614.20, noting an intraday rise of over 4.30%. It boasts a market cap of $314.98 Billion and has a total supply of 120.40 Million.
Additionally, the fully diluted market cap (FDV) was almost equal to the current market cap, around 314.80 Billion, representing that the altcoin’s valuation was still attractive and may see a bullish rally ahead.
Ethereum Price Prediction: Is ETH Preparing a Move Toward $3000?
As Bitcoin (BTC) price hit a high above the $71k mark, ETH price also reacted positively and enjoyed a bullish surge, climbing past the $2600 mark and surging more than 10% this week.
With a 74% rise in trading volume over the last 24 hours, ETH bulls looked confident in uplifting the altcoin’s price. Thye are aiming to retest the $3000 mark.
In a recent tweet by TheMoonCarl, he said that Ethereum was extremely undervalued compared to BTC, giving an excellent opportunity to accumulate at the current price levels.
Also, AltStreetBet highlighted that the Ethereum price was positioned for a 3rd rising wave and started warming up.
Per the Fibonacci retracement levels, Ethereum’s price took support around the $2500 mark, near the 38.2% zone, and there may be a sharp upsurge toward the $3000 levels ahead.
What do Charts Reflect?
A look at the daily charts conveys that fresh buying momentum has sparked recent 10% gains over the past 7 days.
Moreover, Ethereum was poised to crack the descending trendline hurdle and eyes to catch the $3000 mark shortly.
The Relative Strength Index (RSI) also moved above the midline region, around 55 at press time, revealing the bullish cues.
The Moving Average Convergence Divergence (MACD) indicator was edging closer to plotting a positive crossover and signifies rising buying pressure.
Fueled by the recent whale buying activity, the buyer accumulation was evidenced by the rising CMF reading. The Chaikin Money Flow (CMF) reading at press time was around 0.10, revealing the increasing market inflows.
A daily close above $2720 would permit the bulls to accelerate, and further upsurge toward $2890, and $3000 may be seen in the following sessions.
Furthermore, the Open Interest (OI) rose over 7.46% to $13.98 Billion, revealing long buildup activity over the past 24 hours.
The immediate support zones for ETH were $2600 and $2560, whereas the upside hurdles were $2720 and $2800.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
