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- Ethereum price rebounded from the 200-day EMA mark and presented a buy-on-dip opportunity.
- Positive funding rates and on-chain metrics have fueled this bullish optimism.
Ethereum (ETH) crypto has rebounded over 8% from the $3000 mark and saw accumulation. The price recovery aligns with a whale buying activity. This highlighted that large investors were packing their bags for a significant Ethereum price rally in the coming days.
The $2800-$3000 was the ideal buying zone and a demand zone on the higher timeframe. Amidst this accumulation, a move above the $3300 could spark an upsurge toward the $3500 in the following sessions.
In the last 24 hours, a whale bought 10,000 ETH worth $31.5 Million in Binance during the recent dip. Furthermore, they also deposited $9 Million in USDT, which signaled an upmove in the coming days.
However, the market sentiment was still bullish, and the uptrend was intact during the higher timeframe. At press time, the Ethereum price was trading at $3245, noting a rise of over 2.66% in the past 24 hours.
Its market cap stood at $391.23 Billion, and the trading volume rose by over 113%. That highlighted the growing bullish sentiment.
Ethereum Price Targets $5000: Here’s the Analysis
A recent tweet by CryptoTony highlighted that the ETH price was riding the 5th rising wave and shaped the bullish rally. It continued to form higher high and higher low swings close to the 100-day EMA support mark.
On the upside, it was heading toward the $5000 mark and could see a sharp rally ahead. CrediBULL Crypto highlighted that the Ethereum price has been consolidating between $2800-$4000 for over 10 months.
The token had a strong demand of around $2800-$3000. That was recently tested in the past week.
At press time, the ETH price was close to its demand zone. Furthermore, the token may precede a rally toward the $3500 supply zone in the short term.
Ethereum’s Sees Surge in Large Transaction
Data from IntotheBlock showed that ETH has experienced a significant spike in large transactions. The Ethereum price has seen a 75% surge in large transactions, reaching around 10.9k. It was the highest in this month.
This significant surge implied that large holders and whales were actively engaging and accumulating. That represented growing interest and demand for the coin.
Furthermore, the whale accumulation was supported by a rise in active addresses. This noted a surge of over 6.66% in the past seven days. It replicates the growing investor interest in the network.
Ethereum Price Prediction: Will the Recovery Extend?
Amidst the whale accumulation, the Ethereum price has defended the 200-day EMA support zone. Additionally, it showed a bounce in the last 48 hours. Its upward momentum was still intact with rising volume.
However, due to a lack of buying momentum, the Ethereum price stagnated in a congestion zone. Moreover, the token failed to register a decisive close above the $3500 mark. Once it clears the $3500 barrier, it could see a significant upswing toward the $5000 mark soon.
The immediate support zones were $3000 and $2800. At the same time, the upside hurdles were $3500 and $3800.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
