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- Whales purchased 260,000 ETH in the past 24 hours, boosting market confidence.
- ETH may break $4,470, triggering a potential 10% price surge.
- Over-leveraged traders and profit-taking pose short-term risks despite bullish momentum.
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Ethereum [ETH] is showing signs of resilience after its recent all-time high of $4,956. Following a minor pullback, the crypto giant appears to be entering a correction phase, drawing significant interest from whales and traders alike.
Whale Accumulation Drives Price Momentum
Recent data highlights a surge in Ethereum whale activity. A prominent crypto expert shared on X that whales have acquired 260,000 ETH over the past 24 hours, signaling renewed confidence in the asset.
Notably, well-followed trader James Wynn opened a long position of 67.5 ETH worth $290K with 25x leverage, placing liquidity at $4,205.2. This indicates that Wynn anticipates the ETH price will hold above this level. The combined whale accumulation helped Ethereum recover from $4,240 to $4,405, despite a 1.75% decline in the past 24 hours. Trading volume also surged 8%, reflecting growing market interest.
ETH Price Action Suggests Bullish Potential
Technical analysis points to Ethereum forming a descending triangle pattern on the four-hour chart. If ETH breaks above $4,470 and closes a four-hour candle, it could trigger a 10% price surge, potentially retesting or surpassing its all-time high.
The 15-day and 21-day Exponential Moving Averages (EMA) currently act as resistance, with a move above them likely to spark a bullish breakout. Traders and investors will be closely watching these levels for confirmation of upward momentum.
Bearish Signals and On-Chain Metrics
Despite bullish momentum, some on-chain metrics suggest caution. According to CoinGlass, traders are over-leveraged at $4,353.1 (lower) and $4,442 (upper), with $235.26 million in long positions and $720.41 million in shorts at risk of liquidation.
Also Read: Ethereum Retires Holesky Testnet as ETH Active Addresses Surge to 19.45M
Investor activity also shows profit-taking, with over $88 million in ETH moving onto exchanges in the last 24 hours. However, this outflow remains significantly lower than whale accumulation, keeping ETH’s short-term outlook cautiously optimistic.
Ethereum’s current correction phase, combined with strong whale activity and bullish technical patterns, indicates a possible near-term breakout. While some traders remain bearish, the overall accumulation suggests ETH could be poised for further upside. Investors should watch key resistance levels around $4,470–$4,500 to gauge the next major move.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
