Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is poised to continue its upside momentum following a notable price decline in recent days. This bullish speculation is driven by investors and long-term holders who have recently been buying the dip in ETH.
Recently, the blockchain-based transactions tracker Lookonchain posted on X (formerly Twitter) that four fresh crypto wallets belonging to Whales had purchased a significant 8,440 ETH worth $28.43 million from Binance. This massive ETH purchase occurred during a period when the altcoin’s price had begun to recover after a notable decline.
Whales start accumulating $ETH after the market rebounds!
— Lookonchain (@lookonchain) December 20, 2024
In the past 30 minutes, 4 fresh wallets(probably belonging to the same whale) withdrew 8,440 $ETH($28.43M) from #Binance.
Address:
0xa7c8823c2d8CAF8C86F1F572Ac6902964c109bb4
0xf2500B6014dfe916B8e7706434e21B5FB2191A15… pic.twitter.com/qnMq2IEa2Z
During a recent downturn, ETH experienced a price decline of over 22.5%. However, with rising interest, the altcoin has rebounded, reclaiming a crucial level after retesting its vital support at the 200 Exponential Moving Average (EMA) of $3,100.
At press time, ETH is trading near $3,475, having experienced a price surge of over 1.75% in the past 24 hours. During the same period, its trading volume jumped by 10%, indicating heightened participation from traders and investors amid the market dip. Meanwhile, long-term holders and whales appear to have seized this opportunity, accumulating heavily.
According to expert technical analysis, ETH has regained its crucial support level of $3,400 and recently closed a bullish pin bar candle at this support, characterized by a long wick. The formation of this bullish candle at the support level suggests potential upside momentum in the coming days.
Based on recent price action, if the altcoin crosses the $3,500 level, there is a strong possibility that ETH could soar by 17% to reclaim the $4,000 mark in the near future. Currently, market sentiment appears to favor the bulls, which could further support the upside momentum.