news 
Ethereum (ETH) Price: Recovery Momentum Builds as Whales Add $3.8 Billion Worth
The Ethereum price has been experiencing a recovery momentum in the recent past, with whales adding an astonishing $3.8 billion worth of ETH to their portfolios. This significant accumulation is likely driving the cryptocurrency’s upward movement.
As per the latest data available, the Ethereum price is currently trading at around $2,575, representing a 1.5% increase over the past 24 hours. The market has been characterized by uncertainty due to geopolitical tensions, but this recovery momentum suggests that investors may be regaining confidence in the cryptocurrency’s potential.
The recent price action began with a fresh decline below the $2,750 level. ETH continued falling and even broke below the $2,500 support zone before testing the $2,440 area. A low was formed at $2,441 before the price started its recovery wave. The cryptocurrency has since moved above the $2,500 and $2,520 levels during this bounce.
The recent movement is a clear sign that investors have been buying heavily, driving the price upward. Ethereum (ETH) broke above a contracting triangle pattern with resistance at $2,550 and is now facing its next key resistance at $2,620.
Both the MACD indicator and RSI are displaying bullish momentum, further supporting the current recovery attempt. This suggests that ETH’s upward movement could continue if market conditions remain favorable for investors to buy more.
The immediate support level sits near $2,540, while the first major support zone is located at $2,500. A move below this level might send the price back towards the $2,440 support area.
As Ethereum’s (ETH) price continues its recovery, it appears that whales have taken advantage of the dip to add more ETH to their portfolios.
Source: coincentral.com
