Market Shift: Whale Accumulation and Technical Analysis Suggest Potential ETH Price Movement

Ethereum (ETH) Price: Whale Accumulation Meets Technical Support

The cryptocurrency market has seen a notable shift in Ethereum holdings as whale addresses have accumulated approximately 25,000 ETH during the recent market correction. This accumulation coincides with an inverse head-and-shoulders pattern on the price chart, which suggests a potential 44% rally to $5,825.

As of January 10, 2025, the current ETH price stands at $3,292.60, showing a daily change of -0.65%. This price movement comes after a 16% drawdown this week, triggered by Bitcoin’s decline from $100,000 to $92,000.

Data from blockchain analytics firm Santiment reveals that there has been a decrease in exchange-held ETH from 10.67 million to 10.42 million between January 7 and January 10, 2025. The whales’ decision to move approximately 25,000 ETH off exchanges translates to a value of around $82.3 million at current prices.

The recent whale activity follows an established pattern where large holders take advantage of price corrections to build positions. The stability in trading volumes across major exchanges suggests maintained market interest and liquidity despite the recent price correction.

With these developments, traders should be aware that multiple price targets have been established for potential profit-taking in January 2025, including $4,500, $5,000, $5,500, and the previously mentioned $5,825 level. However, a break below the crucial support level of $3,029 could lead to further downside pressure, potentially testing the $2,800 area.

In conclusion, the current whale accumulation and technical setup on the price chart suggest a potential bullish scenario for Ethereum (ETH).

Source: blockonomi.com