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Ethereum (ETH) Price: Recovery Momentum Builds as Whales Add $3.8 Billion Worth
The Ethereum (ETH) price has been gaining momentum, recovering from a sharp decline that took the cryptocurrency below key support levels. As per recent market trends, the ETH/USD pair is trading at $2,575 with a 1.5% increase in the past 24 hours.
Recent data shows large holders, commonly referred to as whales, have been accumulating Ethereum at an alarming rate. Over the past month alone, these large players have added a staggering $3.8 billion worth of ETH to their positions. This sudden accumulation has led to a significant surge in trading volumes and futures markets, with daily spot volume increasing by over 32% to $14.27 billion and futures volume rising by 26.46% to $53.09 billion.
This increased activity suggests that many traders are anticipating a larger price movement in the near term. As seen on the charts, Ethereum has managed to break above a contracting triangle pattern with resistance at $2,550 and is now facing its next key resistance zone at $2,620. A successful breakout above this level could potentially open up the path towards $2,660.
Technical indicators are also showing bullish momentum, as the MACD is gaining strength in the positive zone and the RSI indicator has moved above the 50 level, suggesting upward momentum. With this new data, it’s clear that Ethereum (ETH) price recovery has gained significant steam with whale accumulation driving recent growth.
Source: coincentral.com
