Ethereum Poised for 12% Price Uptick as Whales Add 400K ETH

It seems like Ethereum (ETH) has successfully corrected after impressive performance and is now once again beginning to rally. All thanks to whales and institutions that have shown interest in the ETH despite the price decrease.

Ethereum Whales Add 400k ETH, Time to Buy?

Recently, a prominent crypto expert shared Santiment data, and it appears that crypto whales have added a significant 400,000 ETH in this dip.

This substantial purchase by these whales raises questions about whether this is an ideal time to buy or if the Ethereum price will see more correction ahead.

Current Price Momentum

At press, the Ethereum price stands strong at $4,300 and has jumped 3.12% over the past 24 hours. This impressive recovery after the dip has triggered notable participation from investors and traders, leading to a 13% surge in the trading volume recorded over the previous day.

This surge in participation and whales’ massive purchases has triggered a bullish breakout in Ethereum, which has now opened the path for upside momentum.

Ethereum (ETH) Price Action and Technical Analysis

According to expert technical analysis, Ethereum has successfully broken out of a bullish falling wedge pattern, which it has formed on a four-hour chart, and appears to be retesting the breakout level.

Besides this breakout, the chart flashes a hurdle at $4,370, which needs to be cleared for ETH to continue its upside momentum.

Based on recent price action and historical patterns, if the Ethereum price successfully breaches the 4,370 hurdle and closes a four-hour candle above it will open a path for a rally.

If this happens, ETH could see a 12% price uptick and reach the $4,865 level and even higher if the momentum continues.

At present, the technical indicator Supertrend is still in red and hovering above the ETH price. This suggests that ETH is in a downtrend and may see selling pressure if it fails to turn green.

Whereas the Relative Strength Index (RSI) stands at 48, indicating that the asset is neither overbought nor oversold. This asset’s momentum depends on the market sentiment and investors and traders.

In addition to this bullish outlook, a crypto expert recently shared a post on X noting that $4,000 and $3,700 are the major support levels for Ethereum. ETH could only reach this level if market sentiment shifts and price fails to breach the $4,370 hurdle.

Major Liquidation Levels

Besides this, the major liquidation levels are the price action and technical analysis, with $4,245 on the lower side and $4,392 on the upper side.

Additionally, traders at these levels are over-leveraged and have built $1 billion worth of long positions and $834 million worth of short positions over the past 24 hours. Looking at these bets, there is a tough tug-of-war between bulls and bears.

Additionally, for the bull $4,392 is a strong hurdle that the price needs to clear to continue this ongoing momentum.

When combining these metrics with the technical analysis, bulls are currently dominating, and the only hurdle Ethereum is facing is $4,392 level.