Ethereum Price Primed For Rise As Whales Activity Sparks Optimism

• Whale bought 22,919 ETH at an average of $3.2K.
• ETH price remained tight, around $3350, noting flat movement.

Ethereum (ETH) price has been in a sideways consolidation phase for nearly two weeks. The token has struggled to establish a decisive close above the $3500 mark.

However, recent market activity sparked buzz amid whale activity. The whale made headlines for the third time this year as they purchased 22,919 ETH for an average of $3,368. That amounted to $77.2 million.

The Ethereum price traded at $3335 at press time, noting an intraday drop of over 1.69%. That replicated range-bound movements. Its market cap stood at $401.90 Billion, and the total supply remained at 120.47 Million.

Whales In Action: Impact on Markets

This investor has totaled 35-day trades on the place since the August 12 betting on ETH. Also, WBTC swing trades registered an 84% win rate. Of these trades, only 21 were profitable and netted the whale 4.57 million.

They have been accumulating at lower prices and trading in the short term. Their latest move showed that they believed Ethereum would continue to do so.

That tendency toward opportunistic purchasing persisted amid the consolidation of the Ethereum price or a minor drop. That, as with this particular purchase, is common in the sector.

The whale’s investment in Ethereum was between $3,306 to $3,375. Furthermore, the short-term price pressure is expected to remain upwards. However, the enthusiasm will not be sustained unless overall market conditions and technical factors of resistance are positive.

Ethereum Price Could Reach $5k Soon: Analyst Weigh In

In a recent post on X, ZAYK Charts predicted that the ETH price could reach the $5k mark in the next three months. According to the analyst, the Ethereum price has retested the breakout region and primed for a bounceback.

Despite the recent consolidation movement, the short-term uptrend was intact. Once the ETH price breaks beyond the $3800 mark, a significant bull rally could occur in the coming days.

ETH Price Prediction

Based on its recent price action, the Ethereum price traded within a sideways zone of the pattern at press time. If it breaches the $3500 barrier, it may be possible to revisit the $3800 mark in the coming days.

However, the Ethereum price outlook showed bearishness. This happened as the ADX curve slipped below the 30 threshold, pointing toward the selling pressure. Moreover, significant liquidity exit was observed by the declining CMF readings.

On-Chain Metrics Signals Mixed Sentiments

Data from IntotheBlock showed that ETH’s new addresses have surged over 3.21% in the past seven days. That represented growing adoption for the network.

However, the active addresses have dropped 19.34% within a week. It signaled that waning interest among existing holders.

ETH’s Spot Inflow/Outflow data revealed that cryptocurrency exchanges had seen outflows of a significant $6.92 Million. This alluded to a potential upside rally and an ideal buying opportunity.

Despite long-term holders accumulating Ethereum, intraday traders might hesitate to build new positions. That was observed by futures Open Interest dropping by 1.02% in the last 24 hours.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.