Ethereum (ETH) Price Gains Momentum After $63M Whale Purchase
- Ethereum is trading at $3,034.05, showing early bullish momentum as the price attempts to break key resistance near $3,124.
- RSI, MACD, and volume confirm improving trend strength after an extended downside.
- A $63M whale purchase adds strong fundamental support to the recovery.
Ethereum has recently begun to recover from a lengthy period of consolidation, as reflected by the increase in technical indicators that show increased buying activity. In addition, the market sentiment has improved significantly, mainly due to the recent accumulation by institutional investors. At press time, Ethereum is trading at with an increase of 0.78% over the past 24 hours.
Ethereum Approaches Key Resistance
ETH’s price is currently trading near a critical resistance area (range) of $3,124–$3,150, as demonstrated by several failed attempts to break through that zone in the past. A sustained breakout above this area would indicate a change in the short-term structure of the market.
At this time, the coin is trading below both the 50-day and 200-day moving averages (MA), which indicates that while the larger trend remains neutral-to-bearish, Ethereum is beginning to regain strength as demonstrated by a series of recent higher lows. Also, increasing volume has added to its’s potential for further upward price movement.
Also Read: Ethereum Reenters Decade Support Zone With Eyes on $3,300 Target
Momentum Turns Positive with RSI and MACD
According to the data curated from TradingView, the Relative Strength Index (RSI) has now climbed back into the upper range of the neutral zone from the oversold region, indicating a strengthening of demand for ETH.
In addition, the MACD histogram has finally turned positive after weeks of inactivity, and the MACD line is now beginning to reverse direction into a bullish crossover. The two momentum indicators are indicating a shift in momentum that is consistent with its recent price recovery.
$63M Institutional Buy Reinforces Bullish Sentiment Shift
According to the recent update on X by Crypto Rover, the purchase of $63.32 million in Ethereum by Tom Lee’s Bitmine shows that institutional investors continue to accumulate Ethereum; this further supports the bullish sentiment and the likelihood of continued movement above the $3,124–$3,150 Resistance area.
In conclusion, ETH is demonstrating the most significant recovery of all time and, most recently, indicating that the price of the coin is moving higher. Single-instance price will move significantly upward when it closes above $3,124.
Also Read: Amundi Launches Tokenized Euro Money Market Fund on Ethereum
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