On Monday, March 24th, the second-largest cryptocurrency, Ethereum, witnessed a 4% surge to reach the current trading price of $2,086. This upswing can be attributed to easing broader market correction and diminishing panic surrounding U.S. tariffs. As the ETH price seeks sustainability above the $2,000 floor, the renewed interest among whale investors hints at an opportunity for a higher rally.
Key Highlights:
- A downsloping trendline in the daily chart drives the current correction in ETH price.
- Ethereum price surge above $2,000 is backed by renewed institutional or large-scale investor interest.
- A breakout above the 20-day exponential moving average signals a 15% rally ahead.
Whale Accumulation Fuels Ethereum’s 14% Rally in Two Weeks
In the last two weeks, the Ethereum price has recorded a bullish turnaround from $1,825 to $2,079, registering a 14% gain. Along with the broader market relief rally, the upswing is backed by renewed interest from large ETH holders.
According to a recent tweet from analyst Ali Martinez, the crypto whales have bought roughly 470,000 Ether in the past week. Historically, such accumulation has acted as a catalyst for major market upswing.
Similarly, the recent data from Glassnode shows a notable uptick in the number of Ethereum addresses holding $100,000 or more in ETH. The count of these high-value wallets has risen from around 70,000 on March 10 to over 75,000 by March 22.
While this is still below the 140,000 addresses recorded during the December 8 peak, the upward trend since early March underscores a gradual return of deep-pocketed investors.
An active whale accumulation trend could act as a strong foundation for the next leg of Ethereum’s rally—especially as ETH continues to test key resistance levels.
ETH Price Teases Breakout Above 20-Day EMA
With today’s price jump, the Ethereum price teases a bullish breakout from the fast-moving 20-day EMA slope. Over the past two months, the coin price has showcased multiple failed attempts to reclaim this support, but each resulted in a surge of market selling pressure.
Thus, the current breakout signals a pivotal momentum for ETH to prolong the correction trend or kickstart fresh recovery. If the coin holds a 20-day EMA slope in the coming days, the price will surge 15% to challenge the downsloping resistance trendline intact since mid-December 2024.
A potential breakout will signal a change in market dynamics and accelerate bullish momentum.
On the contrary, a reversal below the EMA line will drive a deeper correction below $2,000.
Also Read: Binance Charity Offers $100 in Crypto Aid to Flood-Hit Argentina
