- The Ethereum price bounced from the support trendline of a symmetrical triangle pattern.
- Large ETH holders have been actively accumulating and staking, reflecting long-term confidence.
- ETH fear and greed index at 38% accentuate a neutral to bearish sentiment among crypto participants.
ETH, the native cryptocurrency of the Ethereum ecosystem is up 3.5% on Tuesday, to reach $2,993 trading price. The buying pressure aligns with broader market relief rally as dollar currency continues to decline in value. In addition, the Ethereum price gains additional traction from institutional accumulation and major support levels.Can ETH price reclaim and hold above $3k.
ETH Rebounds as Whale Accumulation Signals Renewed Bullish Momentum
In the last 48-hours, the Ethereum price bounced from $2,800 to $2,994, registering a 7.9% gain. The reversal shows price sustainability above a multi-months support trendline, signaling an opportunity for buyers to regroup and push for another recovery leap.
The on-chain data shows multiple transactions of whale/institutions accumulating or staking ETH, projecting their conviction for this asset.
BitMine Immersion Technologies, affiliated with Fundstrat’s Tom Lee, deposited an additional 113,280 ETH, which is worth about $340 million, into staking contracts about an hour ago. This step brought its locked to 2,332,051 ETH, which amounted to around $7 billion and was equal to 55% of the firm’s total Ethereum position.
Separately, an entity identified as Trend Research moved $80m in USDT away from Aave lending platform and Binance in the past two hours, following Ethereum’s recovery above $3,000.
On-chain records also show that in the previous week, an Ethereum trader acquired 70,013 ETH via over-the-counter channels involving Wintermute and FalconX, at an average entry of around $2,926, for a total outlay of around $205 million.
Shortly after the price extended back over $3,000, it offloaded 10,000 ETH via Wintermute OTC at around $3,003, making around $770,000 in gains from that particular transaction. These moves are part of continued wave-style trading by the address, with cumulative realized profits from such swings coming in at almost $99 million.
Historically trends show whale accumulation has often coincided with key market bottoms or major rallies in price.
Ethereum Price Eyes 9% Surge Before Major Breakout
For nearly three months, the Ethereum price has been resonating within two converging trendlines of a triangle pattern. The price bounced twice from each trendline indicating how strongly the pattern influenced the altcoin’s ongoing trajectory.
The chart setup typically offers a consolidation phase for traders to recoup and determine the next leap in price. With today’s jump, the ETH sparks a fresh bull cycle within the triangle, signaling potential surge in price. If the buying persists, the coin price could surge another 9% to challenge the triangle resistance.
If the buyers flip this resistance into potential support, the ETH price could jump another 12% and hit $3,800 resistance. This breakout would signal an initial change in market dynamic, setting the pace for a sustained recovery trend.
However, a flattish trend on key exponential moving averages (20 and 50) accentuate that the current trajectory in Ethereum price is sideways. If ETH faces renewed selling pressure at the triangle resistance, the coin price prolongs the lateral move to the next month.
Also Read: XRP Price Faces Bearish Continuation as Extreme Fear Grips the Market
