since Bitcoin‘s halving on Friday, the cryptocurrency market has experienced a gentle uptrend. This revival propelled Bitcoin’s price to reach $37,000 and sparked a relief rally in the altcoin sector. Consequently, Ethereum—the second largest cryptocurrency by market capitalization—bounced back from its 38.2% Fibonacci retracement level, signaling a healthy correction that sets the stage for further growth.
Falling Wedge and Whales’ Accumulation Signal Bullish Outlook
During the latest Bitcoin halving, the ETH price experienced a correction and hit its lowest point at the convergence of the 38.2% Fibonacci level and $2875. Since then, there has been a noticeable increase in value, amounting to a 12.87% rise over the past five days, which brings the current trading price up to $3236.
Looking at Ethereum’s day-to-day price movement, there are signs of a falling wedge formation taking shape. This is a common technical configuration that typically precedes a small price decline followed by a robust upward trend.
In addition, data from Ethereum transactions shows a significant rise in ETH purchases by well-known investors. Notably, a wallet linked to Justin Sun, labeled “0x4359,” has been active, taking out 4,666 ETH ($14.91M) from Binance and buying 132,054 ETH ($420M) since April 8. A new investor identified as “0x9EB0” has also recently withdrawn 7,182 ETH ($23.06M) from Binance within a short time frame. These transactions indicate a positive outlook for the Ethereum market.
Whales are bullish and accumulating $ETH!
Six hours ago, Justin Sun (perhaps represented by the code 0x4359), withdrew approximately 4.67 million dollars in ETH (equivalent to around 14.91 million USD) from Binance. Prior to that, he had purchased over 132,000 ETH (approximately 420 million USD) at a price of 3,173 dollars per ETH, starting from April 8th.
Fresh wallet”0x9EB0″ withdrew 7,182 $ETH($23.06M) from…
— Lookonchain (@lookonchain) April 23, 2024
Moreover, the wallet identified as “0x4446” made a withdrawal of 11,892 ETH, equivalent to around $37.77M, and entered into derivative transactions on Compound by depositing ETH and borrowing USDT. This suggests that this wallet is taking a calculated approach in the market. On the other hand, “0x1958” chose to stake their 5,181 ETH, or roughly $16.28M, while also investing in decentralized finance (DeFi) projects Bedrock and Pendle.
With corrections taking place, but still an uptrend, the savvy investors’ significant build-up suggests they anticipate the ongoing rally will persist.
In simple terms, the Ethereum (ETH) price has a good chance of shattering the wedge pattern and reaching a new peak of around $4090, signaling an uptrend.
Technical Indicator
- Relative Strength Index: The daily RSI slope rises to 50% indicating the prior bearish sentiment leaning to neutral.
- BB indicator: The downticks in the lower boundary of Bollinger Band reflect are still active towards this asset.
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2024-04-24 00:07