Key Insights :
- Ethereum price is testing key resistance at $2,850, with a target of $3,000.
- Whale shifts $5.16M of SOL to 1,866 ETH, showing strong confidence in Ethereum.
- Metalpha’s $48.45M ETH purchase adds fuel to the bullish sentiment.
A whale recently swapped 31,968 SOL (worth $5.16 Million) for 1,866 ETH (valued at $5.16 Million). This large transaction reflects growing confidence in Ethereum among experts.
It suggests the whale anticipates further price increases. Analysts expect the ETH price to rise significantly. The short-term target is $3,000, while the long-term projection is $10,000.
Whale’s Strategic Move from SOL to ETH
The decision to sell $5.16 million of SOL to buy 1,866 ETH highlights a shift in the whale’s strategy. Ethereum has displayed strength and stability in the current market.
Its bullish potential makes it an appealing investment choice. The asset performance in Q2 has surged and surpassed the Bitcoin market trend.
At press time, the chart showed that ETH was trading at $2,773.10, up 3.42% from the previous day. Ethereum is gaining increased market attention. This reflects a broader trend of improved gains across the market.
Ethereum has recently broken out of a falling wedge pattern, typically a bullish signal, suggesting potential upward movement.
The Stochastic RSI was at 58.40, indicating a possible continuation of the bullish momentum. On the other hand, the RSI was at 65.57, showing that ETH is not yet overbought.
The MACD was positive, with a bullish crossover, further confirming the upward trend. The next resistance level to watch was around $3,150, where Ethereum could test further gains.
Metalpha Increase Ethereum Holdings
Metalpha bought 18,000 ETH on Binance for an amount of $48.45 Million. This shows that institutions are confident in the potential of Ethereum.
The acquisition by Metalpha has contributed to a surge in optimism. Many are now predicting that the Ethereum price could reach $3,000 soon.
Metalpha’s large Ethereum purchase signals institutional confidence in a price surge. BlackRock has also been aggressively accumulating ETH. Over 12 days, it added $492M worth of Ethereum. This pushed its total holdings to 1.49 million ETH.
Ethereum Price Approaching Key Resistance Levels
Ethereum climbed higher, approaching the $2,850 resistance level. WorldOfCharts1 noted that ETH had already delivered a 7% profit.
It could have surged even further if ETH had broken through $2,850. Breaching this zone might have sparked a larger rally and an altseason, where many altcoins soared in value.
The recent rise in Ethereum price points to its continuing momentum, which may exceed $2,850. If ETH stays above this point, there is a strong chance for new prices to emerge.
Breaking past $2,850 could bring Ethereum closer to $3,000, as many in the market expect further growth.
Ethereum Price Making a Move Toward $10,000
MerrijnTrader predicts that ETH may climb as much as $10,000. Once Ethereum crosses significant resistance, including $4,000, it might enter a phase where its price can rise significantly.
Ethereum’s strong development and whale investor support have boosted confidence. Market participants now see $10,000 as a more achievable target.
Despite some recent ups and downs, the trend for Ethereum is still bullish. ETH can continue to grow if it receives strong backing from institutions and the market remains stable.
Ethereum’s rising open interest adds more support to its upward trend. With the rise in the price of Ethereum, more future contracts are being created, implying more market participation. Many traders are accumulating Ethereum as they prepare for a price surge.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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