The post ETH Price Surfaces Above $3,100 As Whales Activity Surges appeared first on Coinpedia Fintech News
Ethereum price trend sustains a dominant uptrend in the daily chart with a constant rise in momentum with successful retests and breakouts. With the bull run, ETH price reclaims the crucial barrier of $3,100 and projects a new breakout event for sideline traders to enter.
Further, the bull run is fueled by multiple market catalysts, making the uptrend seem unstoppable. The buyers anticipate the upcoming ETF, the Dencun Upgrade, and the market-wide impact of Bitcoin Halving as the perfect timing to buy more.
Amidst such once in a multi-year event, the market gurus expect Ethereum to reach $10K. To find out more, check our ETH price prediction.
ETH Price Brings New Breakout Entry
Source – TradingView
With the bull run in ETH price heading forward, the buyers regain dominion over the $3,100 level. The overnight jump of 4% helps Ethereum to trade at the $3,103 mark with a minimal intraday move.
Further, the new higher high formation challenges the overhead resistance trendline, keeping the bull run in check. However, the recent surge in demand with the market recovery presents a breakout event opportunity.
As per the trend-based Fibonacci level, the ETH price takes over the 78.60% Fibonacci level, marking a high momentum rally. In case of a breakout, the Ethereum price can rise or even surpass the $3,300 by the end of this week.
Whales Are Buying More Ethereum
In recent market activity, significant Ethereum ($ETH) accumulation by whales has been noted, indicating a strong bullish sentiment among major investors.
Specifically, a notable transaction involved an address, 0x8B94, which moved a substantial 14,632 $ETH (valued at approximately $45.5 million) from Binance and staked it over the past six days.
https://etherscan.io/address/0x8b947f974618af6b3e63b7a942ef02d505ad8564
Additionally, two newly created whale wallets have transferred 6,000 $ETH (worth around $18.7 million) from Kraken in just the last two days, highlighting a continued trend of accumulation outside of exchanges.
Address 0xba74c929501740ecabd88c896b261c09c5abc0a3 | Etherscan
Address 0x8fa5f73c8eb873f875167379f7936eb4f723076d | Etherscan
This accumulation comes at a pivotal time for Ethereum as the market gears up for the highly anticipated Dencun upgrade.