An Ethereum whale, one who’s kept the ETH long term since the 2015 genesis, has once more shifted some significant volume ETH. Can this make Ethereum price go up or down? Let’s find out.
The whale appears to have transferred 3,370 ETH, worth roughly $11.37 million, onto the Kraken exchange within the past nine hours, according to on-chain data. This is part of a consistent pattern in 2024, where the same wallet has sent a total of 48,687 ETH, or $171.78 Million, to Kraken.
The whale is selling an average amount of 3,528 ETH per ETH based on the price surge, so I believe there is a deliberate hand and strategy to sell off the whale’s ETH.
At the end of an eight-year selling streak, the whale’s wallet balance now consists of 7,594 ETH worth $25.72 million. There are only one or two more sales to kill it off completely with the wallet, ending a historic distribution phase on Ethereum.
Ethereum Price Struggles to Break $3,500: A Critical Price Point
Ethereum price has failed to reclaim $3,500, a psychological and technical resistance point. Despite its strong fundamentals, the asset continues to be under very heavy pressure as prices sit well below this threshold.
At the $3,500 mark, many long-term investors and traders might consider it a strong point to consider buying and making buying interest revive or selling will intensify in this area.
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Ethereum is currently trading at $3,385.46, struggling to regain its footing above critical resistance levels.
The chart indicates a persistent battle between bullish and bearish forces, with prices oscillating near the $3,400 zone. Despite recent attempts to climb higher, Ethereum has faced rejection near the $3,500 psychological resistance, which aligns with historical supply zones.
Ethereum’s 24-hour trading volume stands at $16.38 billion, indicating a moderate uptick in market activity. This volume increase suggests heightened participation, but the market sentiment appears cautious.
Technical Analysis and Market Outlook
Ethereum price is trading at $3,388.28 on a 4-hour chart and was rejected from higher levels around $3,400. The price is below critical moving averages, including the 50-day (yellow), 100-day (green) and 200-day (blue) SMAs.
It shows a bearish trend in the short or medium term. While the 50-day SMA is attempting to climb northwards, other SMA are declining beneath longer-term averages. That signals that there’s still a lot of work to be done to gain bullish momentum and pull the price up.
As we can see, the Awesome Oscillator (AO) is a bearish market, and the red histogram bars far outnumber the blue ones. However, as the red bars go smaller, indicating a weakening of bearish pressure, there is an indication that bearish pressure may have been recently reduced.
To complete a bullish reversal into a green oscillator above the zero line, the oscillator must first change to green. That suggests that buyers are starting to set prices, and although this trend could reverse, it looks like buyers are getting their strength back.
Ethereum’s immediate support at $3,300 has already been tested multiple times and kept acting as a chief defence for bulls. Further declines could reach the $3,200 support zone.
What to Expect from ETH Price?
On the bright side, $3,400 still represents a psychological barrier and the first major resistance level to which to pay attention. But $3,500 is very close to the 100-day SMA and, even so, is a wall that Ethereum will have to break in order to shift the sentiment to the bulls.
The overall chart pattern looks like a market that is trading in a consolidation pattern at current prices with an upward bias from the recent lows. But the break above the 50-day SMA suggests bullish efforts are not yet powerful enough to trigger a powerful rally. However, in all, market sentiment remains cautious as traders hold back on placing larger positions until there are clearer signs.
