Ethereum Price on the Verge of a Rally? Whales Buy the Dip

ETH $4 270 24h volatility: 0.3% Market cap: $514.93 B Vol. 24h: $17.76 B , the second-largest digital asset by market capitalization, is being accumulated by whales at an accelerated pace following the recent dip in the price of the cryptocurrency. As per the recent data, the blockchain-based token has crashed a whopping 18% in the past month, claiming a low of $2,159.28 but has since then recovered and trades at $2,713.20 at the time of writing. 

As per a post on X (formerly Twitter) by prominent crypto analyst Ali Martinez, ETH whales have bought a whopping 430K Ethereum, worth around $1.1 billion based on the digital currency’s current price, in the past 72 hours. These massive purchases indicate that whales are taking advantage of the market dip and anticipate a major surge in the coming days for the ETH token. 

Ethereum Foundation Unveils Open Intents Framework

According to CoinMarketCap data, Ethereum is up 3.86% in the past 24 hours, claiming a daily high of $2,735.92. The digital asset’s price surge followed the Ethereum Foundation’s announcement of the “Open Intents Framework.” In an X post, the Foundation stated that it expects interoperability across chains to take a significant leap forward with the new framework. 

The Ethereum Foundation said that the “Open Intents Framework” will provide a modular infrastructure for frictionless asset transfers across Ethereum and its Layer 2 solutions. The framework will also allow developers to choose and integrate components suited to their needs, with over 30 teams from different sectors of Ethereum having contributed to this initiative. Also, it is supported by Layer 2s, wallets, and infrastructure providers.

The non-profit organization noted that Ethereum’s cross-chain ecosystem has been fragmented, with different solutions operating in silos. The Open Intents Framework seeks to unify these efforts, making asset movement across chains smoother and more efficient.

ETH Price Analysis

With major developments taking place, the Ethereum price chart provided by TradingView below shows that the digital asset eyes a retest of the 20-day Exponential Moving Average (EMA), which stands at the $2789 price level. This is a major resistance that needs to be flipped into support for further upside. 

On the other hand, the Bollinger Bands indicate that ETH is currently in a low volatility phase, with the price hovering near the middle band. Meanwhile, the Relative Strength Index (RSI) at 42.31 suggests that ETH is in a neutral-to-bearish territory, suggesting that there is room for upward movement.

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