The Ethereum market is heating up with short-term rallies, but cracks are forming beneath the surface. Is Ethereum poised for a breakout, or are dark clouds gathering on the horizon?
In the last 24 hours, Ethereum ETH $3 843 24h volatility: 3.6% Market cap: $462.99 B Vol. 24h: $46.65 B price has increased by 1.62%. This recovery run puts the 7-day price growth at 4.40%, with a market price of $3,427.
As the short-term recovery heads a market cap of $412 billion, the growing complexities in the institutional support and whales are signaling massive price fluctuations. Will the Ethereum bulls come out victorious in the upcoming price swing for an uptrend in 2025? Let’s find out.
Ethereum Price at Crossroads
In the 4-hour chart, the ETH price failed to sustain above the 38.20% Fibonacci level at $3,477. This resulted in a quick pullback to the 23.60% Fibonacci level at $3,333.
Photo: TradingView
This accounted for a 4.67% drop, creating a bearish engulfing candle in the daily chart. The ETH price trend continues to consolidate between two key Fibonacci levels in the 4-hour chart.
Currently, the ETH price trend forms a massive bullish engulfing candle, accounting for a 3.20% surge. Breaking above the 20 EMA line, the Ethereum rally is re-challenging the dynamic resistance average line 50 EMA.
Furthermore, the RSI line has witnessed a significant uptick crossing above the 14-day average line and the 50% level. Thus, the momentum indicator reflects a boom in buying pressure.
ETH Price Targets
With the bullish engulfing candle, the Ethereum price showcases increased chances of a 38.20% Fibonacci level breakout. This bullish rally will likely challenge the critical resistance level of $3,600.
However, closing under the $3,300 level will test the bullish dominance at $3,100. The increased pressure amid market fluctuation could result in a fall to $3,000.
Whale Address Number on a Decline
Over the last 7 days, the whale holding of Ethereum from addresses holding $10,000 worth of Ethereum to more than $10 million has fluctuated from 805.57k addresses to 788.3k addresses. This marks a massive shift in the whale addresses over the correction phase.
Diving deep into the categorization, addresses holding more than $10 million worth of Ethereum changed from 2.52k to 2.47k. Furthermore, the addresses holding $1,000,000 to $10,000,000 worth of Ethereum reached 13.14k from 13.37k.
The massive shift in the whale addresses reveals the reflection of underlying weakness in the Ethereum whale community.
Ethereum ICO Whale Returns to Offload
Amid the technical and on-chain signals turning red for Ethereum, a whale from the Ethereum ICO era has awakened. After a dominant sleep of 9.5 years, the whale has deposited 742.11 Ethereum tokens over the past 5 hours.
This is worth nearly $2.5 million on two different wallets. One of these wallets has sent 431.11 Ethereum to Coinbase.
The trader had invested nearly $600 in the ICO to receive 1,940 ETH at the Genesis block. Currently, the whale continues to hold its 1,198 ETH tokens worth $4.01 million.
As the news of multiple ICO-era whales awakening to offload, the short-term fluctuations are likely to experience increased bearish influence.
In short, Ethereum’s price shows bullish momentum, aiming for $3,600, but declining whale activity and the awakening of dormant wallets hint at potential short-term volatility.
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