Ethereum Whales Accumulate $285M: Is an ETH Price Rally Imminent?
Key Takeaways
- James Wynn opened a long position of 67.5 ETH with 25x leverage.
- Ethereum's price action suggests ETH could reach $4,865 if it surpasses the $4,475 level.
Ethereum [ETH] appears to be recovering after its all-time high of $4,956. Increased interest from whales and traders is fueling optimism, particularly given positive price movements on the four-hour chart.
Whale and Trader Activity in Ethereum
A prominent crypto analyst recently noted on X (formerly Twitter) significant Ethereum accumulation by whales. Over the past 24 hours, they've reportedly purchased 260,000 ETH.
Trader James Wynn has also re-entered the market, initiating a long position of 67.5 ETH, valued at $290,000, with 25x leverage. Wynn's liquidity placement at $4,205.2 suggests confidence in that level holding as support.
This whale activity has positively impacted ETH's price, which has rebounded from $4,240. At press time, Ethereum is trading around $4,405, down 1.75% over the last 24 hours. Trading volume has surged by 8% during the same period.
Ethereum Price Analysis and Key Levels
Technical analysis suggests Ethereum is forming a bullish descending triangle pattern on the four-hour chart, indicating a potential breakout.
If Ethereum breaks out and closes above $4,470 on the four-hour chart, a 10% price increase could follow. This could lead to a retest of its all-time high, or even a new high. Currently, the 15-day and 21-day Exponential Moving Averages (EMA) are acting as resistance; surpassing these could trigger a bullish surge.
Bearish On-Chain Indicators
Despite the bullish signals, data indicates a potentially bearish sentiment among some traders. CoinGlass data reveals significant over-leveraging at $4,353.1 (lower side) and $4,442 (upper side), with substantial liquidation points: $235.26 million in long positions and $720.41 million in short positions.
Additionally, exchange inflow data shows over $88 million worth of ETH has been deposited onto exchanges in the past 24 hours, hinting at profit-taking. However, this outflow is still considerably less than the recent whale accumulation.