Ethereum whales added 1.4 million ETH during its rally from $1,600 to $3,100, marking a strong show of confidence.
A golden cross on the 12-hour chart indicates rising momentum and increased pressure from buyers in the current market trend.
Ethereum must hold above $2,200 to sustain its upward trajectory and avoid renewed bearish pressure below key support levels.
Large Ethereum holders have significantly increased their holdings over the past month.From mid-April to mid-May, wallets that held between 10,000 and 100,000 ETH increased their ETH holdings by more than 1.4 million units. Data reveals that Ethereum held by whales increased from 15.8 million to over 17.2 million ETH during these days.
The accumulation phase closely matched Ethereum’s price rise from around $1,600 to above $3,100. The buying activity intensified before major price gains, pointing to strong confidence among whales. Their entry before key resistance levels were breached suggests their actions may have helped propel the rally.
Golden Cross Confirms a Bullish Trend
A golden cross was seen on Ethereum’s 12-hour chart recently, when the 50-day average crossed above the 200-day average. Such a formation generally appears when there is growing demand and strong upward trends. Analysts believe this highlights the strengthening impact of buyers.
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Ethereum’s price remains highly sensitive to critical support and resistance zones. The $2,200 level is now considered a key threshold to maintain bullish momentum. Holding above this line keeps the uptrend intact, while a drop below may expose Ethereum to downside risks near $1,900.
Market Conditions Remain Volatile
At the time of writing, Ethereum trades at $2,478.66, marking a daily increase of 1.29 percent. Despite recent gains, the past week shows a decline of 2.74 percent. The $3,100 resistance level is being watched closely by market analysts as a potential target if support levels continue to hold.
The combination of whale accumulation and bullish technical indicators provides Ethereum with a strong foundation for continued upward movement. Market watchers remain focused on whether Ethereum can maintain its current momentum and build towards the next resistance.
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