📈️ Ethereum price is going to rebound? Whales are buying at low prices!
Recently, the Ethereum Foundation announced a new "Open Intent Framework", which is big news, aiming to make asset transfers on the Ethereum chain smoother.
Meanwhile, the price of ETH has risen slightly in the past 24 hours, and the daily line is now targeting the key resistance level of the 20-day exponential moving average (EMA) at $2,786.
Cryptocurrency analyst Ali Martinez tweeted on X yesterday that in the past 72 hours alone, those big players, or what we call whales, bought up to 430,000 ETH, which is a big deal worth more than $1.1 billion at current prices.
These big moves show that whales are buying during the market downturn, and they expect ETH tokens to see a big rise in the next few days.
As the second largest digital asset by market value, whales are accelerating their holdings after the recent price drop. Data shows that this blockchain-based token has plunged 18% in the past month. Although the lowest point fell to around $2,160, the current price has recovered and is currently at $2,731.
When the Ethereum Foundation released the "Open Intent Framework", the price of digital assets rose rapidly. This framework is expected to greatly improve the interoperability between different blockchains, making the transfer of assets between Ethereum and its second-layer expansion solutions smoother.
The non-profit organization also pointed out that Ethereum's cross-chain ecosystem has been fragmented, and different solutions are independent. The goal of the open intent framework is to integrate various advantages to ensure that cross-chain asset flows are smoother and more efficient.
According to the chart of TradingView, Ethereum prices are expected to retest the main resistance level of the 20-day EMA. When demand turns into support, it can further drive prices up.
On the other hand, the Bollinger Bands show that ETH is currently hovering near the middle track and the price is in a low volatility stage. At the same time, the relative strength index (RSI) is 39.53, indicating that ETH is in a neutral to bearish zone and there may be potential upside.
💬To sum up, do these signs indicate that ETH is about to usher in a wave of growth? What do you think will happen to the price of Ethereum next?See you in the comments section!
