Ethereum targets a price of $3,250 as large investors accumulate over $100 million in ETH, despite recent declines and ambiguous on-chain indicators.
The price chart for Ethereum suggests a potential rise to the $3,250 mark, even as the cryptocurrency has struggled in comparison to Bitcoin and other assets.
This technical analysis is supported by on-chain data indicating increased purchases by significant investors.
Whale activity indicates significant accumulation of ETH.
Recent observations indicate substantial accumulation of Ethereum by whale accounts, as reported by the on-chain analysis platform Lookonchain, despite the ongoing price challenges faced by ETH.
Their data reveals that a wallet known as 0xd81E has recently withdrawn 1,900 ETH, valued at around $3.1 million, from the Gate exchange.
This withdrawal seems to be part of a broader accumulation strategy, as the same address has withdrawn a total of 48,477 ETH (equivalent to $100.35 million) from the leading cryptocurrency exchange since February 15.
The wallet currently reflects an unrealized loss of approximately $21 million based on prevailing market prices.
In a different transaction, Lookonchain reported that another whale address, 0x3bd2, withdrew 2,600 Ethereum (valued at $4.26 million) from Binance after remaining inactive for an entire year.
The reactivation of dormant wallets to transfer ETH to personal wallets typically suggests a positive outlook on future price increases.
However, not all developments in the realm of whales have been favorable. Analyst Ash Crypto noted in a tweet that one whale sold 2,056 ETH for $3.72 million and initiated a 10x leveraged short position in ETH, indicating mixed sentiments among large holders.
Ethereum price could be headed to $3,250
The price of Ethereum may be approaching $3,250. The daily chart for Ethereum reveals a strong downtrend that has persisted since late 2024, characterized by a series of lower highs and lower lows.
However, recent trading activity suggests the potential for a topping pattern to emerge.
Analyst Crypto Fella has identified several critical resistance levels that are currently being monitored for a potential recovery rally.
The chart delineates four primary resistance levels that Ethereum must surpass to validate a trend reversal.
The initial level is around $1,750, succeeded by thresholds near $2,000, $2,500, and ultimately $3,250.
These horizontal resistance zones were previously support areas that have transitioned to resistance following a downward breach.
The analyst underscored the significance of overcoming the existing resistance, asserting that Ethereum's price must breach this barrier and indicating that traders should not overlook this opportunity.
His analysis suggests a potential target of $3,500 contingent upon a breakout. The technical framework reveals a descending trendline that has constrained price movements since December 2024.
A definitive break above this trendline, along with reclaiming the $1,750 level, would offer the initial technical validation of a trend reversal.
Despite the varied assessments from multiple analysts, one analyst had forecasted the Most Hated Rally for Ethereum earlier this month.
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