In a recent development, Whale Alert, the renowned tracker of significant cryptocurrency movements, has reported substantial transactions involving Bitcoin (BTC) and Ethereum (ETH) today. On December 30, a staggering 1,335 BTC was shifted from Coinbase to an undisclosed wallet, indicating a strategic move by a major player in the market. Simultaneously, a contrasting transaction saw 3,144 BTC sent to Coinbase, signaling opposing intentions within the whale community—one opting to hold and the other contemplating a sell-off.
Around $33.50 million worth of Ethereum was transferred to Coinbase, with an additional 9,991 ETH added within a few hours. This influx of ETH coincided with its recent surge in value, which pushed it beyond $2,400. Despite this rise, the altcoin faced difficulty breaking free from the $2,292 to $2,379 range, leading to speculation of a bullish trend until December 27th, followed by a consolidation phase.
Unveiling Crypto Whales’ Impact
The technical analysis highlighted a complex scenario for ETH. According to the Relative Strength Index (RSI), there was a clear indication of diminishing bullish momentum, suggesting a possible decline below the $2,300 mark if the prevailing trend continued. However, an interesting bullish divergence materialized within this context: while the RSI consistently formed higher lows, ETH’s price charted lower highs. This discrepancy hinted at an imminent reversal, potentially paving the way for a rally pushing ETH towards the $2,500 mark.
Source: TradingView
Meanwhile, Bitcoin’s recent price action contradicted the market’s optimism surrounding a potential ETF approval, with its value slipping below $42,000. The 4-hour chart revealed a bearish momentum signaled by the MACD, indicating a potential descent towards $40,000. However, a positive accumulation spike could trigger a bullish breakout targeting $45,000.
Source: TradingView
In the midst of these market fluctuations, the Accumulation/Distribution (A/D) indicator shed light on the stagnant accumulation of BTC in recent days. This prolonged lack of significant accumulation signals a potential downward trajectory for BTC if this trend persists, suggesting a probable downtrend in the near future.
Short-term projections indicate minor price adjustments for both ETH and BTC. Nonetheless, this doesn’t undermine the bullish prospects in the near term. Despite looming volatility, the market appears primed for potential reversals and upward movements in the forthcoming days, showcasing a resilient stance toward possible market shifts.