- Ethereum is moving in a bullish manner backed by RSI and MACD signals
- The 200,000 ETH bought by whales is an indication of strong faith.
- Ethereum may be on its way to the resistance level of $3000.
Ethereum seems to be in readiness to break out, as there are signs of momentum building according to the technical indicators. TradingView has put ETH price at around $2,542, having increased greatly by more than 2.5% on a daily basis after touching the high of $2,619.
Source: TradingView
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The volume is growing gradually, which is a sign of traders renewing their interest in the altcoin. The MACD indicator is indicating the development of a positive crossover, which is a sign of a possible reversal to a bullish trend. Simultaneously, the histogram bars have gone green, which justifies that the upward price has continued.
The RSI is also rising and is right now at 57.72, which shows that Ethereum is becoming stronger without being overbought. This setup is an indication of a market heating up in preparation for a potential technical breakout supported by buying pressure.
200,000 Ethereum Gets Snapped Up in Just a Few Days
Whales in the market also aggravate the bullish feeling. In fact, Ali, a crypto analyst, said that 200,000 ETH had been purchased by large investors over the weekend.
Source: X
This stockpiling was monitored on-chain when it revealed that wallets with an amount of 10,000-100,000 ETH have drastically accumulated more of this asset. Such a trend of movement usually indicates great confidence of high-net-worth investors. Whales tend to skyrocket prices as they decrease the supply.
Ethereum Eyes $3,000
The majority of the purchases were made at a rather moderate time when the cryptocurrency was still gaining some momentum. According to the chart of Analyst Ali, there was a vivid increase in the price of ETH and the holdings of the whales in the period between July 5 and July 7.
This accumulation coincides with the ongoing upward trend as shown on the technical chart. For this reason, Ethereum may be targeting the level of $3,000 given the current indications, both by technical indicators and whale activity, which head in the same direction.
The traders are now focusing on resistance levels to determine the ability of Ethereum to maintain this momentum.
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