- Crypto whale 0x9F61 rotated nearly $180M from Bitcoin into Ethereum, signaling growing whale confidence in ETH.
- ETH is consolidating below the key $3,400 resistance, with a pullback risk toward $3,000 if rejected.
- A Wyckoff accumulation setup hints at a possible ETH breakout, with long-term targets extending above $10,000.
A prominent crypto whale with the name of wallet 0x9F61 has been consistently rotating their funds from Bitcoin to Ether by exchanging 502.8 BTC for 14,500 ETH worth $45.24 million over the past 20 hours. This is a sign of increased trust in Ether as crypto whales continue to rebalance their portfolios.
Source: lookonchain
In total, the whale has managed to convert 1,969 BTCs, which are worth $177.9 million, into 58,149 Ether, which currently is worth approximately $181.4 million. Large volume trading of BTC for Ether tends to make headlines in the markets, as it often anticipates good performance by Ethereum.
Also Read: Ethereum Price Outlook: Could ETH Plunge Towards $2,400 Next?
Ethereum Struggles Sideways Before Potential Rally
However, the crypto analyst, Ted, revealed that Ethereum (ETH) is trading sideways. This is evident since there is little movement or strength either upwards or downwards. It should be noted that the $3,400 mark is being closely watched by traders and analysts since it still remains a major point of resistance.
Source: Ted
If Ethereum is not able to break above $3,400 successfully, then the odds of a retest of the support area of $3,000 become much more likely. Breaking past this critical point could quickly ignite renewed optimism in the markets. Investors are watching for the next market direction at these critical levels.
Ethereum Wyckoff Setup Signals Breakout Above $10,000
Furthermore, another crypto analyst, Merlijn The Trader, emphasized that Ethereum is providing a classic masterclass in trading using the principles of Wyckoff, with such a clear accumulation pattern. Following a strong spring phase, which redistributed the weak lungs, a re-test at a superior level confirmed that the selling momentum is almost entirely taken out Currently, the last support point for ETH is being defended.
Source: Merlijn The Trader
If this much-anticipated pattern unfolds, Ethereum could break into a Phase E vertical markup, fueling strong upward momentum. Technicals are eagerly tracking ambitious targets over $10,000 as the overall market wakes up from its long slumber of consolidation. It is no secret that the plan is detailed to the letter, with everyone watching for the next major move upward.
Also Read: Ethereum Eyes $3550 as ETH Follows Bitcoin Momentum Across Key Levels
