- Ethereum eyes $3,700 as recent large-scale ETH accumulation by top investors sparks market attention and optimism.
- ETH/BTC daily charts indicate a potential bullish reversal, signaling a possible upward movement in Ethereum soon.
- Bitmine acquired 41,946 ETH, worth approximately $130.78 million, increasing market curiosity and confidence in Ether.
Ethereum (ETH) is showing signs of possible movement after a period of consolidation, with not only Ethereum but also the chart of ETH/BTC showing possible breakup conditions.
Market analysts are closely following the lower time frames to spot possible entry points. Meanwhile, large-scale buying of ETH by top market investors is gaining attention and could have an impact on the next leg up.
Ethereum Eyes Potential Bullish Breakout Soon
Well-known market analyst CRYPTOWZRD pointed out that Ethereum closed the last trading session with an uncertain trend. According to his observations, what is currently required is the start of an upwards movement for the ETH/BTC pair to give Ethereum a stronger push. His focus during the next trading session, again, shall be on the formation of the next quick entry.
Ethereum’s Daily candle and the ETH/BTC Daily chart finished without a clear sign of what is to follow. Still, the ETH/BTC can hold above the lower high trend line on the Daily chart, meaning a bullish reversal is also an option.
A possible bounce could fuel the next Ether rally, and $3,700 is the next strong level of resistance on the chart, while $2,800 is a strong support. According to CRYPTOWZRD, the next Ether trend will also be affected by the traditional market close on the Weekly chart tomorrow.
At press time, Ethereum is trading at $3,157.63, supported by a 24-hour trading volume of $29.70 billion and a market cap of $382.46 billion. The ETH has seen a slight pullback of 1.04% over the last 24 hours, but market watchers say the next move could be shaping up soon.
Ethereum Intrada Follows Bitcoin Trend
During the daytime, Ether traded sideways and made it difficult to identify any setup. Crossing above the $3,230 level could present an opportunity to go long. On the flip side, another pullback to the $3,080 region, accompanied by a strong bounce, could also present an entry opportunity to go long.
As of now, Ether is expected to follow the trend of Bitcoin, with the market closely following to see what happens to BTC before the weekend.
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Bitmine Acquires Massive Ethereum Holdings
In further developments to the conversation, on-chain information provided by Lookonchain indicated that Bitmine, a company founded by Tom Lee, acquired 41,946 ETH, worth approximately $130.78 million, just five hours ago. This information has generated curiosity, and acquisitions of such a high quantity are normally associated with various levels of optimism.
With value becoming increasingly tight and big players entering, it is expected to see if Ethereum is able to break out and try again to climb to the top levels of resistance.
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