ETH Price Targets $4,520 as Whale Sells 2,217 $ETH for $9.5M

Key Insights:

• Whale sells 2,217 ETH, locking $4M profit, signaling potential $4,520 target for Ethereum.
• Ethereum’s price tests key resistance; analysts eye $4,520 breakout or potential pullback to $4,000.
• A bullish inverse head and shoulders pattern is forming on Ethereum, signaling a potential breakout toward $4,666.

Ethereum (ETH) is showing potential for a price surge, with targets reaching $4,520 after a whale sale of 2,217 ETH. Analysts are monitoring Ethereum’s price closely, as the market exhibits signs of volatility and possible resistance at key price levels.

Whale Sells 2,217 ETH for $9.5M

A significant whale transaction has caught attention in the Ethereum market. Whale 0x7C10 sold 2,217 ETH, translating into $9.5 million. This sale marks a $4 million profit for the seller, who purchased the ETH at a lower price three months ago.

According to Lookonchain, the whale’s activity highlights Ethereum’s potential to reach key resistance levels, especially after the large sale. This whale’s actions indicate that Ethereum is at a crucial juncture. 

Ethereum Approaching Critical Resistance Levels

However, Ethereum’s price is currently testing essential resistance levels. Analyst Lennaert Snyder pointed out that if Ethereum manages to reclaim the $4,350 resistance, it could push towards $4,520. 

He noted that if Ethereum struggles to break this barrier, it may find support near $4,170 before another attempt at higher levels. If bearish momentum prevails, Ethereum could test lower support at $4,000.

Snyder also cautioned traders to manage risk appropriately, as Federal Reserve Chair Jerome Powell is scheduled to speak today, potentially adding volatility to the market.

Bullish Patterns and Market Sentiment

Meanwhile, Ethereum shows a potential breakout pattern, with the analyst highlighting the formation of an inverse head and shoulders (H&S) pattern on the 4-hour chart. This pattern often signals a bullish move. If Ethereum breaks above the neckline, it could move towards $4,666.

However, Bitcoinsensus emphasized that the breakout would require volume confirmation to be sustained. He noted that a clear breakout above the neckline with sufficient volume would signal a strong move upwards.

Ethereum is currently trading at $4,312.30 with a 24-hour trading volume of over $36 billion. Despite recent fluctuations, Ethereum’s price is up by 0.61% in the last 24 hours, showcasing its resilience.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.