Ethereum Rally Targets $2,795 Despite Whale Sell-Offs

With the crypto bull run gaining momentum, Ethereum inches closer to surpassing $2,500 despite crypto whales booking profits.

With the federal rate cuts, Bitcoin experienced a massive surge in bullish momentum, resulting in a 3.85% jump in the last 24 hours. The broader market witnessed a boost in the fear and greed index, entering the neutral category.

Amidst the recovery run, the Bitcoin price exceeds the $62,000 mark, and Ethereum is close to approaching the $2,500 level. Further, the Ethereum price has increased by 5.25% in the recovery rally in the last 24 hours. 

Ethereum Recovery Rally

The Ethereum recovery rally runs steeply in the daily chart and creates three consecutive daily candles, accounting for a 6% surge. Currently, it is trading at $2,432 with an intraday gain of 2.43% from the opening price of $2,374. 

In the broader picture, the recovery run forms a higher-low formation in a falling-channel pattern as it bounces back from the support trend line. 

Whales Selling Spree in a Recovery Rally

Amid the recovery rally gaining momentum, Ethereum whales are using it as an opportunity to book profits. As reported early today, an Ethereum whale and ICO participant deposited 10,000 Ethereum worth $24 million into the Kraken Exchange. 

This move from the whale comes after two years of dormancy, reflecting a profit-booking run. The participant received 50,000 Ethereum, worth around $15,500, during the ICO, which is currently worth $121.85 million. 

Another notable transaction involved a different whale selling 10,595 ETH for $24.79 million over just three days. Despite the rally, this whale, identified as 0xE3E, continues to sell off small amounts, offloading 87.56 ETH for USDT every few minutes.

Currently, this whale retains 6,042 ETH, worth approximately $14.7 million, which is about 36.3% of the original holding. Overall, the whale has realized an estimated profit of $39.34 million.

Will Ethereum Continue To Soar?

On the 4-hour chart, the recovery rally is testing a local resistance trend line, forming a triangle pattern with recent price movements. Ethereum’s price is currently approaching this overhead trend line, hinting at a possible breakout.

A bullish breakout above the overhead trend line could target immediate resistance levels at $2,533 and $2,795. Conversely, a bearish reversal within the triangle may test the ascending trend line. Key support levels to watch are at $2,350, $2,150, and the psychological mark of $2,000.