Ethereum Retains Momentum Despite Large Whale Sell-Off

A major Ethereum whale recently sold 29,897 ETH for $84.87 million at $2,839 per token, briefly introducing selling pressure. Despite this, Ethereum has shown resilience, currently trading at $2,918, up 3.18%, and holding above key support levels.

This recovery suggests that the market is absorbing large sales without significant disruption. This is setting the stage for potential upward momentum toward targets like $6,000.

The whale still retains a substantial holding of 368,992 ETH, signaling long-term confidence in Ethereum’s prospects. Strategic sell-offs of this nature can create short-term price fluctuations. But as large holders continue to maintain significant positions, they can contribute to price stability.

– Advertisement –

Analysts Eye 6k With Ascending Support Holding

Tony’s assertion of 6K Fast shows his faith in Ethereum having the chops to run up quickly in value too, being not far behind what’s ensued on other big coins like Bitcoin.

This potential is pointed out on the chart. If Ethereum manages to break free through existing resistance zones, it should accelerate upward along the set trendline.

The Relative Strength Index also supports this bullish sentiment. The RSI is bouncing off a lower level, which indicates renewed buying strength. Continuation in the upward direction of RSI could signal a sustained increase in Ethereum price, aligning with Tony`s 6k target

If Ethereum continues its momentum, it could accelerate toward the $6,000 level, a strong rally in the eyes of the markets. With support from the market, it appears that Ethereum could be set for an impressive catch-up rally due to its technical structure.

Technical Analysis: Ethereum Breaks $2890 Resistance, 63% Rally Incoming

Ethereum is forming a rounded bottom pattern, a bullish reversal signal that the buying momentum is increasing before a strong breakout. Ethereum bounced from the $2,338 major support point and is now just above the $2,890 minor resistance line.

If Ethereum closes above the $2,890 resistance, it could set up a 63% swift run to the $4,857 historical resistance level that could see some selling here.

The MACD shows a narrowing of that same MACD line and signal line, and both are heading toward a crossover.

In general, this kind of setup is a bullish signal, especially on a weekly timeframe, as it suggests bearish momentum getting weaker and being set up for an upward shift.

If in the next few weeks, the MACD crosses above the signal line, it would confirm increased buying momentum. At the moment, Chaikin Money Flow is at 0.09, signifying net capital inflow into Ethereum.

A positive CMF shows that buying outweighs the selling pressure, which reinforces the continuation of a bullish trend. If CMF continues to rise above minor resistance, a breakout would be the more likely case.