Ethereum Whales Stacking Up As Markets Recover

A new wallet has withdrawn 2,884 ETH, worth around 9,57 million dollars, from Binance right as prices recover.

This trend is crucial for Ethereum, which has clawed its way back over the $3,300 price level.

This move coincides with the broader crypto market recovery and means that big players may be readying themselves before rallying.

Looking at further analyst insights, Ethereum could rally from here, potentially reaching $4,500 – $5,000 in the next 3 – 4 months.

The analyst suggests that it could even hit a loftier number. The analyst finalizes by giving an assurance on Ethereum’s next leg up.

He points out that one can see growing market sentiment and hype beyond technical indicators being bullish for Ethereum.

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Ethereum Surges Past $3,300 Amid Market Rebound

Ethereum’s price data is in line with calls for a broader cryptocurrency market price uptick. A daily growth of nearly 2% has brought the asset to trading above $3,300.

The surge has driven its market capitalization north of $401 billion and 24-hour trading volume over 34% higher, topping $28 billion.

Activity in trading Ethereum has spiked, indicating a new wave of retail and institutional traders entering the market for a share of the altcoin as its recent price increase becomes more consistent.

The broader market is also looking resilient. BTC continues holding on to $99,000, inching towards the long-awaited six-figure breach.

Major other cryptocurrencies like XRP and Solana have made significant gains in the past 24 hours, with XRP rising 16 percent in the last 24 hours and 46% in the past 7 days.

This is a very bullish sentiment as investors are starting to regain confidence in their assets, presumably for good macroeconomic reasons and institutional accumulation.

Ethereum’s Technical Breakout and Market Trends

Ethereum has fallen back into a previous consolidation area based on a deeper analysis of the four-hour chart.

The price has been oscillating in a very narrow price range, somewhere around $3,500 and $3,250 without a clear trend.

The next leg up in Ethereum could be brewing, and $3,500 serves as immediate resistance. A rally to $3,800 or $4,000 could be in the cards if Ethereum continues on the same path.

Should the price be rejected at these levels, a short-term pullback toward the $3,250 support zone might be required before another attempt at a breakout.

In addition, trend momentum on market indicators is also strengthening. The Average Directional Index measures the strength of trends at the moment at 20.49.

This is a moderate trend. Its southern trajectory also shows that the strength could be waning further.

However, should purchasing volume continue to rise, this indicator will move higher, indicating continued upward movement.

If ADX is able to move above 25, this will confirm a strong trend and the overall bullishness of Ethereum.