Ethereum (ETH) price continues to strengthen in the $1600 area. ETH trading volume has increased by 80% in the last 24 hours. A whale transfer of 24,000 ETH worth $39.6 million was recorded on OKX crypto exchange. The second largest cryptocurrency Ethereum (ETH) has experienced a huge decline in recent weeks and has not been able to break through its main resistance. Meanwhile, Ether whales have traded heavily on major crypto exchanges such as Coinbase and OKX over the past 24 hours. Whale Alert, a blockchain monitoring and analysis company, reported a whale transaction of 24,000 ETH worth $39,618,881 USD from an unknown wallet to crypto exchange OKX. After this 10-hour event, an anonymous whale collected the same amount of ETH from OKX. Similarly, seventeen hours ago, a huge whale of ETH on the Coinbase exchange dropped almost 21,299 ETH. Will Ethereum (ETH) price react to these whales? At the time of writing, Ethereum (ETH) is trading at $1,655, having briefly gained more than 0.35% in the past 24 hours. Even after the whale trade, the price of ETH did not show significant gains or losses. However, several whale trades boosted ETH trading by more than 80 percent on the day. Trading volume grew to $4.09 billion, according to CoinMarketCap.
Ethereum (ETH) Daily Trading Price Chart (Source: TradingView)
The daily price chart shows that Ethereum is still trapped in the bearish zone as its current price has been below the 50-day exponential moving average (50 EMA). Meanwhile, the Daily Relative Strength Index (RSI) of 32.36 showed the largest altcoin position on the edge of oversold territory.
Ethereum has traded between $1,600 and $1,700 in recent weeks. If the current trend reverses, ETH will experience a rally to the resistance level of $1,800. On the other hand, ETH may also experience further decline. If this happens, the price would break above the nearest support level of $1,600. At worst, the bears could push it below $1,540, especially if the recent rally to $1,576 on August 17 affected market sentiment. Ethereum (ETH) price continues to strengthen in the $1600 area. ETH trading volume has increased by 80% in the last 24 hours. A whale transfer of 24,000 ETH worth $39.6 million was recorded on OKX crypto exchange. The second largest cryptocurrency Ethereum (ETH) has experienced a huge decline in recent weeks and has not been able to break through its main resistance. Meanwhile, Ether whales have traded heavily on major crypto exchanges such as Coinbase and OKX over the past 24 hours. Whale Alert, a blockchain monitoring and analysis company, reported a whale transaction of 24,000 ETH worth $39,618,881 USD from an unknown wallet to crypto exchange OKX. After this 10-hour event, an anonymous whale collected the same amount of ETH from OKX. Similarly, seventeen hours ago, a huge whale of ETH on the Coinbase exchange dropped almost 21,299 ETH. Will Ethereum (ETH) price react to these whales? At the time of writing, Ethereum (ETH) is trading at $1,655, having briefly gained more than 0.35% in the past 24 hours. Even after the whale trade, the price of ETH did not show significant gains or losses. However, several whale trades boosted ETH trading by more than 80 percent on the day. Trading volume grew to $4.09 billion, according to CoinMarketCap.
Ethereum (ETH) Daily Trading Price Chart (Source: TradingView)
The daily price chart shows that Ethereum is still trapped in the bearish zone as its current price has been below the 50-day exponential moving average (50 EMA). Meanwhile, the Daily Relative Strength Index (RSI) of 32.36 showed the largest altcoin position on the edge of oversold territory.
Ethereum has traded between $1,600 and $1,700 in recent weeks. If the current trend reverses, ETH will experience a rally to the $1,800 resistance level. On the other hand, ETH may also experience further decline. If this happens, the price would break above the nearest support level of $1,600. At worst, the bears could take it below $1,540, especially if the recent rally to $1,576 on August 17 affected market sentiment.
