Ethereum (ETH) hits a 10-week high of $1852.
Ethereum trading volume is down 3% in the past 24H.
Ethereum, the second-largest cryptocurrency by market capitalization, has been displaying resilience against bearish market trends. Just hours ago, it surged to a 10-week high, reaching $1,852. This significant rally followed a day of strong market performance, with the total market capitalization surging by over 8%. Even Bitcoin, the leading cryptocurrency, managed to climb above $35,000 during this bullish run.
However, Ethereum remains volatile, with a 3% decline in the past 24 hours, currently trading at $1,780. Nevertheless, in the seven-day timeline, ETH witnessed a notable 12% surge. This volatile momentum impacted investor sentiment, as reflected in a decline in trading volume over the past 24 hours, down by 2.67% to $214 million.
Notably, the consistent accumulation of Ethereum by large market participants, often referred to as “whales,” may signal a sustained upward trajectory. According to data from EtherScan, one of these prominent whales acquired more than 20,000 ETH, obtaining 17,000 ETH through a decentralized exchange (DEX) and withdrawing an additional 3,000 ETH from a centralized exchange.
In addition, another whale withdrew over 10,000 ETH from Binance (BNB) and subsequently utilized these funds to take a long position on the asset within various DeFi platforms.
Will The ETH Bulls Take Over?
A closer analysis of Ethereum’s current price movements indicates the presence of bullish forces. The 9-day exponential moving average (EMA) is positioned below the current trading price at $1,690. Simultaneously, the daily relative strength index (RSI) stands at 72, suggesting that the asset is in an oversold territory.
However, Ethereum faces a critical resistance at the $1,805 level, and its failure to surpass this could result in a downward trend. Initial support on the downside is expected near the $1,780 level, followed by the crucial $1,750 support and the trend line zone. A break below the $1,750 support might drive the price even lower, potentially leading Ether toward the $1,720 level. Further losses could push it down to the $1,700 level, approaching the 100-hourly Simple Moving Average.