- Ethereum gains momentum, eyeing next resistance at $3,000.
- Whale activity signals massive profits, suggesting profit-taking but not stifling bullish sentiment.
- Record-high staking and exchange outflows could create a supply squeeze.
Ethereum (ETH) is making waves alongside Bitcoin, sparking fresh optimism for a strong upward trajectory. ETH recently broke a crucial resistance level, signaling more potential upside on the horizon.
Currently, ETH trades at $2,816.25, with a 24-hour trading volume of $34.17 billion and a market cap of $339.01 billion, maintaining a dominance of 13.32%. Over the past 24 hours, ETH has climbed by 7.32%, positioning itself for possible further gains.
Ethereum Whale Activity Sparks Market Speculation
Adding to the excitement, recent data from Lookonchain reveals the movements of long-dormant Ethereum holders. A major whale, inactive for eight years, unloaded 11,005 ETH (worth approximately $30.56 million) at a price of $2,777 within the past few hours. This whale originally acquired the tokens from ShapeShift in 2016 at $3.46 per ETH, totalling around $38,000. Today, this sale yielded an astounding profit of $30.52 million—an 802x return.
In another significant transaction, an early Ethereum ICO participant sold 25,000 ETH (valued at $65.6 million) just six hours ago. This participant, who initially received 150,000 ETH for a modest $46,500 during the ICO, has now sold off 85,000 ETH, totaling $226.4 million in sales since mid-June.
Ethereum Staking Fuel Bullish Sentiment
Ethereum’s staking levels are at all-time highs, while the ETH supply on exchanges is reaching record lows. This combination suggests a potential supply squeeze, limiting the availability of ETH for trading and potentially paving the way for price growth. Bullish momentum is thus building, with sentiment tilting towards further gains.
Ethereum Eyes Breakout Above $3,000
From a technical standpoint, ETH recently closed with strong bullish momentum. The price has bounced from a critical support level and is approaching horizontal resistance. A break above this resistance could push ETH to the $3,000 mark, with a potential rally to $3,550 if momentum continues.
Traders are now anticipating heightened volatility, with Ethereum’s price action poised for a potentially decisive move. If ETH clears the $3,000 level, the doors could open for more significant gains, setting up a promising outlook for the days ahead.
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