- Ethereum (ETH) breaks key resistance levels, trading at $3,868.19 with strong market dominance.
- Whales are cashing in, with a major whale depositing 11,639 ETH to Kraken, making an estimated $145 million profit.
- ETH faces a third rejection near $4,000 resistance, but bullish signals suggest potential for a breakout.
Ethereum (ETH) has recently shattered major resistance levels, sparking renewed optimism among investors. The cryptocurrency is now testing previous local highs, and the market is at a pivotal moment. If ETH manages to hold above these levels, the path to price discovery could be wide open, with minimal obstacles ahead.
As of today, ETH is trading at $3,868.19, with a 24-hour trading volume of $28.65 billion and a market capitalization of $465.89 billion. Despite a slight drop of 2.18% in the last 24 hours, ETH’s market dominance remains strong at 12.95%. The cryptocurrency has gained significant attention as it approaches critical price levels, with some even suggesting that the current dip could represent one of the final chances to buy ETH below $4,000.
Whales Cashing In on Ethereum’s Surge
Recent data from Spot On Chain reveals that Ethereum whales are actively cashing in on the recent surge. A prominent whale, known as “0x682,” deposited a staggering 11,639 ETH (worth $46.37 million) to Kraken just eight hours ago. This whale had previously withdrawn 96,639 ETH from Coinbase at around $1,580 in September 2022. Later, between March and December 2024, the whale deposited the entire amount to Kraken, benefiting from an average price of $3,080 per ETH.
If these transactions were indeed trades, the whale stands to have made an estimated $145 million in profit, marking a remarkable 95% increase over a 2.25-year period. This move highlights the growing confidence among large ETH, holders, who are taking advantage of price swings to lock in profits.
Ethereum Faces Third Rejection Near $4,000 Resistance
Crypto analyst Mags has pointed out that ETH is facing its third rejection near the $4,000 mark, a key resistance point for the cryptocurrency in recent weeks. However, Mags also suggests the possibility of an inverse head and shoulders pattern forming, a bullish signal that could point to a strong breakout soon.
If Ethereum successfully navigates this resistance and continues to push upward, the recent dip could represent one of the last chances to purchase ETH below the $4,000 threshold. As the cryptocurrency tests these critical levels, it’s clear that the coming week is crucial for Ethereum’s price trajectory.
Ethereum’s recent performance shows strong potential for continued growth. As major whales cash in on the rally and technical indicators point to possible bullish patterns, Ethereum’s path forward looks increasingly promising. The next few days could determine whether ETH will consolidate or push higher toward new all-time highs.
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