What to know:
- Ethereum price is nearing the $2,160–$2,400 resistance zone, where a breakout could confirm a bullish trend.
- Ethereum whales bought 10,501 ETH worth $20 million, reflecting growing long-term confidence.
- Analysts say a confirmed Ethereum price breakout could open the path toward $10,000.
Ethereum (ETH) is testing a critical resistance zone that could shape its next major trend. Whale accumulation and increased staking activity reflect growing long-term confidence, while a confirmed breakout may strengthen bullish momentum and improve overall market sentiment.
At the time of writing, ETH is trading at $1,936.08 with a 24-hour trading volume of $10.69 billion and a market capitalization of $233.75 billion. Following the improving momentum, the Ethereum price structure and whale buying point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Ethereum Price Holds Key Support as $10,000 Target Comes Into Focus
Ethereum Near Key Resistance as Breakout Looms
According to the crypto analyst Crypto Patel, Ethereum is extending its recovery and approaching the crucial $2,160 to $2,400 resistance zone, where a high-timeframe bearish order block and fair value gap converge.
Analysts consider this area the market’s key decision point, as sustained buying pressure and a confirmed close above resistance would invalidate the prevailing bearish structure and strengthen long-term bullish momentum toward $10,000.
Source: Crypto Patel’s X Post
However, on the downside, failure to penetrate the resistance levels may push selling interest up again, thus presenting the possibility of testing the $1,500-$1,000 support region for Ethereum.
This support level is considered a possible long-term accumulation base by analysts, who emphasize the need for price action to confirm instead of forecasting the future price moves.
Ethereum Whales Scoop Up Millions in ETH
The data from Lookonchain shows the re-emergence of whales can be seen in the form of tides in the ocean of Ethereum, as even the biggest whales seem to dive deeper amid market uncertainty.
0x4cee, which was dormant for three months, suddenly woke up from its slumber and put in an investment of 20 million USDC in 10,501 ETH at an average price of $1,905 per ETH.
Source: Lookonchain’s X Post
A new wallet made a bold move for the very first time by withdrawing 12,800 ETH worth $24.47 million from Binance and then proceeded to stake the entire amount. This will reduce the supply of liquidity for Ethereum and indicates confidence in staying on the network.
Following the bullish price predictions and improving whale activity, the Ethereum price is moving in an upward direction. This move is also backed by the improving trend in the crypto market as Bitcoin is moving in an upward direction.
What Happens Next?
In order to move forward, it is vital that ETH experiences an important breakout above the resistance range of $2,160–$2,400. In case of a breakout, ETH will most probably enter into a bull period, as more and more traders join the market. Otherwise, ETH might fall back to consolidate or seek some support lower down.
Also Read: Bitmine Nears 5% of Ethereum Supply as Crypto Treasury Hits $11.5 Billion
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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