Ethereum Aiming for $4000 with Surging Whale Activity

In the past 48 hours, Ethereum has experienced significant consecutive increases. Within the last 24 hours, whales have purchased over $70 million worth of ETH.

Azcnews (3)

On April 7, Ethereum recorded its highest profit of the month, which also reflects the positive upward trend recently recorded in buying volumes from several large investors.

As overall network volumes remain stable, Layer 2 (L2) solutions are handling the majority of transactions, which is also playing an active role in maintaining Ethereum’s stability.

Ethereum increased sharply in price

Ethereum price trend

Source: Trading View

Analysis of Ethereum’s daily chart shows that on April 7, the price increased by more than 3%, with the closing price surpassing the $3,400 threshold. This increase is especially notable because Ethereum has undergone a significant decline before, making this the largest increase recorded in recent times.

What’s more notable is that at the time of writing, Ethereum is experiencing a stronger rally, with a price increase of over 4%. The chart shows ETH is trading above $3,600 with a recent spike.

Chart analysis also shows that the highest price this year has been reached at around $4,000, and with current trends, surpassing this record is likely to happen in the following weeks.

Another positive is that chart research has revealed that the price rally has effectively helped Ethereum return to an uptrend, with data from the Relative Strength Index (RSI) showing that ETH is currently in above the neutral zone, signaling a continued uptrend.

Ethereum whale activity increases

While Ethereum’s price continues to rise, the latest data shows increased buying activity from some major investors. According to Spot on Chain, within the past 24 hours, two major investors together spent more than $35 million to buy ETH, with an average price of about $3,400 for 10,322 ETH.

Additionally, as the price continued to rise to around $3,455, two other large investors withdrew 11,657 ETH, worth more than $40 million, from an exchange. This action of large investors shows that accumulation is increasing, and it can be predicted that the price will continue to increase.

Related: The DeFi Boom Could Propel Ethereum Prices to $3500

It is worth noting that Ethereum Open Interest data on Coinglass also shows a recent decline over the past few days. However, there has been a slight increase at the time of writing, with over $13.3 billion in open interest, which suggests that more capital is flowing into Ethereum, which may be contributing to the price increase. Combined with the current behavior of large investors and the increase in Open Interest, these data suggest that it is likely that new prices may be set in the near term.

5.0/5

(3 votes)
  1. Avatar of Emmanuel
    Emmanuel

    We are waiting

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

What Is A Cold Wallet Azc

Research | Editor Choice | research

What is a Cold Wallet? Top 3 Best Cold Wallets in the Crypto Market

Is a cold wallet an effective tool for storing cryptocurrencies? So, what is a cold wallet? What are some recommended types of hardware wallets to use? Let's find out together!

Azcnews Ctk Soars 100% In One Hour Ahead Of Major Update

News | Altcoin | Editor Choice

CTK Soars 100% in One Hour Ahead of Major Update

The price of the CTK token doubled within an hour ahead of the upcoming Shentu v2.10.0 update.

Azcnews A Major Uk Bank Officially Bans Cryptocurrency Transactions

News | Editor Choice | Policy & Regulations

A Major UK Bank Officially Bans Cryptocurrency Transactions

Starting May 30, the UK digital bank Kroo will prohibit its customers from conducting cryptocurrency transactions.

An Investor Becomes A Millionaire Thanks To Memecoin Shiba Inu

Altcoin | Editor Choice

An Investor Becomes a Millionaire Thanks to Memecoin Shiba Inu

An investor became a millionaire by holding Shiba Inu for 3 years, turning $2,700 into $1.2 million.

Azcnews Ethereum Approaches Ath As Fund Market Premium Peaks

News | Altcoin | Editor Choice

Ethereum Approaches ATH as Fund Market Premium Peaks

As Ethereum edges closer to its all-time high, the Fund Market Premium of ETH has reached its highest level since November 2021.