Ethereum (ETH) Accumulation Signals Bullish Momentum
Title: Ethereum (ETH) Accumulation Signals Bullish Momentum
Crypto Whale Accumulates Ethereum (ETH) Amid Bullish Sentiment
According to Lookonchain data, a crypto whale has been accumulating Ethereum (ETH) on personal wallets, withdrawing 39,900 ETH from exchanges like Binance, Bybit, Bitfinex, and OKX since February 1st. Subsequently, the user borrowed 56.8 million DAI from the Spark credit platform and exchanged the decentralized stablecoin for ETH.
ETH Primed for Breakout
The significant accumulation of ETH and borrowing activity suggests strong confidence in price appreciation. With the current price of ETH at $2661 and a daily increase of 2.4%, Ethereum appears poised for a breakout.
Analyzing the 4-hour chart, ETH may encounter resistance around $2720. A breakthrough above this level could propel ETH towards $3000. However, failure to clear this hurdle might lead to a retreat to the next support near the Fibonacci retracement level at $0.786.
In the event of a downturn, ETH’s price could drop to $235. Nevertheless, convergence and divergence of moving averages (MACD) indicate a low probability of short-term price decline.
Ethereum’s Technical Indicators
Additionally, the 12-day EMA (blue) crossing above the 26-day EMA (orange) signals bullish sentiment, suggesting a potential for further upward movement. If this trend continues, ETH could overcome resistance at $2720.
Ethereum’s Total Value Locked (TVL) Hits Yearly High
DeFiLlama data shows Ethereum’s Total Value Locked (TVL) reaching $41.23 billion, aligning with ETH’s price surge to a new yearly high.
Short-Term Outlook and Potential Price Targets
In the short term, ETH may target the $3000 level. Further growth could see ETH reaching $3500, potentially establishing a new all-time high by the end of 2024.
