Renowned crypto analyst Ali Martinez has brought attention to a notable trend in the Ethereum market. Over the past three weeks, the number of Ethereum addresses holding 10,000 or more ETH has surged by 3%. This increase indicates a significant spike in buying pressure among large-scale investors, often referred to as “whales.”
This uptick in large holders could signal a positive outlook for Ethereum, as increased accumulation by whales often precedes significant price movements. Investors and analysts alike are closely monitoring these developments, anticipating potential impacts on the broader crypto market.
As of the latest data, Ethereum’s price stands at $3,698.25, with a 24-hour trading volume of $12.20 billion and a market capitalization of $444.30 billion. Despite this bullish activity among major holders, the ETH price has slightly dropped 0.28% in the past 24 hours.
Will Ethereum Break $4,000 or Drop Below $3,650?
In a recent analysis, prominent crypto analyst Crypto Patel outlined potential scenarios for Ethereum (ETH) price movements. Patel’s insights delve into both bullish and bearish outcomes, providing a detailed forecast based on current trading patterns.
Ethereum (ETH) is currently trading within a bull flag or parallel channel pattern against the USDT. This setup typically indicates a period of consolidation before a potential breakout. Traders and investors are keenly observing these patterns to determine their next moves.
According to Patel, a bearish scenario could unfold if ETH breaks below the crucial support level of $3,650. Should this happen, Ethereum might experience a significant drop towards $3,152. This level is noteworthy as it represents the last Fair Value Gap (FVG), a region where prices previously moved quickly, leaving little traded volume behind.
On the other hand, if Ethereum manages to stay above the level of $3,152 support, then it turns into a bullish one. As Patel predicts, following this, ETH can rally up to $4,000 in the meantime. Go past that resistance, and a hugely bullish wave could knock Ether to $6,000-$7,000.
Crypto Patel’s analysis reiterates the importance of vigilance on important support and resistance levels in this existing trading scenario. Traders must remain alert and change their strategies according to these potential breakout points.
Related Reading | DOGE Enters Key Wyckoff Phase: Major Spike Predicted Amid Market Volatility