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Whales Dump Ethereum Holding: Could It Shatter Bullish Sentiment?

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The price structure has exhibited an impressive increase in Ethereum, as from the start of 2024, the price was in the bulls’ favor by mid-March and reached a high of $4070. However, after reaching the top, the price wind shifted in Bear’s favor, which ended up forming a wedge.

Recent price action shows that the bearish price action flipped to bullish from last week, as the price showed symptoms of resurgence by growing 6.58% this week. Moreover, Ethereum crypto’s market value has recently seen a positive increase, surging by more than 2.50% in the past 24 hours. 

The market capitalization was $373.483 billion. However, the ETH trading volume has surged by 1% in the last 24 hours, at around $13.565 Billion. 

Ethereum

1-Month Performance Of Ethereum | From Coinmarketcap.com

Over the past 24 hours, the price of Ethereum has risen by 0.55%. The technical tools have been signaling a possible bullish rally that could benefit the crypto in the future session. Furthermore, Ethereum has exhibited positive growth in the last month, increasing by more than 4.37%, according to CoinMarketCap. 

Do Whales Intend to Dump Ethereum or Not? Let’s find out!

As reported by Whale Alert over the X platform, the Ethereum whale moved 7000 ETH on May 18th, worth around $21.630 million. This transfer occurred from a mysterious wallet ending with -d935 to the trading platform Robinhood.

Nevertheless, the significant move to Robinhood suggests that a major Ethereum investor might probably intend to dump a considerable amount of their holdings. It could probably diminish the bullish sentiment, create potential selling pressure, and halt the current upward trend in the Ethereum price process.

Analyst Support Bullishness For $4k In Ethereum Price, Would It Bleed or Thrust Upward? 

An analyst, Captain Faibik, Tweeted with the bullish sentiment on X platform, that a breakout looks anticipated from the wedge pattern and it could send it to the $4000 price mark.

Similarly, based on the analyst tweet, the ETH asset daily chart depicts that it has been rising steadily and firmly from support as it remains above the major 200-day EMAs. It indicates bullish strength in the long term. 

Likewise, the MACD exhibits a bullish cross, with a growing histogram in ETH at -42.9, and the RSI flashed at 52.70. It signified that the asset is not losing its steam yet and could continue to climb higher in future sessions. 

Therefore, if the breakout persists, the next goal for the ETH price could be to reach the levels above, such as $3350.0 and $3720.0. However, if the Ethereum crypto price fails to stay above the $2850.0 level, it could decline further.

Summary

The Ethereum price has shown significant fluctuations, initially favoring bulls but shifting to bears. However, recent developments indicate a shift back to bullish sentiment, with a 6.58% increase in price and positive growth in market value and trading volume. 

Technical tools suggest a potential bullish rally, and analysts anticipate a breakout in the wedge pattern. A significant ETH transfer to Robinhood may indicate a major investor’s intention to sell holdings, potentially affecting bullish sentiment. 

Technical indicators such as MACD and RSI point to bullish strength and the potential for further price increases. The next price targets for Ethereum are $3350.0 and $3720.0, with a potential decline if it fails to stay above $2850.0.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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