Whale Launch on Giant Altcoin: There is a Possibility of a Parabolic Rally That Will Trigger the Top!

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Ethereum The price dropped to $3,400 on Wednesday, April 10, after the US March CPI data was announced. However, it later managed to recover, surpassing $3,550 once again. This recovery in price took place in an environment of strong whale accumulation.

Lookonchain based on Etherscan data cryptocurrency He confirmed that there was a significant amount of Ethereum purchases in the markets. At a time when the market was declining, 10,309 ETH, equivalent to approximately $35.82 million, was purchased just two hours ago. receipt.

This acquisition follows another significant investment made earlier by the same investor on April 8. At that time, they purchased 10,643 ETH worth approximately $36.75 million, before a significant increase in Bitcoin (BTC) price.

As Koinfinans.com reported, these purchases are interpreted as the investor’s desire to benefit from potential future price movements by positioning himself strategically during market fluctuations.

On the other hand, Ethereum started to rise again with the futures call in open interest. This is an important signal indicating future upward momentum. Analysts suggest that ETH price may continue this recovery towards $4,000.

Ethereum Price Levels to Watch

Ethereum is currently trading near $3,500 and it is closely tracking the 100 hourly Simple Moving Average. An immediate resistance is near the $3,600 level or the 61.8% Fibonacci retracement level. The primary hurdle is expected to be around $3,650, followed by $3,725 as a significant resistance level and $3,780 as another hurdle. A break above $3,800 may contribute to the acceleration of the bullish momentum.

Is Ethereum price on the rise again?

However, failure to surpass the $3,600 resistance risks triggering a decline. An initial support is likely near $3,520 and a more important support level is near $3,500. Any further downside could lead to a test of the $3,400 zone.


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