Time To Buy Ethereum? Crypto Whale Buys $5.92 Million of ETH
Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is poised for huge upside momentum as it forms a bullish price action pattern on the daily time frame. Over the past few hours, the sentiment across the cryptocurrency market has completely changed, with prices switching from downward to upward momentum.
Crypto Whale Buy $5.92 worth of ETH
ETH price fell slightly before the US market opened, but this completely changed as the price rose from $3,190 levels to $3,445 levels in six hours. This huge upward momentum has attracted a lot of attention from cryptocurrency enthusiasts, leading to massive accumulations.
Today, January 15, 2025, blockchain-based transaction tracker Lookonchain posted on X (formerly known as Twitter) that a newly created wallet had withdrawn 1,799 ETH worth $5.92 million from Binance. In such market conditions, the withdrawal of an asset is viewed as a purchase and signals a new acquisition, making it an ideal buying opportunity.
Current Price Momentum
recent build-up, upcoming political events, and U.S. Securities and Exchange Commission Recent plans regarding the pending case have caused a significant increase in the price of ETH. Currently, ETH is trading near $3,460, with the price rising by more than 8.2% in the past 24 hours. Additionally, trader and investor participation increased by 15% during the same period compared to the previous day.
Ethereum (ETH) Technical Analysis and Upcoming Levels
According to expert technical analysis, ETH is back above key support levels and is poised to break out of the falling wedge price action pattern on the daily time frame.
Based on recent price action and historical momentum, if ETH breaks out of this pattern and closes above the $3,600 level, it has a good chance of surging 15% to $4,000 levels in the future.
On the positive side, ETH’s relative strength index (RSI) remains below the overbought zone, indicating that the asset still has plenty of room to surge towards forecast targets.
