Ethereum (ETH) Price Surge as Whales Return to the Market
Ethereum (ETH) price has risen by 46.11%, an impressive increase that still makes it the second-worst performer among the top ten cryptocurrencies. Its recent rally has been supported by increasing whale accumulation and a 7-day MVRV signal of neutral to slightly bullish sentiment.
However, the key resistance level at $3,600 may determine whether ETH continues its upward trajectory towards $4,000 for the first time since December 2021. On the downside, a reversal could lead to a sharp pullback, with strong support at $3,000 and a drop to $2,359 intensifying pressure if bearish.
ETH 7D MVRV shows an important threshold to surpass
Ethereum The MVRV 7D is currently at 3.8%, indicating neutral to slightly bullish short-term profit-taking action. The MVRV 7D indicator compares the market value to the realized value of a coin that moved over the last 7 days, providing insights into recent traders’ profitability.
When the MVRV 7D is low, it indicates that traders are in the red or making small profits, thereby reducing selling pressure, while higher values indicate increased risk of profit taking.
Historically, Ethereum price When MVRV 7D enters the 5-7% range, the company struggles to maintain upward momentum, often triggering corrections. However, its recent rise to 13% before a 10% correction suggests that a breakout of this area could fuel continued bullish momentum.
If MVRV 7D exceeds the 7% threshold again, Ethereum price As bullish sentiment builds and traders resist profit-taking in anticipation of further gains, a sharp rise, possibly over 10%, is possible.
Ethereum whales are back
quantity Ethereum The number of whales holding at least 1,000 ETH is near the monthly high of 5,561 and currently stands at 5,557. Tracking whale activity is critical because these large holders significantly influence market trends through their buying and selling behavior.
An increase in the number of whales usually signals increased confidence in the asset, supporting price stability or upward momentum, while a decrease in the number of whales can indicate reduced interest and potential selling pressure.
After rising from 5,527 to 5,561 whales in six days, the whale count dropped to 5,535 on November 20, indicating a brief period of profit-taking or a reduction in accumulation. However, the recent recovery to 5,557 within a week reflects the renewed interest of large holders who have begun to accumulate holdings.
This rebound signals growing optimism in the market, which may support Ethereum If the trend continues, prices stabilize and pave the way for further gains.
ETH price prediction: Can it return to $4,000?
If Ethereum maintains its current uptrend, it may soon test resistance at $3,600, a key level to maintain bullish momentum.
A breakout of this resistance level will result in Ethereum price It is just 11% away from regaining the $4,000 mark, a price it has not reached since December 2021. The move could further fuel optimism and attract more buying interest, reinforcing the uptrend.
However, if the uptrend slows down and reverses, Ethereum price There will be strong support at $3,000, a key level to prevent a sharp decline.
If this support fails, the price could drop to $2,359, which would represent a 31% retracement from current levels.
Disclaimer
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