Ethereum (ETH) Buying Activity Surges, Traders Eyes 15% Rally
Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, appears to be in trouble after rising 8.80% yesterday. Today, January 17, 2025, ETH has given up nearly 5% of yesterday’s gains, falling from $3,450 to $3,260 levels.
ETH current price momentum
Currently, ETH is trading close to $3,331, with the price down more than 3.15% in the past 24 hours. During the same period, trading activity increased modestly, with transaction volume increasing by 5.5%.
Crypto Whale buys $9.5 million worth of ETH
In the current market conditions, some whales appear to be accumulating ETH and taking advantage of the recent price decline. Recently, blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a newly created crypto wallet withdrew 2,884 ETH worth $9.57 million from Binance, the largest cryptocurrency exchange.
This marks the second increase in holdings fresh whalePreviously, on January 16, 2024, a new crypto wallet withdrew 1,799 ETH from Binance, worth $5.92 million.
$51 million in ETH flows out of exchanges
In addition to this, long-term holders appear to be accumulating altcoins, on-chain analytics firm reports coin glass. Spot inflow/outflow data shows that the exchange witnessed $51.15 million worth of ETH outflows.
In the cryptocurrency space, outflows refer to the movement of assets from exchanges to wallets, signaling potential accumulation and generating buying pressure, which can fuel further upward momentum.
The accumulation of whales and long-term holders indicates growing confidence in ETH’s price potential.
Ethereum (ETH) Price Action and Key Levels
According to expert technical analysis, ETH looks bullish and is currently retesting support levels. Furthermore, it formed a bullish falling wedge pattern on the daily time frame.
Based on recent price action, if ETH breaks out of this pattern and closes the daily candle above $3,500, there is a good chance that it could surge 15% to $4,000 levels in the future.
On the positive side, ETH’s relative strength index (RSI) is below overbought territory, indicating strong potential for an upside rebound.
