Time to Buy Ethereum? Whales Purchase Over $1 Billion in ETH
Ahead of the arrival of the president-elect and pro-crypto advocates, the overall cryptocurrency market has shown strong bullish potential donald trump The inauguration ceremony is scheduled for January 20, 2025. However, one thing that has caught the attention of crypto enthusiasts is the latest activity from crypto giants over the past week.
Whales bought over $1 billion in ETH
Recently, a prominent cryptocurrency expert revealed in a post on X (formerly Twitter) that whales purchased over $1 billion worth of Ethereum (ETH) in the past week. The expert said that these crypto whales have acquired more than 330,000 ETH worth more than $1 billion.
The massive accumulation of ETH by whales indicates a strategic move for Trump’s inauguration and is expected to have a positive impact on the cryptocurrency market. However, experts and analysts are already speculating that the cryptocurrency market could see a major surge after Inauguration Day.
At the same time, there is also the possibility of profit-taking as the market has been rising over the past few days. However, only time will tell where the market will go after the upcoming political events.
Current price momentum and rising participation
Currently, ETH has surpassed the $3,500 mark and is trading close to $3,515. Its price surged more than 5.5% in the past 24 hours. During the same period, it attracted a large number of traders and investors, resulting in an 11% increase in trading volume.
Ethereum (ETH) Price Action and Key Levels
Following an impressive price surge, ETH once again hit key resistance at $3,500, a level that had previously experienced a price reversal. According to expert technical analysis, if ETH breaks this resistance and closes above $3,550, it is likely to surge by 15% to the $4,100 mark in the coming days.
On the positive side, ETH’s relative strength index (RSI) remains below the overbought zone, indicating that the asset has room for significant gains in the coming days.
