Whales Fuel Potential Price Breakout | Airdrop Alert Pro

Ethereum (ETH) price has gained 6% over the past week in an attempt to create momentum for a surge towards the $4,000 level. Recently formed golden cross, combined with relative strength index It is currently at 63.6, showing potential for continued gains.

Additionally, whale accumulation has resumed, with the number of wallets holding at least 1,000 ETH rebounding after a brief decline in early January. With Ethereum hovering near key support and resistance levels, its ability to sustain bullish momentum will be crucial in determining whether it can sustain its gains or face a pullback.

ETH RSI drops from 70

Ethereum The Relative Strength Index (RSI) currently stands at 63.6 after briefly exceeding the overbought threshold of 70 between January 3 and January 4. RSI measures the speed and magnitude of price movements on a scale of 0 to 100, providing insight into market momentum.

A reading above 70 indicates overbought conditions, indicating a potential pullback, while a reading below 30 indicates oversold conditions, which may indicate a recovery in price. ETH’s current RSI below 70 suggests that while buying pressure has eased, bullish momentum remains.

ETH’s RSI is 63.6, indicating a neutral to bullish short-term outlook. A pullback from overbought levels may indicate that the asset is entering a consolidation or mild correction phase as traders take profits.

However, the RSI remains comfortably above 50, highlighting continued buying interest. If the RSI rises to 70 again, ETH may see fresh upward momentum, but a further decline below 50 may signal a weakening of bullish momentum, potentially leading to a broader price pullback.

Ethereum whales gather again

Amount of whales holding at least 1,000 Ethereum Ethereum It reached a monthly high of 5,634 on December 25 and then dropped to 5,604 by January 2. Tracking whale activity is crucial as these large holders can significantly influence market trends.

An increase in whale accumulation generally indicates increased confidence in the asset, potentially pushing the price higher, while a decrease in whale accumulation may indicate reduced interest or selling pressure.

Addresses with balance >= 1,000 ETH. source: glass node

After reaching 5,604 on January 2, the number of whales has begun to climb again and currently stands at 5,615. Rebound in whale activity points to renewed interest from large investors, which could support Ethereum price In the short term.

If the upward trend in whale accumulation continues, it could indicate growing market confidence and increasing buying pressure, which could drive prices higher. Conversely, any decline in whale activity could signal hesitancy among major investors, which could create pressure Ethereum momentum.

ETH Price Prediction: Will the $3,543 Support Hold?

Ethereum price A golden cross formed recently on January 4, which is a bullish signal that occurs when the short-term EMA crosses above the long-term EMA. While ETH price has yet to see significant gains following this formation, the technical structure suggests potential upside momentum.

If the uptrend strengthens on the back of RSI levels and new whale activity, Ethereum price A test of the resistance at $3,827 is possible. A break above this level could pave the way for further gains, with $3,987 being the next target.

However, support at $3,543 is crucial for ETH to sustain the current uptrend. If this support fails, Ethereum It could face more selling pressure, which could reverse its momentum. In this case, ETH is likely to retest lower levels, with the key support areas of $3,300, $3,200, and $3,096 coming into focus.