Whales, or large-scale investors, in the Ethereum market have become active as the cryptocurrency attempts to rally past the $1,650 level. Their buying and selling activities have led to increased volatility and uncertainty about Ethereum’s price trajectory. Recent data shows a significant increase in large transactions and the total value of transactions conducted by whales. Two dormant whales have also reactivated and made significant transfers, potentially increasing selling pressure. The current price of Ethereum is encountering resistance at the 20-day EMA level, but bullish sentiment remains strong. If the price can be maintained above the 20-day EMA, Ethereum may retest the resistance at $1,670 and potentially rise to $1,750. On the other hand, bears may try to pull the price below the 20-day EMA, which could trigger a decline towards a strong support level at $1,530.
AI Sentiment: Positive