Ethereum Shows Potential for Gains Amid Whale Accumulation and Key Support Levels
Main Idea
Ethereum is consolidating near $3,749 with strong whale accumulation supporting a bullish outlook, contingent on holding key support at $3,300 to reach targets of $4,220 and $5,140.
Key Points
1. Ethereum's price pulled back from $3,941 but remains above critical support at $3,300.
2. Whales have accumulated over 640,000 ETH since early July, signaling institutional confidence, including a notable 12,000 ETH transfer from Galaxy Digital OTC wallet.
3. Crypto analyst Ali projects price targets of $4,220 and $5,140, dependent on Ethereum holding the $3,300 support and favorable MVRV Pricing Bands readings.
4. The BlackRock Ethereum ETF (ETHA) holds over three million ETH, valued at $11.36 billion, indicating strong institutional demand.
5. Glassnode's ETH +1σ Active Realized Price band marks a key resistance at $4,500, historically acting as a ceiling during previous rallies.
Description
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