Ethereum (ETH) increased buying activity, traders eyes 15% Rally
Ethereum (ETH), the world's second largest cryptocurrency by market cap, appears to be struggling after yesterday's 8.80% gain. Today, January 17, 2025, ETH has recaptured yesterday's nearly 5% gain, falling from $3,450 to $3,260 levels.
Current price momentum of ETH
Currently, ETH is trading near $3,331 and has experienced a price drop of over 3.15% in the last 24 hours. During the same period, trading activity increased slightly, resulting in a 5.5% increase in trading volume.
Crypto Well buys $9.5 million worth of ETH
In the current market conditions, some whales seem to be hoarding ETH and taking advantage of the recent price drop. Recently, blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a newly created crypto wallet from Binance issued 2,884 ETH worth an estimated $9.57 million.
This shows the accumulation of the second hot whale, earlier on January 16, 2024, a new crypto wallet worth $5.92 million worth 1,799 ETH was withdrawn from Binance.
$51 million in ETH flow from exchanges
In addition, long-term holders seem to be steadily accumulating altcoins, according to on-chain analytics firm Coinglass. According to data from the inflow/outflow of the exchange, $51.15 million worth of ETH was withdrawn.
In the cryptocurrency landscape, the withdrawal indicates the movement of asset exchange into wallets, which indicates potential accumulation and creates buying pressure, which leads to an increase in the rate of reversal.
The increase in stocks by whales and long-term holders shows 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 testing the support level. Additionally, it has created a wedge pattern that stands out on the daily time frame.
Based on the recent price action, if ETH breaks this pattern and closes a daily candle above the $3,500 level, there is a strong possibility that it could rise by 15% to reach the $4,000 level in the future.
On the positive side, ETH's Relative Strength Index (RSI) is below the overbought zone, indicating strong potential for a reversal rally.
