Ethereum Well Buys $5.2M Post-Breakout, Eyes $2,800
Ethereum (ETH) seems poised to take off as investor and trader interest has skyrocketed over the past few days. On September 19, 2024, on-chain analytics firm Lookonchain made a big bet on X (formerly Twitter), buying 2,117.7 ETH worth $5.17 million as Ethereum's price surged.
Ethereum well among the price rally of the big bet
According to the information, this whale is long in the round loan on ETH. According to the data, this whale invested $14.7 million with a peak value of 6,078 ETH on August 5, 2024, when the entire market crashed.
In addition, in the past six months, the whale has lost ETH five times and four times, resulting in a loss of more than $13 million. At this point, it looks like the whale may be able to recover all their losses due to the recent formation and growing interest from investors and traders.
Ether's price performance and recent activity of WELL
In addition to this big whale purchase, on September 18, 2024, another whale bought 5,660 ETH worth $13.1 million at an average price of $2,316, according to CoinPedia. This data shows that whales are starting to collect ETH, indicating that a big rally may be coming.
Currently, ETH is trading around $2,470 and has experienced a price increase of over 6% in the last 24 hours. During the same period, the transaction volume increased by 16 percent.
Ethereum technical analysis and upcoming levels
According to expert technical analysis, ETH looks bullish despite trading below the 200 Exponential Moving Average (EMA) on the daily time frame. The 200 EMA is a technical indicator used by investors and traders to determine whether an asset is in an uptrend or downtrend.
A possible reason for the bullishness is the recent breakout of the strong downtrend that ETH has been experiencing since July 2024. However, this is not confirmed until ETH closes its daily candle above $2,485, if this happens, there is a strong possibility that ETH will rise to the $2,800 level in the coming days.
Bullish on-chain parameters
In addition to this technical analysis, Coinglass's ETH long/short ratio currently stands at 1.027, indicating strong market sentiment among traders. The data shows that currently 51% of top traders hold long positions while 49% hold short positions.
This breakout thesis will only work if ETH closes above the $2,800 level, otherwise it may fail.
