Is It Time To Buy Ethereum? Cryptowell bought $5.92 million worth of ETH
Ethereum (ETH), the world's second largest by market capitalization, is poised for a major advance as it has set a pattern of high price action on the daily time frame. In the last few hours, the mood in the cryptocurrency market has completely changed, with the price moving from a downward spiral to an upward trend.
Crypto Whale has a purchase price of $5.92 ETH
Before the opening bell of the US market, ETH was seeing a slight decline in price, but this completely changed when the price moved from the $3,190 level to the $3,445 level in six hours. This massive reversal rate has received a lot of attention from crypto enthusiasts, resulting in massive accumulation.
Today, January 15, 2025, blockchain-based transaction tracker Lookonchain has revealed that a newly created wallet by X (formerly Twitter) worth $5.92 million has been withdrawn from Binance. In such market conditions, the exit of the property is considered as a purchase and indicates a new purchase, which makes it a good buying opportunity.
Current price momentum
This recent rally, upcoming political events, and the SEC's latest plans for pending cases have led to a significant price increase in ETH. ETH is currently trading near $3,460 and has seen a price increase of over 8.2% in the last 24 hours. Moreover, at the same time, the participation of traders and investors increased by 15 percent compared to the previous day.
Ethereum (ETH) technical analysis and upcoming level
According to professional technical analysis, ETH is poised to break the wedge price action pattern that has bounced back above the critical support level on the daily time frame.
Based on the recent price action and historical progress, if ETH breaks the pattern and closes the daily candle above $3,600, 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 still below the overbought zone, indicating that the asset still has plenty of room to rally towards its projected target.
