Ethereum Price Analysis: Signs of Bottoming Out Amid Market Volatility
Ethereum (ETH) has shown signs of potential stabilization after a prolonged downtrend against both USD and BTC. With key support levels holding and historical patterns suggesting a possible reversal, traders are closely watching for confirmation of a market bottom. This analysis delves into the technical indicators and historical context that could shape ETH’s next price movement.
Has Ethereum (ETH) Hit Bottom? Price Analysis and Predictions
The ETH price has continued to decline against USD and BTC, but there are signs of consolidation above the $1,600 support level. A recent candle wick down to $1,400 was quickly bought up, suggesting strong support at this level. This level was also a strong support and resistance in mid-2022 to October 2023. The end of the price fall in June 2022 coincided with the FTX crash, where ETH hit a nadir of $880, with the weekly RSI indicator reaching a level of 26 during that crash.
Galaxy Digital Moves $40M in ETH to Binance
Galaxy Digital has recently moved a significant amount of Ethereum (ETH) to Binance. Specifically, the firm transferred 12,500 ETH on April 12 and another 12,500 ETH on April 15, totaling 25,000 ETH worth over $40 million. The transactions were conducted in two separate deposits: the first was 2,500 ETH worth $4.05 million, followed by 10,000 ETH valued at $16.32 million, both sent to Binance. This whale activity comes as Ethereum eyes a rebound in the market.
Whales Continue to Offload Ethereum Amid Market Slump
Galaxy Digital, the crypto investment firm led by Mike Novogratz, has been offloading its Ethereum (ETH) holdings over the past several days. According to blockchain analytics platform LookOnChain, the firm deposited another 12,500 ETH, valued at approximately $20.36 million, to Binance on April 15. Notably, Galaxy has moved 25,000 ETH worth over $40 million to the exchange in just three days. This comes amid a market slump, raising questions about what’s ahead for Ethereum and the broader crypto market.
Ethereum (ETH) Price Flashes Weekly Buy Signal as Whale Bets Big on Rebound
Ethereum (ETH) price has shown initial signs of market recovery, ending the week with a 2.03% gain. The TD Sequential indicator on the weekly chart displayed a “9” signal, suggesting possible weakness in the ongoing downtrend. Notably, one whale invested $12.6 million in Ethereum contracts using financial leverage, indicating approval of market recovery. ETH closed the week at $1,629.36, marking a minor uptrend after eight consecutive weeks of mostly bearish price patterns, which may suggest a loss of control among sellers.
