- Whale Alert notifies community of significant ETH transfer to Coinbase.
- ETH experiences trading range, with 0.71% decline in 24 hours.
- Candlesticks touch lower Bollinger Band before rebounding, potential for $2,000 target.
Whale Alert, a prominent blockchain tracking platform, has recently notified the cryptocurrency community about a significant transfer of 25,264 ETH, equivalent to around $48,302,924, from an unidentified wallet to Coinbase. The platform has also observed another noteworthy movement involving a transfer of 30,000 ETH from an anonymous wallet to OKEX. These substantial transactions by crypto whales have the potential to impact the overall sentiment surrounding the price of ETH.
According to CoinMarketCap, ETH is currently experiencing a trading range between its highest point of $1,938.14 and lowest point of $1,897.12 within the day. As of the latest update, ETH has encountered a 0.71% decline over the past 24 hours and is presently valued at $1,923.42. Nevertheless, the impressive seven-day growth of 4.29% has enabled ETH to maintain a positive trajectory. Additionally, the recent transfer of significant funds from a large investor’s wallet to an exchange has the potential to induce selling pressure on ETH.
Upon analyzing the 4-hour chart of ETH/USD, it is observed that the candlesticks successfully touched the lower band of the Bollinger Bands indicator before rebounding and generating fresh green candlesticks. While there is a possibility of ETH aiming for $2,000 as a new target, it may encounter challenges in achieving this milestone within a limited timeframe.
The whales likely sought to capitalize on the transient upswing by strategically maneuvering their assets. Before this, substantial amounts of ETH were transferred from wallets to exchanges, potentially signaling the intent of these astute traders to exploit the prevailing short-term uptrend.
In the Ethereum (ETH) trading context, the candlesticks can approach the middle line of the Bollinger Band indicator and subsequently rebound in response to heightened selling pressure. However, should the candlesticks breach the middle line, there is a potential for ETH to ascend towards the upper band level before encountering a subsequent decline. Additionally, the Relative Strength Index (RSI) further supports the notion of a short-term upward trend for ETH, as evidenced by forming a bullish crossover.
Based on current indicators, Ethereum (ETH) may be poised for a short-term bullish trend. However, if significant selling activity is initiated by large-scale investors, commonly referred to as whales, there is a considerable likelihood that this could exert downward pressure on ETH, potentially leading to a downtrend.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
