- Inactive Ethereum address with 100 ETH active after 8.5 years.
- 20 ETH transferred from reactivated address, purpose unclear.
- Ethereum’s price action at a decisive point, with potential for trend change.
Whale Alert informed the cryptocurrency community on February 4 that an inactive address containing 100 Ethereum
The cryptocurrency’s value stood at $230,159 as of the reporting time. Such fluctuations often lead to market speculation. Occasionally, these changes result in investors selling their holdings. Alternatively, the holder may simply transfer the coins to a different wallet address.
Coin Edition kept track of that wallet and noticed that out of the 100 ETH, 20 had been transferred to a different address. Yet, it is unclear whether this transfer will result in a sale or if it was merely a change of address or a security update.
ETH Continues Its Consolidation Phase
As of the reporting time, the price of ETH stood at $2,291, which corroborates the observation that the alternative cryptocurrency has remained in a narrow consolidation range over the past 30 days. The 4-hour chart indicates that the 9-period Exponential Moving Average (EMA), represented in blue, was positioned at $2,298, and the 20-period EMA, shown in yellow, was at $2,301.
The convergence of the Exponential Moving Averages (EMAs) indicated that Ethereum’s (ETH) forthcoming price action could likely be decisive. Nonetheless, traders need to be vigilant for any EMA crossovers. A scenario where the 20-period EMA moves above the 9-period EMA may suggest a bearish trend for ETH.
Nonetheless, if the 20 EMA crosses below the 9 EMA, it could indicate a possible upward trend for ETH. If that occurs, ETH could rise to $2,390. On the other hand, if the trend turns negative, ETH could fall to $2,245.
Indicative of a Prospective Buy Moment
The Aroon indicator indicated a decrease in bearish control on the daily chart. Earlier, the Aroon Down (blue) registered at 94.48%. However, the indicator had decreased to 14.29% at the time of reporting.
Nonetheless, the decrease did not signify that the bulls had taken advantage of the price reduction. As of the latest update, the Aroon Up (in orange) stood at 0%, signifying that purchasers were merely observers at the moment. Additionally, the Supertrend was another metric examined for its potential to assist in pinpointing signals for purchasing and selling.
The Supertrend indicator on the daily chart indicated a sell signal when the price reached $2,524. Consequently, reaching this price level with ETH might suggest it’s an opportune moment to realize gains. Conversely, a buy signal emerged when the price was at $2,290.
In summary, the current price movement of ETH suggests it is more of an opportunity to purchase than to sell. However, traders should proceed with care regardless of this indication. ETH could fall below the $2,290 mark if a new round of selling activity emerges. Conversely, absent such pressure, an ascent towards the $2,500 area may follow.
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.
