The Ethereum price is back under the market spotlight as it has added over 7% to its valuation in 24 hours. This has resulted in it becoming one of the best-performing crypto in the daily gainers and losers list. With a trading volume of $21.76 billion and a listing price of $2,563, its market valuation has increased to $311.53 billion.
As per the latest data of CoinMarketCap, the Ethereum whale holders are now at 49.18% while other investors are at 50.82%. Moreover, the addresses by time held show rising volatility, while the holders are 47.07% and traders are at 5.06%, the cruisers are dominating with 47.87%.
Furthermore, a trader “0xFa5D” has recently closed its ETH long position today with a $3.55 million loss and left the Hyperliquid account with all 15.66 million USDC tokens. Notably, just 2 hours later, the whale came back with the 15.66 million USDC and flipped a short position on ETH token with 10x leverage.
These market trends highlight increasing whale activity, hinting at rising optimism among the investors for this altcoin. Let us now understand the possible Ethereum price prediction.
Today, the Ethereum price is retesting its resistance trendline of the triangle pattern in the daily time frame. If the largest altcoin maintains its value above that range, this could result in it heading toward its upper price targets shortly.
After witnessing a wider next for a brief period, the Bollinger Bands (BB) shows volatility this week. This has resulted in it recording a shrinkage, however, the Ethereum price is trading above its midpoint (blue). Such a trend suggests an increasing bullish action in the upcoming time.
The Moving Average Convergence Divergence (MACD) indicator records a rising green histogram after witnessing a red histogram for over six weeks. Additionally, the 12 and 26-day average is on the path of experiencing a Golden Cross, indicating a positive outlook.
If the bulls maintain their dominance, the ETH coin price could test its resistance trend levels of $2,600 or $2,800. In an extreme positive action, it may result in it heading toward its upper target price of $3,000 within a short period.
Conversely, a bearish reversal may result in the ETH crypto experiencing a pullback within the triangle pattern. If the bears continue gaining momentum, the Ethereum price could plunge toward its $2,200 level.
Also Read: Bitcoin Price Nears Cup-And-Handle Pattern Breakout For New ATH
