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Ethereum Whales’ Activity Points to New ETH All-Time High, Analyst Says

Author: Content Editor
The Ethereum price has been consolidating around $2,700 since August. However, a recent rally led by Bitcoin's price increase could continue if long-term holders of Ethereum (LTHs) maintain their positions instead of selling. The activity of Ethereum whales has surged to a 14-week high, indicating increased interest from large-scale investors. Whale transactions exceeding $1 million have reached their highest level since August, with a total volume exceeding $10.4 billion. The actions of these large wallet holders often have a significant impact on Ethereum's price. The increase in Ethereum's "Liveliness" metric, which tracks the behavior of LTHs, suggests that some long-term holders are booking profits amid the price rise. However, if LTHs choose to hold rather than liquidate, the altcoin's rally could gain more support. Ethereum's price has risen by 31.8% in the past five days and is currently trading at $3,193. The next resistance level is $3,327, which Ethereum must breach to maintain its upward momentum. If bullish momentum continues, Ethereum could potentially reach $3,524. However, if LTHs continue to sell, Ethereum may struggle to break the $3,327 level, possibly resulting in a decline towards $2,930.

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