ETH Price Prediction: Will Ethereum Continue Its Upside Momentum?
Key Insights:
- Ethereum (ETH) price prediction for the coming days is bullish, as whale and institutional interest in the asset has skyrocketed.
- Over the past 48 hours, Abraxas Capital has purchased $297 million worth of Ethereum, indicating a bullish signal.
- Amid the market recovery, traders are over-leveraged at $2,160 on the lower side and $2,400 on the upper side.
ETH price prediction for the coming days appears bullish and is poised to continue its upward momentum. Ethereum has broken through multiple resistance levels over the past 48 hours, with a notable 35% gain, paving the way toward the next resistance level at $2,600.
Growing Whale Activity Signals Strong Confidence in ETH Price
Whales and institutions have displayed strong confidence in the meme coin during its upward momentum. On-chain analytics from IntoTheBlock and Lookonchain highlight this growing interest.
Abraxas Capital, a London-based investment manager, has garnered significant attention with its recent Ethereum investment. Data shared by Lookonchain revealed that the firm has withdrawn 138,511 ETH, worth $297 million, from exchanges, indicating potential accumulation.
IntoTheBlock’s data highlights a surge in whale transactions. Deals between $1 million and $10 million have risen by 48.43%. Meanwhile, transactions exceeding $10 million have doubled, signaling strong institutional interest.
The rise in whale participation underscores their increasing confidence in the ETH price. This growing interest suggests intense anticipation of a potential bull run.
The sharp rise in whale participation suggests a strong buying interest. This trend signals a possible buying opportunity as market confidence in the ETH price grows.
Current Market Sentiment & ETH Price Momentum
At press time, ETH price was trading near $2,340 and had recorded a price surge of over 8% in the past 24 hours. With its continued upward momentum, participation from traders and investors has skyrocketed.
Data from CoinMarketCap reveals that ETH’s trading volume during the same period has soared by 50% compared to previous days. This surge in trading volume and the price increase indicate strong momentum in the asset, further reinforcing ETH’s bullish outlook.
ETH Price Action & Technical Analysis
According to expert technical analysis, the ETH price prediction for the coming days appears bullish. It is poised to continue its upward momentum.
ETH’s daily chart shows a strong breakout past key resistance levels. The price has surged beyond $1,900 and crossed another major barrier near $2,250, signaling bullish momentum. This breakout has cleared key hurdles, paving the way for ETH to maintain its bullish trajectory.
If ETH price undergoes a price correction but stays above $2,250, its bullish outlook remains intact. Holding this level could reinforce optimism and sustain upward momentum.
The asset could see a 12% price surge, potentially reaching the $2,600 level. This indicates that ETH’s bullish outlook depends on maintaining support above the $2,250 level.
With the price rise, ETH is approaching the 200 Exponential Moving Average (EMA) in the daily time frame. This is creating resistance and a hurdle for ETH’s upward momentum.
ETH’s RSI has climbed to 81, signaling that it is now in the overbought zone. This suggests a strong possibility of a price correction in the coming days as traders reassess their positions.
$2.11 Billion Worth of Bullish Bets
Besides all these factors, traders are strongly betting on the bullish side, according to Coinglass data. Traders have heavily leveraged their positions at the $2,160 level.
They have accumulated $2.11 billion in long positions, signaling strong bullish confidence in the ETH price. In comparison, $2,400 is another overleveraged level where traders have built $623 million worth of short positions.
The strong bullish momentum indicates that buyers are in control, driving the ETH price higher. Their dominance could continue pushing Ethereum toward new highs if market sentiment remains strong.
