Ethereum

bullish

2024

Moon

<p>An Ethereum whale has withdrawn around $20 million worth of ETH. The referred transaction included 5,160 ETH moved from the Binance cryptocurrency exchange to a newly created wallet. Ethereum’s price, which is down to $3,871, is heading into a time of downturn. </p> 
<p>Analysts believe large-scale investors are making strategic shifts to move their money around in anticipation of the market’s volatility or the promised future gains.</p> 
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   <p lang="en" dir="ltr">Whales are accumulating <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> after the <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> price drops!<br><br>A whale created a new wallet and withdrew 5,160 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($20M) at $3,888 from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> in the past 7 hours.<a href="https://t.co/7YZKb9XVLL">https://t.co/7YZKb9XVLL</a> <a href="https://t.co/7JUX8Qb67e">pic.twitter.com/7JUX8Qb67e</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1867410870252580962?ref_src=twsrc%5Etfw">December 13, 2024</a>
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<h2 class="wp-block-heading" id="h-market-reaction-to-ethereum-s-price-drop"><strong>Market Reaction to Ethereum’s Price Drop</strong></h2> 
<p><a href="https://www.thecoinrepublic.com/price-prediction/ethereum/">Ethereum</a> is now finding it hard to hold ground above the $4,000 market. As the broader market sentiments are currently driven by global economic uncertainties and investors’ behavior moving towards cryptocurrencies, the recent decline below this psychological barrier reflects the recent market sentiment. </p> 
<p>However, at the time of writing, this price drop has taken place at a time of significant market activity. </p> 
<p>An earlier whale transaction, and that raises questions about the ability of Ethereum’s liquidity and price stability to be impacted.</p> 
<p>Technical analysis shows a symmetrical triangle formation on the hourly chart of Ethereum. This is a period of consolidation (and sometimes a prediction of a large directional movement of price). </p> 
<p>This is vital as it describes the tug of war between buyers and sellers. The price tugs towards a significant point when most likely to bust out and most likely to bust in.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> has faced resistance and is now trading within this symmetrical triangle on the hourly.<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;">Bullish – $4,100<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3af.png" alt="🎯" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;">Bearish – $3,675<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3af.png" alt="🎯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/zuoxprZuYC">pic.twitter.com/zuoxprZuYC</a></p>— The Moon Show (@TheMoonCarl) <a href="https://twitter.com/TheMoonCarl/status/1867502026004816021?ref_src=twsrc%5Etfw">December 13, 2024</a>
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<p>Support and resistance levels to watch for ETH price are $4,100 and $3,675. However, if the price can move up from the resistance, it could be an indication, bullish momentum will come back. </p> 
<p>This could see a move higher towards new price levels. The lack of any kind of support level also implies that a bearish trend might not prevail and prices could slide further.</p> 
<p>However, market sentiment likewise seems to be a combo of caution and opportunism. </p> 
<p>This huge whale activity could be regarded as a positive signal of Ethereum’s long-term value so there is more <a href="https://www.thecoinrepublic.com/2024/11/25/ethereum-price-prediction-4000-next-amid-bull-flag-breakout/">ETH</a> accrued by these large holders to stabilize the market. </p> 
<p>Alternatively, it may have been a tying-in of holding positions in anticipation of an extended time in the teeth of the bears. This would prompt other investors to take a more defensive tack.</p> 
<h2 class="wp-block-heading" id="h-will-ethereum-bridge-back-above-4k"><strong>Will Ethereum Bridge Back Above $4K?</strong></h2> 
<p>Looking at other charts, we see that the price of Ethereum has been trading within a range, between two important support and resistance levels. </p> 
<p>A red zone that marks the resistance at roughly $4,006.56 marks the break. Previous attempts to rise further have been foiled. </p> 
<p>In blue we see the support zone around $3,400-$3,600 where historically the price has found bidders and resulted in bounces. </p> 
<p>The green arrow on the top of the chart is pointing upwards showing the chart recovering off the support level with a bullish momentum. </p> 
<p>ETH price resistance level at $4,006.56 was recently tested but has yet to crack, causing some consolidation below that.</p> 
<p>However, as we look at the bottom of the chart we see that the Awesome Oscillator (AO) is green bars getting taller which means that the bullish momentum is growing. </p> 
<p>A flat line on the latest bar with red is possible because that indicates possibly a slowdown or reversal in momentum. </p> 
<p>The buying pressure here is growing as we transition from a series of red bars to mostly green bars.</p> 
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   4-hour ETH/USD Chart | Source: TradingView
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<h2 class="wp-block-heading" id="h-future-outlook"><strong>Future Outlook</strong></h2> 
<p>The market is currently bullish as indicated by the recovery and the AO’s shift to green. Traders might be looking for signals to enter on pullbacks or a breakout above the resistance. </p> 
<p>A decisive 4-hour candle close above the $4,006.56 resistance could signal a continuation of the bullish trend for <a href="https://www.thecoinrepublic.com/2024/11/21/ethereum-price-prediction-eth-price-to-outperform-btc-hit-10k/">Ethereum</a>. </p> 
<p>This could potentially open the way to higher price levels. If Ethereum’s price fails to sustain above the resistance and falls back, the support zone around $3,400-$3,600 will be crucial to watch. A break below this might indicate a bearish phase.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/14/ethereum-whales-on-the-move-as-price-falls-below-4k-will-prices-recover/">Ethereum Whales On The Move As Price Falls Below $4K, Will Prices Recover?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Ethereum Whales On The Move As Price Falls Below $4K, Will Prices Recover?

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