With 361 thousand Ethereum (ETH) withdrawn from exchanges, bullish signals increased.
The price of Ethereum (ETH) has increased by more than 7% in the last seven days. However, the actions of large investors (whales) remain cautious.
From a technical perspective, the EMA lines are bullish. This indicates that the momentum may continue. If the uptrend continues, ETH may continue its upward movement. However, if the trend weakens, important support levels may be tested.
The biggest increase since May 30
On October 29, the net transfer volume of ETH on exchanges reached positive values, reaching 35,000. ETH A move on the stock exchange is usually a sign of selling pressure. Because investors can transfer their assets to the stock exchange that they are preparing to sell. Increased supply on exchanges can often create short-term selling pressure on price.
However, the approach paints a different picture. 361,000 from the exchanges on October 25 ETH This was the largest outflow recorded since May 30. The development discussed shows that investors operate in the long term.
Ethereum (ETH) whales are cautious.
Although ETH has gained 7.54% in the past week, the wheel movement indicates that major holders are still undecided. The number of addresses holding at least 1,000 ETH continues to decrease until the beginning of October. The number, which was 5,614 on October 1, fell to 5,534 by October 30.
Although the number of whales spiked for a short period on October 25th, with large amounts of ETH withdrawn from exchanges, the numbers are back down.
Whale activity is important to follow as these large investors can have a significant impact on the market. The decline in the number of wallets holding more than 1,000 ETH indicates a lack of confidence among large investors, suggesting potential buying support is waning.
This trend may indicate a bearish expectation for ETH. Because fewer wheels will mean fewer bulk purchases. This often reduces the support needed for prices to rise or remain strong.
$3400 can be targeted for Ethereum.
Despite the cautious stance of the whales, the EMA lines are signaling bullishness for the ETH price. A “golden crossover”, where the short-term EMA lines cross the longer-term lines to the upside, is usually a technical signal that indicates the potential for a strong price increase.
If the uptrend continues to strengthen, ETH may test the $2,820 resistance level first. If this level is breached, the price could move towards the $3,400 resistance, possibly indicating a 25% upside.
However, if the uptrend weakens and turns bearish, ETH could test the $2,308 and $2,150 support levels, which would signal a correction of around 20%.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
