Ethereum (ETH), hanging below $3500, caused confusion with an increase in whale activity.
Ethereum’s 10 percent gain pushed the price to $3,422. Onchain data points to increased institutional interest as a key factor affecting Ethereum’s momentum. According to data from IntoTheBlock, ETH Whale activity is increasing. This development could be a positive sign for the altcoin market.
A decrease in this metric indicates a decrease in interest. At the time of writing, the total value of Whale’s transactions is about $11 billion. Historically, when this metric rises with price, a bull run begins.
Bullish sign from onchain data for ETH
The rise in Ethereum price is also supported by weighted sentiment indicators. This indicator measures the sentiment of the overall cryptocurrency market. Positive levels reflect an uptrend, negative levels reflect a downtrend. Santiment data shows that Ethereum’s weighted value is approaching positive territory. If it stays within this zone, the value of ETH is expected to continue to rise.
The 3-day ETH chart shows that the Accumulation/Distribution (A/D) line is continuously rising. A rising A/D line indicates that investors are eager to buy. On the other hand, a decline in this indicator indicates that investors have started selling pressure.
A rising A/D line for Ethereum indicates that its price may break the $3,982 resistance. If this scenario happens, Ethereum could reach $4,110. However, unless Ethereum can overcome this resistance, the price may pull back to $3,178.
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.
