Ethereum Trades Below $2.8K as ETH Whales Keep it Business as Usual
The Ethereum price analysis currently has a bearish trend for ETH, with the token declining 4.43% in the last 24 hours. It’s also worth noting that ETH made a push to regain $2.8K, which is significant price resistance.
ETH Price Trajectory
According to data from CoinMarketCap, the trading volume of Ethereum has increased by 14.96% in the past 24 hours. The market value dropped by 3.79%, which confirmed that the selling volume for ETH has increased, and investors are taking advantage of it.
The daily candle opened today at $2680 and reached a daily high of $2726. However, in an unsuccessful attempt to advance, the token fell as low as $2638.
January was a tough month for the crypto market, which fell significantly. Due to that, it’s also worth noting that ETH underperformed. However, with the introduction of ETH 2.0 and ongoing ETH burning, the future of the world’s second-largest cryptocurrency looks to be very promising.
The RSI indicator for today’s Ethereum price indicates that the line is making higher peaks, implying that the token will see even more significant gains in the near future. Additionally, the gradient of the line is somewhat negative, but $2.6K serves as a price support level.
The long-term Ethereum price forecast is bullish, but the short-term Ethereum outlook is bearish. Furthermore, it’s worth noting that Ethereum trends have dominated throughout 2021. The token is presently 45.66% below its all-time high set in early November.
“Ethereum has continued ranging in the $2.6k to $2.8k level the past 3 days. The number of unique ETH transacting addresses had remained high, leading to an address activity ratio that wasn’t this high since August, when prices jumped +51% that month.”
Ethereum Whales keep up the Trade
The Ethereum network’s transfer activity increased sharply when ETH whales began shifting large amounts of crypto assets at the start of February. On February 3, whales transferred approximately 90,000 coins from Binance to unknown wallets.
According to Whale Alert, a blockchain tracking and analytics firm, it revealed that the transfer was completed in three separate transactions. On February 3 at 1:29 UTC, an Ethereum whale transferred 30,000 ETH from crypto trading platform Binance to an unknown wallet.
The transfer of 29,999 ETH and 30,000 Ethereum was completed shortly afterward. According to the current value of Ethereum, the aforementioned transactions total around $200 million in value.
In recent weeks, ETH’s value has struggled significantly. However, it appears to be gaining momentum. Yesterday, February 2, the digital currency reached a high of $2,800 for the first time in two weeks.
Since the beginning of the most recent decline, Ether’s trading activity has increased. While exchange inflows were still strong during January, their pattern has changed in the past two days. Whales have begun transferring digital assets from exchanges to cold wallets.
On that note, Sentiment added, “Ethereum whale holders continue trending assets toward non-exchange addresses despite the past months of volatility. The top 10 largest non-exchange addresses now hold 24.31M ETH, while the top 10 exchange addresses are at just 5.83M ETH.”
