Yesterday, on April 10, 2024, when the United States released CPI (Consumer Price Index) data, the overall cryptocurrency market sharply plunged, and the world’s second-largest cryptocurrency, Ethereum, along with others, experienced a massive price fall. During that period, when Ethereum’s price dropped to nearly $3,400 level, a crypto whale took advantage of it and added a massive amount of ETH to its holding.
Why is Ethereum’s price going up?
Recently, an on-chain analytics firm, LookOnChain, made a post on X (previously Twitter) and mentioned that a whale purchased a massive 10,309 ETH worth around $35.82 million at the bottom of the market drop, which was near the $3,400 level. Additionally, LookOnChain also cited that the same whale bought a massive 10,643 ETH worth $36.75 million before the Bitcoin price rose on April 8, 2024.
This massive accumulation of ETH by the whale highlights its interest and strong belief in Ethereum. However, the major reason behind this ETH accumulation is the potential approval of a spot Ethereum ETF (Exchange Traded Fund) in the United States and the upcoming Bitcoin halving event, which is expected to happen in April 2024. Many times, we have seen whales take advantage of price drops and accumulate massively.
Currently, the market is quite recovering, and Ethereum’s ETH is trading near the $3,560 mark. In the last 24 hours, it experienced a price surge of 1.5%. If we look at the performance of ETH over a longer period, in the last 7 days, overall ETH experienced a decent 8% upside momentum. Whereas, in the last 30 days, due to the volatile and negative market sentiment, ETH’s price experienced an 11% downside momentum, according to data from CoinMarketCap.
Ethereum’s ETH technical analysis and key levels
According to expert technical analysis, ETH is heading toward its strong resistance level near $3,650. If ETH on a daily time frame gives a breakout and closes above this resistance level, then there is a high possibility that in the coming days, ETH will have the potential to hit the $3,950 level.
Besides Ethereum’s ETH, the world’s biggest cryptocurrency Bitcoin (BTC) also experienced a decent 2% upside momentum and is currently trading near the $70,500 level after reaching a low of $67,500. This immediate price surge highlights the strong absorption of selling pressure, and it is happening just because of the upcoming Bitcoin halving event.
