Time to buy Ethereum? Whales are buying over $1 billion worth of ETH

The general cryptocurrency market has proven robust bullish potential forward of the inauguration of President-elect and pro-crypto advocate Donald Trump, scheduled for January 20, 2025. Nonetheless, one factor that has caught the huge consideration of crypto lovers is the current cryptocurrency exercise. giants of the previous week.

Whales are shopping for over $1 billion price of ETH

Just lately, a outstanding crypto skilled on The skilled acknowledged that these crypto whales have acquired over 330,000 ETH, price over $1 billion.

This huge accumulation of ETH by whales suggests a strategic transfer to revenue from Trump’s inauguration, which is predicted to have a optimistic influence on the crypto market. Nonetheless, specialists and analysts are already speculating that the crypto market may expertise a big surge after Inauguration Day.

Within the meantime, there’s additionally a possibility to guide earnings because the market has risen in current days. Solely time will inform the place the market will go after this upcoming political occasion.

Present value momentum and rising participation

Presently, ETH has crossed the $3,500 mark and is buying and selling round $3,515. It has skilled a value enhance of over 5.5% within the final 24 hours. Over the identical interval, it has attracted important merchants and buyers, leading to an 11% leap in buying and selling quantity.

Ethereum (ETH) value motion and key ranges

With the spectacular value enhance, ETH has as soon as once more reached the essential resistance stage at $3,500, the place it beforehand skilled a value reversal. In accordance with skilled technical evaluation, if ETH crosses this resistance stage and closes a every day candle above $3,550, there’s a excessive probability that it may rise by 15% to achieve the $4,100 mark within the coming days.

On the upside, ETH’s Relative Power Index (RSI) continues to be beneath the overbought zone, indicating that the asset may rise considerably within the coming days.