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Junior Content Creator
Harvey Hunter
Junior Content Creator
Harvey Hunter
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Why Trust Cryptonews
The Ethereum price has made a notable rebound over the past 24 hours, emerging from a brief slip with a 3.36% increase.
This rise appears to be bolstered by substantial inflows, most notably a significant $13 million ETH purchase from a well-known Ether whale.
Ethereum continues to make leaps and bounds as the broader market shows strength in its recovery following Monday’s sell-off. It has outperformed most other major altcoins over this timeframe, up 17.70%.
Indeed, Ethereum has garnered particular interest among traders today, with a substantial 80.47% surge in trading volume to $19.88 Billion.
Ether Whale Makes 5000 ETH Buy – What Do They Know?
This uptick comes as a prominent Ether whale has made a significant 5,000 ETH acquisition, worth over $12.8 million at its current valuation.
The last time this whale address bought the dip was when Ether fell to the $2,100 mark, shortly before it recovered to $3,100, according to an August 12th X post by Scopescan.
Whale buying patterns can provide insights into underlying sentiment around an asset. Notably, The last time this whale bought Ether marked the local price bottom just before a strong recovery.
This strategic move comes as Ethereum has begun to see more favorable activity among traders. The digital asset market attracted $176 million in inflows last week, with products indexed to Ethereum leading the pack with a $155 million contribution.
These significant inflows are largely driven by the recent launch of US spot Ethereum exchange-traded funds (ETFs), as investors viewed recent price weakness as a buying opportunity.
Last week, Ethereum ETFs experienced positive net inflows for the first time since their debut on July 23rd, bringing in $104.8 million.
These inflows are a decisive indicator of investor confidence in Ethereum, as traders capitalize on lower prices. Despite recent bullish sentiment weighing heavy on the market, Ethereum remains resilient.
Ethereum Price Prediction – Are We At the Bottom?
This week’s Ethereum price movement has solidified an expanding triangle pattern formation, characterized by its widening swings that signal increasing volatility as the asset remains in a period of fear, uncertainty, and doubt (FUD).
After touching the lower support of this pattern last week, the recent influx of volume has propelled Ethereum back on the path to retesting the pattern’s upper resistance.
Today, Ethereum managed to recover key resistance at $2,550, which provided support during its upward movement. However, the momentum has been subdued as it encounters strong resistance at $2,700.
This point of contention coincides with the 50EMA (pink) as it nears convergence with the 200EMA (blue) in a downtrend.
This convergence reflects short-term price weakness relative to the long-term moving average, presenting a favorable opportunity to purchase Ethereum at a discounted price.
Conversely, this technical setup could also signal a potential bullish reversal. If Ethereum fails to maintain the $2,550 support level, it could trigger a more significant sell-off, potentially pushing the price down toward the $2,100 mark – around the pattern’s lower boundary.
However, other indicators temper this bearish outlook. While the Chaikin Money Flow (CMF) (green) suggests dominant selling pressure, the Relative Strength Index (RSI) (purple) reveals a more neutral stance rather than a deeply oversold condition.
This neutral RSI suggests that while the asset is in a bearish phase, it is not yet in a position of extreme weakness, leaving room for a potential reversal.
If buying pressure persists and Ethereum breaks decisively above the $2,700 resistance level, the next significant target would be the $2,870 resistance.
Beyond that, a successful breakout from the upper boundary of the expanding triangle pattern could pave the way for Ethereum to reclaim the $3,100 level.
Why Pepe Unchained ($PEPU) Is a Strong Addition to Your Crypto Portfolio
Ethereum is likely to see some real gains later this year, yet it won’t be the only altcoin making profits for traders.
Therefore, traders may find a strategic advantage in diversifying into smaller-cap coins which can rally exponentially.
Enter Pepe Unchained ($PEPU), a meme coin that transcends conventional utility. It addresses two of the most significant pain points in the current crypto landscape – transaction speeds and fees.
This liberated evolution of Pepe operates on its own Layer 2 chain, freeing itself from Ethereum’s shackles, offering lower fees and 100x faster transaction speeds.
It’s not just a meme coin, it’s a meme chain! Something that may be credited to its instant success, raising almost $8.5 million in its presale so far.
This confidence can also be attributed to Pepe Unchained’s commitment to transparency. It has undergone two audits and features its own block explorer, allowing users to track all transactions on its unique chain.
At a temporary fixed presale price of $0.0090178, those who act quickly stand to benefit the most. Investors are currently earning an impressive 233% APY. This presents a valuable passive income opportunity, even amidst recent market volatility.
Join the Pepe Unchained community on X and Telegram to stay up to date on the latest announcements.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
