- Ethereum price has rebounded above $1,800 after testing crucial support levels amid global market volatility.
- Ethereum whales are actively accumulating ETH, signaling confidence in a potential price reversal towards $2,400.
Ethereum (ETH/USD) recently weathered a turbulent market storm, with its price hovering between crucial support levels of $1,755 and $1,800. This price action occurred as the U.S. led a global market sell-off, sparked by ongoing trade wars. However, the altcoin quickly rebounded above $1,800 on Friday, signaling resilience amid broader market fears. With a market valuation of $217 billion and an impressive daily trading volume of $15.7 billion, Ethereum continues to be a dominant force in the crypto space.
Ethereum Whales Make Their Move
Despite the gloomy market outlook, Ethereum’s whale investors are ramping up their activity. On-chain data reveals a clear buying spree among large investors, even as fears of a global recession loom large. One notable transaction saw a whale purchase 6,488 ETH after the price dipped to $1,772. This follows a broader trend where investors holding between 10,000 and 100,000 ETH have been increasing their holdings. Currently, the largest Ethereum whales hold over 17 million ETH, with more than 130,000 ETH being purchased in just the last 24 hours alone. This strong buying activity suggests confidence in Ethereum’s future potential, despite its recent underperformance relative to Bitcoin.
What’s Next for Ethereum?
From a technical perspective, Ethereum has been in correction mode for the last quarter, but signs of a potential reversal are emerging. A key support trend in the weekly timeframe is holding steady, providing a foundation for a possible price increase. If bullish momentum takes hold, Ethereum’s price could retest the $2,400 mark, which aligns with the weekly 200 Moving Average (MA), acting as both resistance and potential support.
However, there is a critical point to watch—if Ethereum fails to maintain support above $1,800 in the coming weeks, it could trigger a renewed sell-off, potentially driving the price towards $1,500. Traders will be watching closely for confirmation of either a reversal or further downward pressure in the coming days.
As Ethereum continues to battle through market volatility, it remains to be seen whether the bulls can push ETH back to higher levels or if external market forces will weigh it down further.
