Ethereum (ETH) price has recovered 23% from the August 5 bottom of $2,111. The recent Bitcoin (BTC) price recovery is the primary driver of ETH’s bounce. Additionally, whales seem to be buying ETH on recent slumps as well. The US CPI came in cooler than expected and added credence to the Fed’s dovish decision to cut interest.
Ethereum Price Market Movers: ETH Whales Accumulate, Gas Fees Plummet, ETF Notes Outflows
- According to data from Santiment, Ethereum whale addresses holding 1,000 to 10,000 ETH have accumulated 510,000 tokens since August 3 and currently hold 14.09 million Ether tokens.
- The median Ethereum network gas fees dropped below 2 gwei on August 10, marking a five-year low. This development shows retail investors are less active on the blockchain than when the market rallied. During a bear market, a sudden crash causes many investors to capitulate from losses while others go into capital preservation mode, which could serve as a sign of a potential price bottom.
- While the above two points are bullish developments for Ethereum, spot Ether ETF flows are suggested otherwise, with a net outflow of $39.21 million on August 15. Since approval, the spot ETF has seen a cumulative outflow of -$405.11 million.
- On August 15, Exchange Nasdaq ISE filed notices to withdraw its proposal to list and trade spot Ether and Bitcoin ETFs on the US Securities and Exchange Commission (SEC). This development from Nasdaq follows similar withdrawals of listing and trading of spot Ether and Bitcoin proposals.
ETH Price Analysis: Ethereum Bulls Plan Recovery Rally
Ethereum price hovers above the $2,618 support level. A decisive flip above this level with a daily candlestick close will signal the presence of bulls. Such a development will open the path for ETH price to trigger a 10% rally to the next daily resistance level of $2,886. In some cases, if the buying pressure remains high, Ether could revisit the $3,000 psychological level.
The Relative Strength Index (RSI) and Awesome Oscillator are below their respective mean levels of 50 and 0, respectively. But both the momentum indicators show signs of waning bearish momentum, often spotted during the reversal of a downtrend.
Furthermore, the spike in whale accumulation coupled with the daily active address uptick on August 16 suggests that investors were interested in Ethereum price on the recent dip.
While the uptrend is not yet sealed in stone, investors need to be aware of a sudden crash in Ether that could be driven by macroeconomic uncertainty. In such a case, Ethereum Price Prediction forecasts a rejection at $2,618, which could trigger a 16% correction to $2,190. This move could put the recovery rally in jeopardy.
The post Ethereum Price Analysis: Whales Buy 500K ETH, $3,000 next? appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed