- Ethereum could reach $3,600 and $4,000 if market sentiment remains unchanged.
- Despite the massive ETH deposits at Binance, Ether remains bullish.
Amid the bullish market sentiment, a substantial Ethereum [ETH] transaction by a whale has received widespread attention from the crypto community.
Analytical company in the chain Look at chain posted on X on July 29 stating that a giant whale moved a remarkable 25,800 ETH worth $87 million to Binance.
Whale moves 25,800 ETH to Binance
According to the post on
With the recent deposit, this whale deposited a remarkable 26,660 ETH between July 17 and July 29 at an average price of $3,376.
This move has raised concerns among investors and traders. Meanwhile, the reason for this huge deposit remains unclear.
When the market sees such notable deposits on exchanges, there is a good chance that the price may fall or have an impact on the market.
However, data such as Total-Value Locked (TVL) and Open Interest (OI) suggest that this notable ETH deposit may not impact the ETH price.
According to analytics firm Defillama and CoinGlass, Ethereum’s TVL and OI have risen 3% and 6.2% respectively over the past 24 hours.
Ether technical analysis and key levels
According to expert technical analysis, ETH looks bullish as it moves above the 200 Exponential Moving Average (EMA) on both the 4-hour and daily time frames.
Furthermore, the Relative Strength Index (RSI) also indicates bullishness for ETH as the RSI reading remains below the overbought area.
Source: TradingView
By analyzing the ETH chart using price action and technical indicators, there is a good chance that ETH could reach $3,600 and $4,000 if market sentiment remains unchanged.
The main liquidation level of ETH
However, according to CoinGlass data, the key liquidation levels are at $3,340 on the lower side and $3,410 on the higher side. If market sentiment changes and the ETH price falls to the $3,340 level, long positions worth $188 million will be liquidated.
Source: CoiGlass
Conversely, if the ETH price rises to the $3,400 level, $87 million worth of short positions will be liquidated. This data from CoinGlass suggests that bulls currently have a stronger presence than bears in the market.
Read Ethereum (ETH) Price Prediction 2024-25
At the time of writing, ETH is trading around the $3,380 level and has experienced a price increase of over 3.5% in the last 24 hours.
However, trading volume has fallen by 20% over the same period, indicating lower participation from investors and traders.