Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, appears to be struggling after yesterday’s 8.80% gain. Today, January 17, 2025, ETH has made up almost 5% of yesterday’s gains, falling from $3,450 to the $3,260 level.
ETH’s current price momentum
Currently trading around $3,331, ETH has experienced a price drop of over 3.15% in the last 24 hours. During the same period, trading activity increased moderately, resulting in a 5.5% increase in trading volume.
Crypto Whale buys $9.5 million worth of ETH
In the current market conditions, some whales appear to be accumulating ETH and taking advantage of the recent price drop. Recently, blockchain-based transaction tracker Lookonchain posted on
This marks the second accumulation of a new whale. Previously, on January 16, 2024, a new crypto wallet raised 1,799 ETH worth $5.92 million from Binance.
$51 million in ETH outflows from the exchanges
Additionally, long-term holders appear to be continuously accumulating the altcoin, as reported by the on-chain analytics company Mint glass. Spot inflow/outflow data shows that exchanges have witnessed an outflow of a significant $51.15 million worth of ETH.
In the cryptocurrency landscape, outflows refer to the movement of assets from exchanges to wallets, indicating potential accumulation and creating buying pressure, which can drive further upward momentum.
The increasing accumulation of whales and long-term holders indicates growing confidence in ETH’s price potential.
Ethereum (ETH) price action and key levels
According to expert technical analysis, ETH appears bullish and is currently retesting the support level. Moreover, it has formed a bullish descending wedge pattern on its daily time frame.
Based on the recent price action, if ETH breaks this pattern and closes a daily candle above the $3,500 level, there is a strong possibility that it could rise 15% to reach the $4,000 level in the future.
On the upside, ETH’s Relative Strength Index (RSI) is below the overbought zone, indicating strong potential for an upside rally.