Key Notes
- Ethereum retests key resistance at $4,600 as whales show strong buying activity.
- A whale recently opened a 15x leveraged long position on ETH worth $68 million.
- Technicals hint at a potential breakout if ETH closes above $4,650.
Ethereum ETH $4 563 24h volatility: 0.5% Market cap: $550.75 B Vol. 24h: $31.57 B is once again testing the crucial $4,600 resistance level after an active trading week. At press time, ETH is trading at around $4,565, nearly flat over the last 24 hours but showing a 16% surge in trading volume.
This renewed investor interest comes as whale accumulation keeps rising. According to data from Lookonchain, a whale first sold 1,001 ETH (worth around $4.55 million). Later, it opened a 15x leveraged long position on 15,023 ETH (worth around $67.8 million), which suggests massive bullish bias.
Another large investor, 0xd65F, deposited $33 million in USDC USDC $1.00 24h volatility: 0.0% Market cap: $75.17 B Vol. 24h: $8.65 B into Hyperliquid and purchased 7,311 ETH (worth around $33 million) at around $4,514 earlier on Oct. 6.
Another whale, 0xa312, withdrew 8,695 ETH (worth around $39.5 million) from Binance at $4,543. This indicates a shift toward self-custody and long-term confidence in Ethereum’s price stability.
ETH Price Upswing Ahead?
This accumulation coincides with Bitcoin’s record-breaking all-time high of $125,559 on October 5. Historically, strong BTC rallies have led to Ethereum upswings, with many analysts believing ETH could be the next crypto to explode in the coming weeks.
Popular crypto analyst Ted noted that strong buy orders are concentrated between $4,250 and $4,450, which makes them solid support levels. According to him, unless these bids are removed, ETH price drop is unlikely in the near term.
However, in case ETH sees a downfall below $4,250, the next major demand zone sits around $4,150.
Ted predicts that the second-largest cryptocurrency could see a fresh ATH once it reclaims the $4,650 resistance. Notably, ETH is currently trading 8% below its peak of $4,950, achieved on August 25.
Signs of Strength
On the daily chart, the Bollinger Bands show moderate expansion as the price nears the upper band around $4,747. ETH is currently trading slightly above the mid band (20-day SMA) at $4,321, a bullish sign suggesting positive short-term momentum.
ETH price chart with RSI and Bollinger Bands | Source: TradingView
Meanwhile, the RSI is hovering below overbought territory. This reflects balanced buying pressure with room for further upside. However, traders should keep an eye on the $4,450 support as failure to hold above this level could lead to a drop to the $4,150 support region.
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