Ethereum (ETH) has posted gains today, with the bulls staging a comeback that pushed ETH above the $3,000 price mark. As of writing this article, ETH is trading at $3,105.22, up 5.37% over the last 24 hours.
While ETH is up strongly today, it is still down around 1% for the week and 1.5% for the month as it works to recover from recent losses. Ethereum's market cap currently sits at $373 billion, making it the #2 cryptocurrency, with $14.4 billion in trading volume over the last 24 hours.
ETH trades at $3,105.22, inching closer to a key resistance level at $3,059. This level previously acted as support, so a decisive break above it could solidify Ethereum's bullish momentum.
A successful breach of $3,059 would push ETH out of the bearish channel that has kept a cap on its upward trajectory. The technical indicators are aligning in favor of more upside as well. Ethereum's RSI sits at 51, showing slight bullish momentum, while the MACD is positive.
However, ETH still trades below its 50-day SMA, which it will need to reclaim to reinforce a new uptrend. If the bulls can conquer the $3,059 resistance, the path could open up for Ethereum to target higher levels.
Massive ETH Transfers Hint at Potential Price Surge
Adding to the bullish outlook, several crypto whales have moved large amounts of ETH worth around $22 million each from Coinbase to unknown wallets in recent transactions.
Whales 0x091d, 0xd26e, 0xfe73 and 0xf627 each transferred exactly 7,563 ETH from Coinbase to private wallets. These major transfers, totaling around $88 million worth of ETH, often signal whales' intention to hold for the long-term.
By moving funds off exchanges to self-hosted wallets, whales are likely preparing to accumulate more coins or simply hodl their existing positions in anticipation of higher prices ahead.
Given Ethereum's positive technical posture and the upbeat sentiment from whales, these large transactions could foreshadow increasing upward price pressure for ETH. The whales appear to be positioning for a potential breakout or rally.
Of course, investors should always analyze the full market context before trading. But the confluence of technicals and whale activity suggests Ethereum may be gearing up for its next bullish move.
