- Ethereum’s price climbs to $1,619.63, with a symmetrical triangle signaling a potential 17% surge.
- Whales move millions in $ETH, with dormant wallets selling and LTH NUPL showing losses.
Ethereum continues to stand as the second biggest cryptocurrency with its current market value set at $1,603 and showing a 0.20% growth during the last 24 hours. Technical analysts detect a symmetrical triangle pattern on the hourly chart which points toward a potential 17% price movement.
Source – X
Whale Moves Shake the Market
An impressive transaction took place on the OKX digital currency exchange, where an anonymous whale moved 15,953 $ETH, valued at $26.16 million, to the Aave decentralized financial network.. Lookonchain on X reported this transaction which caused market observers to take notice.
Source – X
Six wallets participated in the transaction which borrowed $15.4 million USDT by using their $ETH collateral as security. The stablecoin was returned to OKX by the wallets. Whales appear to reorganize their holdings as a way to protect against market fluctuations.
Source – X
The whale operations take place amid a crucial period of transition in the market. Using the LTH NUPL indicator, which stands for Ethereum Long-Term Holder Net Unrealized Profit/Loss, negative values are displayed. An indication that they are now holding negative values is the extremely unusual occurrence of long-term holder losses. The market experienced a decline in the price of ETH to $883 in June 2022, which coincided with the negative reading of LTH NUPL.
Technical Signal Opportunity and Risk
The current price movements of Ethereum create uncertainty among market traders. The symmetrical triangle pattern appearing on the hourly chart implies that a price breakout will occur soon. A 17% price movement in either direction would lead $ETH to $1,900 support level or send it to $1,350 resistance.
Source –X
The Market Value to Realized Value (MVRV) ratio functions as a measurement tool. The current market price of Ethereum is 24% lower than the average holding cost of its owners at 0.76. The historical price data shows this particular area has served as an attractive accumulation point. While astute investors consider this moment an acquisition chance they should exercise caution.
The Ethereum network broke its multi-year support zone, which created strong market conditions. Market interest continues to grow as trading volume rises but this growth introduces additional dangers for investors. The present bullish market signals suggest $ETH will potentially reach $1,700 in upcoming times. A market change might happen if the current resistance level remains unbroken.
The Ethereum network functions at a high operational level. The network security receives increased strength through this development, which demonstrates sustained confidence in the future.
The data from Glassnode shows that exchange platforms are receiving more assets from users. The market may experience increased selling pressure when whales together with retail investors decide to sell their holdings.
