Ethereum experienced an impressive 11% price increase last week, but the asset now seems to be undergoing a correction. Even with the price dropping from $4,760 to around $4,500, significant interest from large investors has been noted, indicating a trend of accumulation. Recent data indicates that Ethereum whales have accumulated 30,432 ETH valued at $141.66 million in the last 24 hours.
These significant acquisitions indicate the strong interest of large investors in the asset and suggest considerable upside potential. In the same timeframe, the distribution of global perps volume indicates that altcoins, such as ETH and various other tokens, accounted for a significant 85.56% of the total crypto trading volume. ETH topped the trading volume charts with $38.16 billion, surpassing BTC at $21.4 billion. SOL and DOGE followed, with volumes of $17.24 billion and $10.16 billion respectively. The increase in altcoin trading volume, particularly in ETH, indicates robust bullish sentiment and appears to suggest a more positive perspective in contrast to Bitcoin.
At press time, Ethereum is valued at 4,520, reflecting a decline of 3.15% over the past 24 hours. Nonetheless, the involvement of traders and investors has surged during this timeframe, leading to a 22% increase in trading volume. The recent price dip in the last 24 hours suggests that the asset could be revisiting a crucial breakout level at $4,500. Technical analysis indicates that ETH remains in an uptrend, as shown by its Supertrend indicator. Based on the current price action, this uptrend can only be sustained if ETH holds above the 4,490 level. If this occurs, there is a significant chance that the asset may experience a rapid 7.5% increase toward $4,865. Nonetheless, this optimistic perspective will only be confirmed if ETH remains above $4,490; failing to do so will render it invalid. Even with the price drop, ETH’s Average Direction Index stands at 28.75, surpassing the critical threshold of 25. This indicates that the current trend is strengthening and may persist in the near future.
Both investors and traders have demonstrated significant interest in the asset, contributing to the bullish momentum. Data indicates that more than $244 million worth of ETH has exited exchanges in the last 48 hours. This significant outflow indicates continued accumulation and could imply that the correction is nearing its conclusion. Meanwhile, Long/Short ratio for ETH at 1.50, suggesting strong trader interest. At the moment, 60.08% of Binance traders are placing their bets on long positions, while 39.92% are opting for short positions.