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Ethereum Whales On The Move As ETH Price Touches $3,000 — What Next?

Last Updated February 21, 2024 2:59 PM
Nikola Lazic
Last Updated February 21, 2024 2:59 PM
By Nikola Lazic
Verified by Peter Henn

Key Takeaways

  • Ethereum’s price peaked at $3,000 but had an immediate pullback.
  • Whale activities indicate mixed market sentiments and potential volatility.
  • Further upside potential for Ethereum, but correction phase anticipated.

On February 20, Ethereum’s price hit $3,000, a peak last observed in April 2022. However, it faced a rejection, dropping below $2,900 the following day. This pullback occured amid an uptrend that began on February 17. This, in turn raises questions about the sustainability of this upward momentum given the recent signs of potential weakness.

This event has stirred up the major Ethereum traders, or whales. Some deposited, while others have withdrawn on exchanges, indicating volatility on the horizon. 

ETH Whales on The Move 

There are two instances of interesting whale activity reported by Lookonchain, providing a contrasting perspective on Ethereum whale activities and highlighting the dynamic nature of the cryptocurrency market.

In the first case, recorded February 18, a whale has been actively accumulating Ethereum, adding over $178,900,000 worth of Ethereum to their holdings in less than two weeks. This significant accumulation  underscores a bullish sentiment among some large-scale investors, suggesting confidence in Ethereum’s prospects.

Conversely, the second case, recorded on February 20 displays a different scenario where an Ethereum ICO whale took advantage of the price reaching $3,000 to cash out, potentially indicating a bearish outlook or a desire to realize profits at a key resistance level.

This action could signal caution or uncertainty about Ethereum’s short-term price trajectory, especially when reaching significant price milestones.

These activities underscore the diverse strategies and outlooks of large-scale investors in the cryptocurrency space, reflecting the complex interplay of factors that drive market movements. While accumulation activities suggest confidence and a bullish outlook, significant cash-outs at key price levels may introduce bearish sentiment or profit-taking behavior, influencing Ethereum’s price dynamics.

ETH Price Analysis 

Ethereum’s continuous rise from January 25, breaking past the $2,500 threshold, has now set a new high, disrupting the expected start of a correction phase and suggesting the bull market’s initial stage is incomplete.

daily chart
More room to the upside

The recent peak brings Ethereum back to values not seen since April 2022, indicating the potential for further increases towards a significant resistance level at $3,200.

However, following this uptrend, a correction is still anticipated. Should Ethereum hit the $3,200 mark, it’s projected to enter a correctional downtrend, potentially dropping to between $2,100 and $1,800, per Fibonacci retracement levels.

In all, the price of ETH has more upside potential, although limited as per our analysis. We could see another high, but after it ends, the start of its correction phase should begin. 


Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.


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