The general cryptocurrency market has proven sturdy bullish potential forward of President-elect and pro-crypto advocate Donald Trump’s inauguration, scheduled for January 20, 2025. Nonetheless, one factor that has been capturing the huge consideration of crypto fans is the latest exercise of crypto giants over the previous week.
Whales Buy Over $1 Billion in ETH
Not too long ago, a outstanding crypto professional posted on X (previously Twitter), revealing that whales have bought over a billion {dollars} value of Ethereum (ETH) up to now week. The professional acknowledged that greater than 330,000 ETH, valued at over $1 billion, has been acquired by these crypto whales.
This massive accumulation of ETH by whales suggests a strategic transfer to capitalize on Trump’s inauguration, which is predicted to have a optimistic affect on the crypto market. Nonetheless, consultants and analysts are already speculating that the crypto market may expertise a major surge following the inauguration day.
Within the meantime, there may be additionally a risk of revenue reserving because the market has been rising over the previous few days. Nonetheless, solely time will inform the place the market will head after this upcoming political occasion.
Present Value Momentum and Rising Participation
At the moment, ETH has crossed the $3,500 mark and is buying and selling close to $3,515. It has skilled a worth surge of over 5.5% up to now 24 hours. Throughout the identical interval, it has attracted vital merchants and buyers, leading to an 11% leap in buying and selling quantity.
Ethereum (ETH) Value Motion and Key Ranges
With the spectacular worth surge, ETH has as soon as once more reached the essential resistance stage of $3,500, the place it beforehand skilled a worth reversal. In response to professional technical evaluation, if ETH breaches this resistance stage and closes a day by day candle above $3,550, there’s a sturdy risk it may soar by 15% to achieve the $4,100 mark within the coming days.
On the optimistic aspect, ETH’s Relative Energy Index (RSI) continues to be beneath the overbought zone, indicating that the asset has room to rise considerably within the coming days.