• Ethereum gains momentum as a whale opens a $137 million long position, signaling renewed confidence.
• Strong liquidity zones between $3,200–$3,350 suggest growing buying interest and potential rally continuation.
• Market sentiment turns bullish with eyes on the $3,500 mark before a possible short-term correction.

Ethereum is making a strong impact as a whale has opened a huge long position, marking renewed market confidence. Analysts believe that it is a demonstration of optimism about the future price action trends of ETH. ETH has huge liquidity support, suggesting it is all set for another rally.

At the time of writing, Ethereum is trading at $3,400.38, with a 24-hour trading volume of $51.30 billion and a market capitalization of $410.67 billion. The ETH has gained 2.73% over the last 24 hours, signaling renewed investor optimism after a period of sideways movement.

Ethereum Whale Move Hints Market Surge

In a significant development, renowned crypto analyst BitGuru highlighted that a substantial Ethereum whale has taken a significantly long position worth a staggering $137 million, utilizing 5x leverage.

This clearly indicates a strong positive sentiment about Ethereum’s prospects of scaling further in the short term. A whale position of such a level usually indicates a positive sentiment about an upcoming rise in the market.

Ethereum Liquidity Zones Signal Bullish Strength

Meanwhile, another market analyst, Ted, noted that Ethereum is registering strong liquidity spots within the $3,200 to $3,350 price areas. These areas have been identified as very important spots for ETH to gain much-needed strength to push up. Since ETH is maintaining strong positions above these areas, it appears that buying interest is picking up.

Market sentiment indicates that ETH could head towards the $3,500 mark in the upcoming trading days, prior to a potential correction.

The increasing accumulation observed in ETH among large holders, along with a stable level of liquidity within the market, indicates a positive short-term scenario for ETH. If this positive trend continues, ETH could surpass the current resistance level shortly.

Also Read | Ethereum (ETH) Faces Sharp Dip, Holds Ground: 3.24% Surge Expected

Ethereum Faces Sharp Weekly Pullback

The RSI value has moved down to 46.38, crossing below the neutral region, having previously peaked close to 62.44, indicating waning buying support. The MA Ribbon indicates important levels of support at $3,146, $3,044, and $2,450, while ETH has moved below the 20-week MA at $3,935, indicating some weakness.

The MACD line has moved to 284.72, going below the signal line at 397.77. The histogram turning red indicates a strong sell signal, as it depicts strong selling volume. If the MACD does not change, ETH could be in a state of correction for the upcoming weeks.

Also Read | Ethereum Flips From Fear to Bullish Sentiment as Price Targets $3,500