• Ethereum surges after a $1.3 billion whale purchase, significantly boosting investor confidence and market sentiment.
• Ether’s comeback toward $3,550 depends heavily on Bitcoin’s next significant market movement and trend.
• ETH shows intraday volatility, with the $3,640 resistance level critical for potential trend direction.

Ethereum (ETH) is making headlines once again after a massive whale purchase, sparking excitement in the market. The move has given investors confidence in Ether’s future and hints at a major market event influenced by Bitcoin.

Satoshi Whale Buys 385000 Ethereum

A popular crypto analyst, 0xNobler, highlighted that a Satoshi whale has grabbed everyone’s attention by acquiring 385,000 ETH, which is worth $1.3 billion in total. Such a huge purchase pushed Ether’s value by 2% in an instant, leaving everyone wondering what this whale is expecting to happen in the future.

Analysts are taking note of this whale purchase, which shows confidence in ETH. Analysts believe that after network upgrades and possible ETH-based ETFs, they expect a bigger rally in this cryptocurrency. One social media account tweeted, “He definitely knows something we don’t.”

Ethereum Shows Indecision Amid Market

Another crypto analyst, CRYPTOWZRD,  posted his analysis, stating that “the daily candle closed with a gravestone doji, which is a sign of indecision in the market, perhaps even a reversal.” He further explained, saying, “At this point, Ethereum needs to demonstrate more healthy price action before it can trend in any certain way.”

“We definitely have to look at more stable pricing from here to even think about trading it, CRYPTOWZRD replied to Dickson’s tweet. “I’ll be looking at intraday patterns in this for potential scalps, CRYPTOWZRD said.”

His statements come as traders remain cautious in trying to determine whether this whale market is the beginning of a strong trend or merely a brief market spike.

At the time of writing, ETH is trading at $3,508, with a 24-hour trading volume of $41.85 billion and a market capitalization of $418.20 billion. The price of ETH has climbed 1.79% in the last 24 hours, driven by renewed investor confidence and a series of large-scale transactions.

In the day charts, Ethereum’s candlesticks demonstrate signs of indecision, whereas Bitcoin closed slightly positive but indecisive. Analysts concur that for Ethereum to reclaim the $3,550 level, Bitcoin’s next movement is of critical importance.

A bullish engulfing candle by Bitcoin above its daily lower-high trend line may give much-needed impetus to an Ethereum comeback. At least until then, Bitcoin is the key driver in this market.

Also Read | Ethereum Whales Quietly Accumulate 7.6M ETH Amid Price Stability

Ethereum Market Shows Intraday Volatility Patterns

In intraday charts, volatility has been observed in the Ethereum market, in which $3,640 is a significant level of resistance, as per analysts’ insights. A possible test of this level, which might weaken, could result in a short, whereas breaking past it could result in a long. Analysts state that patience is needed in determining the next course of action in relation to market movements.

Also Read | Ethereum Price Analysis: Can $3,590 Trigger a Bullish Move?