• Ethereum demonstrates strong bullish momentum, supported by whale activity and growing overall market confidence.
• Recent significant whale transactions highlight continued accumulation, indicating increasing investor interest in ETH.
• Technical indicators like RSI, MA Ribbon, and MACD suggest Ethereum’s price could surge higher.

Ethereum is making headlines as whale activity and positive forecasts from analytics sites lead to market enthusiasm for the coin. Analysts Ted and JAVON MARKS view the market’s entry into an early phase of a strong bullish run, believing that ETH is poised to experience a powerful market rally to reach new heights.

At the time of writing, Ethereum is trading at $4,214, marking a 6.87% rise in the last 24 hours, alongside a 24-hour trading volume of $40.75 billion and a market capitalization of $510.17 billion.

Ethereum Whale Sends $105 Million to Tornado

Notable analyst Ted has pointed out a significant transaction on the chain, whereby Richard Heart has allegedly sent $61.15 million in ETH to Tornado Cash today. Moreover, it is also clear from the data that in the past week.

He has sent a total amount of $105.96 million in ETH to the platform. However, it is notable that, still, his holding in ETH is in excess of $500 million.

Ethereum Prepares for Strong Surge

To add to the bullish outlook, analyst JAVON MARKS has shared his analysis that Ethereum could be at the start of a strong bullish run. According to his explanation, from the patterns that ETH has displayed in the past, when major breakouts happen, there’s normally a revisit that happens afterwards, leading to a strong bullish run again.

MARKS sees the present scenario leading to a strong bullish run for Ethereum to $8,000 or higher. With major wallet activity, growing confidence in the market, and positive projections from top market analysts, it appears that ETH has a promising future in the coming days.

Also Read | Ethereum (ETH) Bulls Push for $4,300 Breakout as $3,800 Support Holds Strong

Ethereum Shows Steady Uptrend Momentum

ETH is gaining strength, as its RSI value is at 58.07, showing moderate bullish market activity. The MA Ribbon also reflects strong support near $3,892, and its increasing averages are in line for upward movement. If it holds its position above that level, it could target new highs beyond $4,200.

The MACD is also bullish, as its line is currently at 390.96, which is strongly above the signal line situated at 431.17, clearly demonstrating strong positive pressure. Despite slight corrections, the market momentum still stays on the positive side, indicated by the conversion to green bars on the histogram.

Also Read | Ethereum Whale Buys $46 Million Targets Strong Breakout Toward $6,000 Soon