Ethereum's price movement today has been influenced by a mix of market dynamics and investor behavior. Despite a significant 8.80% gain yesterday, Ethereum has retraced nearly 5% of those gains, with its price dropping from $3,450 to around $3,260. This pullback comes amid increased trading activity, with a 5.5% rise in trading volume. Notably, some crypto whales are taking advantage of the recent price dip, with a newly created wallet withdrawing 2,884 ETH worth $9.57 million from Binance. This marks the second significant accumulation by a fresh whale, indicating a strategic move to capitalize on the current market conditions.
Additionally, long-term holders are showing confidence in Ethereum's potential, as evidenced by a $51.15 million outflow of ETH from exchanges. This outflow suggests that investors are moving their assets to wallets, potentially creating buying pressure and supporting further upside momentum. According to technical analysis, Ethereum is currently retesting its support level and has formed a bullish falling wedge pattern. If Ethereum breaches this pattern and closes above the $3,500 level, it could potentially rise by 15% to reach the $4,000 mark.
Ethereum's price has increased by 1.85% today, reaching $3,368.80, with a high of $3,393.30 and a low of $3,307.60.