The overall cryptocurrency market has shown strong bullish potential ahead of the inauguration of President-elect and cryptocurrency advocate Donald Trump, scheduled for January 20, 2025. However, one thing that has captured a lot of attention among cryptocurrency enthusiasts is the recent cryptocurrency activity. Giant last week.
Whales buy over $1 billion worth of ETH.
A prominent cryptocurrency expert recently posted on X (formerly Twitter) that whales purchased $1 billion worth of Ethereum (ETH) last week. Experts say these cryptocurrency whales acquired more than 330,000 ETH, worth more than $1 billion.
This large accumulation of ETH by whales suggests a strategic move to capitalize on Trump’s inauguration, which is expected to have a positive impact on the cryptocurrency market. However, experts and analysts are already speculating that the cryptocurrency market could experience a significant surge after the opening day.
Meanwhile, as the market has shown an upward trend in recent days, there is a possibility of profit taking. But only time will tell where the markets head after these political events.
Current price momentum and increased engagement
Currently, ETH is trading above $3,500 and near $3,515. It has experienced a price surge of more than 5.5% in the last 24 hours. During the same period, trading volume increased by 11%, attracting a significant number of traders and investors.
Ethereum (ETH) price action and key levels
The impressive price surge has seen ETH once again reach the critical resistance level of $3,500, where it has previously experienced price reversals. According to expert technical analysis, if ETH breaks this resistance line and closes the daily candle above $3,550, it is likely to surge 15% and reach $4,100 in the next few days.
On the positive side, ETH’s Relative Strength Index (RSI) is still below overbought territory, indicating that the asset has room for significant upside in the coming days.