Ethereum can push above $3.2K, but on one condition

• A pockets seemingly belonging to Justin Solar gathered a considerable quantity of ETH.
• Market sentiment and most indicators regarded bullish on ETH.

Ethereum [ETH] has been sitting comfortably above $3,000 over the previous 24 hours, because of its bullish worth motion.

The pattern appears to have carried ahead to this week, as ETH’s each day chart was inexperienced, too. In the meantime, whale exercise across the token additionally elevated. 

Is the following goal $3.2k?

Ethereum’s worth dropped underneath $3k throughout the previous couple of days, however the king of altcoins was fast to get well.

AMBCrypto had earlier reported how ETH reclaimed the $3k mark as soon as once more because the token’s worth surged by greater than 2% within the final 24 hours.

On the time of writing, ETH was trading at $3,103.84 with a market capitalization of over $372 billion.

The current worth uptrend hinted that the Ethereum worth would possibly as nicely contact $3.2k on this contemporary week. When ETH’s worth gained bullish momentum, whales used that chance to purchase extra ETH.

As per Lookonchain’s tweet, a whale purchased 14,632 ETH, value $45.5 million, from Binance [BNB] and staked it previously six days.

Other than that, on the twenty fifth of February, a pockets reportedly belonging to Justin Solar purchased 13,780 ETH, value $41.24 million on the time of the tweet.

Supply: X

These metrics urged that purchasing stress on the token was excessive. Due to this fact, AMBCrypto checked Ethereum’s metrics to gauge the general sentiment.

Our evaluation of Santriment’s information revealed that whales have been shopping for ETH as its provide held by prime addresses moved up final week.

Nonetheless, its change outflow dropped, that means that purchasing sentiment was not dominant. 

Supply: Santiment

Will whale exercise be sufficient?

Other than excessive whale accumulation, one other key metric regarded bullish on ETH. As per the newest data, ETH’s Open Curiosity was nearing its 2021 all-time excessive.

Each time Open Curiosity rises, it exhibits an elevated chance that the present worth pattern will proceed. Since ETH’s each day and weekly charts have been inexperienced, it appeared that ETH might contact $3.2k this week.

Market sentiment round ETH remained bullish, as evident from the slight rise in its Weighted Sentiment. The altcoin’s Social Dominance additionally spiked, reflecting its reputation.

Supply: Santiment

Learn Ethereum’s [ETH] Price Prediction 2024-25

The king of altcoins’ MACD displayed a transparent bullish higher hand available in the market, suggesting a continued northward worth motion.

Nonetheless, the Relative Energy Index (RSI) regarded troublesome because it was resting within the overbought zone. This may exert promoting stress on the token and put an finish to its bull rally. 

Supply: TradingView