Ethereum

Compound

Rally

Bitcoin

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Ethereum Price Analysis: The cryptocurrency market has been witnessing a modest upswing since the completion of Bitcoin Halving last Friday. The renewed recovery pushed the Bitcoin price to $37000 and bolstered the altcoin market to enter a relief rally. Thus, the second largest cryptocurrency by market cap <a href="https://coingape.com/just-in-sec-extends-review-period-for-franklin-templeton-ethereum-etf/" rel="noopener noreferrer nofollow">Ethereum</a> rebounded from the 38.2% Fibonacci retracement level— a healthy pullback setting the asset for a higher rally.
Also Read: <a href="https://coingape.com/markets/solana-ethereum-bitcoin-price-analysis-american-roundup-april-23/" rel="noopener noreferrer nofollow">Solana, Ethereum, Bitcoin Price Analysis — American Roundup April 23</a>
<h2 id="strong-falling-wedge-and-whales-accumulation-signal-bullish-outlook-strong">Falling Wedge and Whales’ Accumulation Signal Bullish Outlook</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/a/a7RxPlQV.png" alt="BITSTAMP:ETHUSD Chart " width="1946" height="893">
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 Ethereum Price| Tradingview
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Amid the fourth <a href="https://coingape.com/trending/4-cryptocurrencies-you-might-want-to-sell-this-bitcoin-halving/" rel="noopener noreferrer nofollow">Bitcoin halving</a>, the ETH price correction recently bottomed at the combined support of 38.2% FIB and $2875. The positive upswing has uplifted the asset by 12.87% in five days to reach the current trading value of $3236.&nbsp;
<blockquote>
 An analysis of the daily chart shows the <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/" rel="noopener noreferrer nofollow">Ethereum price</a> is developing a falling wedge pattern— a technical setup often considered a minor correction before a significant rally.&nbsp;
</blockquote>
Moreover, the recent on-chain data reveals a marked increase in Ethereum (ETH) accumulation by notable investors, suggesting a bullish sentiment in the cryptocurrency market. A wallet possibly associated with Justin Sun, known as “0x4359,” has been particularly active, withdrawing 4,666 ETH ($14.91M) from Binance and purchasing 132,054 ETH ($420M) since April 8. Another new player, “0x9EB0,” has also withdrawn 7,182 ETH ($23.06M) from Binance within 18 hours.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Whales are bullish and accumulating <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>!
 0x4359 (possibly <a href="https://twitter.com/hashtag/JustinSun?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#JustinSun</a>) withdrew 4,666 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($14.91M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> again 6 hours ago and he had bought 132,054 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($420M) at $3,173 since Apr 8. <a href="https://t.co/ET5sqAhv9X" rel="noopener noreferrer nofollow">https://t.co/ET5sqAhv9X</a>
 Fresh wallet"0x9EB0" withdrew 7,182 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($23.06M) from… <a href="https://t.co/NRakiuqNbp" rel="noopener noreferrer nofollow">pic.twitter.com/NRakiuqNbp</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1782613537166344427?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 23, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Additionally, wallet “0x4446” withdrew 11,892 ETH ($37.77M) and engaged in derivatives on Compound by depositing <a href="https://coingape.com/ethereum-price-justin-sun-other-whales-accumulate-500m-eth-what-next/" rel="noopener noreferrer nofollow">ETH</a> and borrowing USDT, indicating strategic market positioning. Meanwhile, “0x1958” has opted for staking, withdrawing 5,181 ETH ($16.28M), and investing in DeFi platforms Bedrock and Pendle.
Such accumulation despite a correction trend signals the smart money trade expects the continuation of the prevailing rally.
Thus, the ETH price is likely to break the wedge pattern on the upside, bolstering a potential rally to a $4090 high.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2>
<ul>
 <li aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope rises to 50% indicating the prior bearish sentiment leaning to neutral.</li>
 <li aria-level="1">BB indicator: The downticks in the lower boundary of Bollinger Band reflect are still active towards this asset.</li>
</ul>
The post <a href="https://coingape.com/markets/ethereum-price-analysis-whale-accumulation-fuels-rally-to-4000/" rel="noopener noreferrer nofollow">Ethereum Price Analysis: Whale Accumulation Fuels Potential Breakout Rally to $4000</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum Price Analysis: Whale Accumulation Fuels Potential Breakout Rally to $4000

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