Ethereum (ETH) has captured the crypto community’s attention, with a surge in activity from mega-whales, addresses holding over 10,000 ETH. Since Ethereum’s price broke the $3,330 zone, these whales have been accumulating in numbers, which is evident as December approaches.
This uptick in whale activity has coincided with Ethereum’s price rise, showing that the larger market players may be positioning themselves for an upcoming shift. Ali, a crypto analyst, pointed out that the whale accumulation surge may hint at the market movements.
The increase in whale addresses holding ETH has aligned with Ethereum’s price uptrend. As these whales continue to accumulate, it signals a shift in market sentiment, suggesting that these players are expecting further price appreciation. Historically, market shifts have often followed such accumulation patterns, making this activity worth watching closely.
Ethereum price movement and market dynamics
Following these transactions, Ethereum’s price has experienced shifts in recent weeks. Currently trading at $3,450, ETH has seen volatility between $3,300 and $3,500. Recently, Ethereum touched nearly $4,000 in early December before stabilizing.
This surge in price came as a result of increased inflows into the network. Ethereum’s spot inflows and outflows offer further insight into the market’s current dynamics. The net inflow has coincided with periods of bullish price movement, including a spike that pushed Ethereum close to the $4,000 mark.
In contrast, the red bars on the chart highlight periods of net outflows, which often occur during market corrections or consolidation phases. For instance, heavy outflows were seen in May and September, which aligned with downward price trends.
Technical indicators reflect positive momentum
Ethereum’s technical indicators, including the MACD and RSI, further support a bullish outlook. The MACD shows a positive momentum shift, with the MACD line above the signal line, signaling potential continued upside.
In addition, the RSI is just below an overbought zone at 59.03 after common buying pressures have been seen in more stock values. However, the RSI has begun to trend up, meaning there is more room for price appreciation before reversing close to the overbought signal of 70 and above.
