Is Ethereum Price Ready to Surge as Whales Accumulate $361M ETH?

Ethereum Price Surge Likely as Whales Accumulate $361 Million in ETH

Ethereum price is currently trading around $3,600 early Wednesday, showing signs of stabilization after a turbulent start to the week. Whale accumulation has been increasing, and with several key technical indicators turning positive, traders are speculating whether ETH is about to experience a surge. 

ETH is currently forming a symmetrical triangle, compressing between rising lows and descending highs. This pattern, visible on the 4-hour chart, suggests that a decisive price move may be imminent. Since surging to $3,900 in July, Altcoin is in a period of consolidation and as it approaches the top of the triangle at the $3,620 mark, many anticipate a breakout might be coming.

Whale Acquires $361 Million in ETH as Market Poised for Growth

The price of Ethereum has been in the spotlight as crucial updates remain to be witnessed in accordance with the cryptocurrency market. Recently, a leading whale or entity made four wallets and bought ETH for a whopping $361M.

The decision has generated interest, considering that ETH has just begun to potentially explore its market potential. Transfers observed on the blockchain move significant quantities of Altcoin, which may be a sign of a significant change approaching soon.

Ethereum's Decade-Long Dominance Over Bitcoin

The performance of Altcoin between the ten years is a sight to behold as the cryptocurrency has registered a whopping gain of 257,900%. This is by a far margin compared to the 43500 percent of Bitcoin and blows away returns made by big U.S indices like the NASDAQ which made 305%.

The price chart of Ethereum still offers bullish patterns. Such trend is the development of a huge bullish pennant that can indicate a breakout. This bullish mood demonstrates the increased hope that the price of Ethereum may sky-rocket as soon as the situation in the market permits.

Is Ethereum Price Ready for a Breakout?

As of the reporting time, the price of Ether is trading at $3,587, experiencing a 0.90% drop. Over the past few days, the Altcoin price has shown a notable consolidation around the $3,700 mark, testing resistance levels multiple times. 

The Relative Strength Index (RSI) is at 53.32 with a neutral outlook. The market is not experiencing intensive buying or selling pressure at this level, implying that it is at balance in pace.

Source: Tradingview

The Awesome Oscillator (AO) indicates a small bullish indication at 41.96. Nevertheless, an extreme push is not being exhibited by the AO implying that intense momentum is gathering pace but it has not reached to as yet to cause a major move either way.

The Ethereum price has the first support at $3,50,0, and the second main resistance is at $3,700. Any falling through the $3,500 support may create additional downward actions, but a strong breakout above the $3,700 resistance may cause additional corrections that may hold ETH at about $3,800.