Ethereum (ETH), the second-largest cryptocurrency by market capitalization globally, has managed to sustain its position above a critical price threshold. This consistency has continued to draw interest from investors and holders with long-term perspectives.
As of the current moment, ETH was trading close to $3,380, marking an increase of more than 4.80% within a 24-hour period.
Donald Trump and Justin Sun Engage in Purchases
SpotOnChain reported on 24th January that notable crypto whales, including President Donald Trump and Justin Sun, had made substantial acquisitions of ETH during its recent dip.
As per the disclosure, Trump’s World Liberty acquired 3,079 ETH valued at $10 million, significantly boosting their ETH holdings. The data also indicated an accumulation of nearly 32,994 ETH worth $109.9 million over the last four days alone, propelling their total holdings to 74,228 ETH.
Simultaneously, five crypto wallets believed to be owned by Justin Sun deposited a significant sum of 29.2 million USDT into HTX and withdrew 9,018 ETH at an average price of $3,237.5. A statement on X further emphasized,
“Justin Sun appears to have his attention on reshaping the Ethereum Foundation with the goal of propelling ETH to $10k.”
Total ETH Outflows Reach $51.80 million
Besides these major players, there is evidence of investors and long-term holders accumulating the token. This trend was underscored in the latest findings from Coinglass.
Data from the spot inflow/outflow metric indicated exchanges witnessing ETH outflows amounting to $51.78 million in the past 24 hours. This signaled a potential accumulation phase and an attractive buying prospect in the future.
It is worth noting that this heightened interest from crypto whales and investors emerged during a phase where ETH seems to be consolidating within a narrow range.
Technical Examination and Price Behavior
According to the analysis by CryptoCrypto, ETH formed a bullish falling wedge pattern in its price action. Despite this, it appeared to be in a consolidation phase within the range of $3,200 to $3,500, potentially due to recent profit-taking activities.
However, currently, ETH seems poised for a breakout. If the price surpasses the consolidation range, it would successfully breach the bullish falling wedge pattern. A daily candle closing above the $3,510 mark might lead to a 17% surge, targeting the $4,100 level in the future.
The altcoin’s Relative Strength Index (RSI) also stood at 50, suggesting the potential for a rally and a reversal in price from this level.