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The king of altcoins, Ethereum (ETH) 
$2,611, has managed to reverse its recent decline, briefly surpassing the psychological barrier of $2000. This breakthrough has led to increased investor confidence. A surprising uptick in buying pressure has emerged as one of the primary factors supporting ETH’s rise, with notable increases in trading volume indicating a resurgence of interest in the market. Additionally, on-chain data reveals that the movement of large investors has also played a significant role in this recovery.
Whale Movements Elevate Ethereum’s Price
The consecutive green candles on Ethereum’s price chart, along with the increase in trading volume, demonstrate that buyers are entering the market strongly. Notably, whale movements within the last 24 hours have emerged as a fundamental driving force behind the surge.
According to on-chain data, three different whale levels withdrew a total of 14,217 ETH (approximately $29 million) from the Binance exchange within the last 24 hours, transferring it to the decentralized lending platform Aave. Following this move, they borrowed $12 million worth of USDT to re-enter the exchanges.
Significant Resistance Level for ETH: Potential Risks
While Ethereum shows signs of breaking above the $2000 level, it faces significant resistance points. The range of $2150 – $2200 has historically been a region of intensified selling pressure. If this level is cleared effectively, the price could advance towards the $2400 – $2500 range, where long-term moving averages also reside.
However, if Ethereum remains below the $2000 threshold with daily candle closures, renewed selling pressure may arise. Given the recent high liquidation events in the cryptocurrency market, investors need to remain cautious. Maintaining the upward trend that the king of altcoins has achieved is crucial, requiring continued buying pressure. While the market sentiment currently favors buyers, short-term pullback risks remain on the table.
