Ethereum’s price remains above $3,000, signaling potential for further gains as market sentiment improves. On-chain data indicates that large holders are accumulating ETH, confident of an impending rally. Technical indicators suggest that if buying pressure continues, Ethereum 
$2,316 could rise even further, reinforcing bullish expectations across the market.
FOMC Volatility and Ethereum’s Recovery
In recent months, Ethereum has exhibited significant recovery patterns following the market volatility caused by FOMC announcements. The Net Realized Profit/Loss (NPL) indicator from Sentiment Feed reveals that Ethereum has initiated meaningful price reversals during these periods.
Notably, Ethereum’s rapid responses to sudden downturns have been characterized by swift recoveries, with the magnitude of these rebounds varying. In some instances, price recoveries reached as high as 34%, while in others, they remained around 14%.
Whale Activity
According to the NPL indicator, significant accumulation events occurred on January 13 and January 27. While whale responses on January 13 were relatively mild, a marked increase in transactions exceeding $100,000 was observed from January 27 onward.
Since January 21, Ethereum wallets holding between 1,000 and 10,000 ETH have accumulated 100,000 ETH. Larger wallets, possessing between 10,000 and 100,000 ETH, acquired 300,000 ETH, while the largest wallets, holding between 100k and 1 million ETH, recorded an increase of 900,000 ETH.
Recent price movements of Ethereum indicate the potential for an upward trend. If the technical outlook continues positively, a key target of $4,000 becomes attainable. Currently, ETH trades at $3,265, showing a 7% increase in the last 24 hours.
Key resistance levels that traders should monitor for potential profit-taking are $3,322, $3,592, and the crucial $4,000 level. On the support side, $3,182 and $3,057 are key points to watch in the short term. A breakdown below these supports could see prices drop approximately 13%, reaching around $2,657.
Current market indicators and whale activity present a strong potential for an upward trend. Ongoing accumulation by large holders may drive ETH prices toward significant resistance levels.
