The overall cryptocurrency market has shown strong bullish potential ahead of the inauguration of President-elect and pro-crypto advocate Donald Trump, scheduled for January 20, 2025. However, one thing that has caught the massive attention of crypto enthusiasts is the recent cryptocurrency activity. giants of the past week.
Whales are buying over $1 billion worth of ETH
Recently, a prominent crypto expert on The expert stated that these crypto whales have acquired over 330,000 ETH, worth over $1 billion.
This large accumulation of ETH by whales suggests a strategic move to profit from Trump’s inauguration, which is expected to have a positive impact on the crypto market. However, experts and analysts are already speculating that the crypto market could experience a significant surge after Inauguration Day.
In the meantime, there is also an opportunity to book profits as the market has risen in recent days. Only time will tell where the market will go after this upcoming political event.
Current price momentum and rising participation
Currently, ETH has crossed the $3,500 mark and is trading around $3,515. It has experienced a price increase of over 5.5% in the last 24 hours. Over the same period, it has attracted significant traders and investors, resulting in an 11% jump in trading volume.
Ethereum (ETH) price action and key levels
With the impressive price increase, ETH has once again reached the crucial resistance level at $3,500, where it previously experienced a price reversal. According to expert technical analysis, if ETH crosses this resistance level and closes a daily candle above $3,550, there is a high chance that it could rise by 15% to reach the $4,100 mark in the coming days.
On the upside, ETH’s Relative Strength Index (RSI) is still below the overbought zone, indicating that the asset could rise significantly in the coming days.