Ethereum can push above $3.2K, but on one condition

• A pockets seemingly belonging to Justin Solar collected a considerable quantity of ETH.
• Market sentiment and most indicators seemed bullish on ETH.

Ethereum [ETH] has been sitting comfortably above $3,000 over the previous 24 hours, because of its bullish value motion.

The pattern appears to have carried ahead to this week, as ETH’s day by day chart was inexperienced, too. In the meantime, whale exercise across the token additionally elevated. 

Is the subsequent goal $3.2k?

Ethereum’s value dropped below $3k throughout the previous couple of days, however the king of altcoins was fast to get well.

AMBCrypto had earlier reported how ETH reclaimed the $3k mark as soon as once more because the token’s value surged by greater than 2% within the final 24 hours.

On the time of writing, ETH was trading at $3,103.84 with a market capitalization of over $372 billion.

The latest value uptrend hinted that the Ethereum value may as nicely contact $3.2k on this contemporary week. When ETH’s value gained bullish momentum, whales used that chance to purchase extra ETH.

As per Lookonchain’s tweet, a whale purchased 14,632 ETH, value $45.5 million, from Binance [BNB] and staked it prior to now six days.

Aside from that, on the twenty fifth of February, a pockets reportedly belonging to Justin Solar purchased 13,780 ETH, value $41.24 million on the time of the tweet.

Supply: X

These metrics steered that purchasing stress on the token was excessive. Subsequently, AMBCrypto checked Ethereum’s metrics to gauge the general sentiment.

Our evaluation of Santriment’s information revealed that whales have been shopping for ETH as its provide held by high addresses moved up final week.

Nevertheless, its alternate outflow dropped, which means that purchasing sentiment was not dominant. 

Supply: Santiment

Will whale exercise be sufficient?

Aside from excessive whale accumulation, one other key metric seemed bullish on ETH. As per the most recent data, ETH’s Open Curiosity was nearing its 2021 all-time excessive.

At any time when Open Curiosity rises, it exhibits an elevated chance that the present value pattern will proceed. Since ETH’s day by day and weekly charts have been inexperienced, it appeared that ETH may contact $3.2k this week.

Market sentiment round ETH remained bullish, as evident from the slight rise in its Weighted Sentiment. The altcoin’s Social Dominance additionally spiked, reflecting its recognition.

Supply: Santiment

Learn Ethereum’s [ETH] Price Prediction 2024-25

The king of altcoins’ MACD displayed a transparent bullish higher hand available in the market, suggesting a continued northward value motion.

Nevertheless, the Relative Energy Index (RSI) seemed troublesome because it was resting within the overbought zone. This could exert promoting stress on the token and put an finish to its bull rally. 

Supply: TradingView