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The Ethereum kit, the one that has held ETH long-term since its inception in 2015, has once again changed a significant amount of ETH. Could this make the price of Ethereum go up or down? Let’s find out.
The whale appears to have transferred 3,370 ETH, worth roughly $11.37 million, to the Kraken exchange in the past nine hours, according to on-chain data. This is part of a consistent pattern in 2024, where the same wallet sent a total of 48,687 ETH, or $171.78 million, to Kraken.
Kit is selling an average amount of 3.528 ETH per ETH based on the price rise, so I believe there is a deliberate hand and strategy to sell off Kit’s ETH.
At the end of the eight-year selling streak, the whale’s wallet balance now consists of 7,594 ETH worth $25.72 million. There are only one or two more sales that will completely destroy it with the wallet, thus ending the historical distribution phase on Ethereum.
Ethereum Price Struggles to Break $3,500: Critical Price Point
Ethereum price failed to recapture $3,500, a psychological and technical resistance point. Despite its strong fundamentals, the asset remains under significant pressure as prices are well below that threshold.
At the $3,500 mark, many long-term investors and traders could see a strong case to consider buying and reviving buying interest or selling will intensify in this area.
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Ethereum is currently trading at $3,385.46, struggling to regain its position above critical resistance levels.
The chart indicates an ongoing battle between bullish and bearish forces, with prices oscillating near the $3400 zone. Despite recent attempts to climb higher, Ethereum has faced rejection near the $3,500 psychological resistance, which is in line with historical supply zones.
Ethereum’s 24-hour trading volume is $16.38 billion, indicating a moderate increase in market activity. This increase in volume suggests increased participation, but market sentiment appears to be cautious.
Technical analysis and market overview
Ethereum price is trading at $3,388.28 on the 4-hour chart and has bounced back from higher levels around $3,400. The price is below critical moving averages, including the 50-day (yellow), 100-day (green) and 200-day (blue) SMAs.
It shows a bearish trend in the short or medium term. While the 50-day SMA is trying to climb to the north, other SMAs are falling below long-term averages. This signals that there is still a lot of work to be done to gain bullish momentum and pull the price up.
As we can see, the Awesome Oscillator (AO) is a bearish market and the red histogram bars far outnumber the blue ones. However, as the red bars decrease, indicating a weakening bearish pressure, there is an indication that the bearish pressure may have recently eased.
To complete a bullish reversal into a green oscillator above the zero line, the oscillator must first change to green. This suggests that buyers are starting to set prices, and while this trend may be reversing, it appears that buyers are regaining strength.
Ethereum’s current support at $3,300 has already been tested multiple times and has continued to act as a major defense for the bulls. Further declines could reach the $3,200 support zone.
What to expect from ETH price?
On the other hand, $3,400 still represents a psychological barrier and the first major resistance level to pay attention to. But $3,500 is very close to the 100-day SMA, and even so, that’s the wall Ethereum will have to break through to shift sentiment back to the bulls.
The overall chart pattern looks like a market trading in a consolidation pattern at current prices with an upward slope from recent lows. But a break above the 50-day SMA suggests that bullish efforts are not yet strong enough to trigger a strong rally. Overall, however, market sentiment remains cautious as traders refrain from taking larger positions until clearer signs emerge
