An Ethereum whale has amassed $70 million in altcoins over the last three days, capitalizing on the ETH price drop. The ETH price must rise above $3,600.
On Wednesday, April 10, the price of Ethereum (ETH) plummeted to $3,400 following the US release of red-hot CPI data for March.
Since then, however, ETH has recovered significantly, surpassing $3,550 as of press time.
This recovery in the price of ETH occurs amid a significant whale accumulation.
ETH Whale Accumulation
Lookonchain, citing data from Etherscan, reported the acquisition of a significant quantity of Ethereum (ETH) by a whale in the cryptocurrency markets.
Approximately 10,309 ETH, equivalent to $35.82 million, was purchased just two hours ago during a market drop.
This purchase follows a significant investment made by the same investor on April 8.
They acquired 10,643 ETH at that time, valued at approximately $36.75 million, prior to Bitcoin’s (BTC) significant price increase.
The investor’s acquisitions indicate a bullish outlook, as they have strategically positioned themselves to take advantage of potential future price movements amid market fluctuations.
Conversely, Ethereum’s open interest and future calls are increasing, suggesting that ETH will continue to experience favorable momentum.
Analysts are optimistic that this price recovery for Ethereum can continue and possibly reach $4,000.
Ethereum Price Points to Monitor
At present, the price of Ethereum is circling around $3,500, exhibiting a strong correlation with the 100-hour simple moving average.
Immediate resistance is approaching $3,600, or the 61.8% Fibonacci retracement level.
Anticipated obstacles include a primary barrier near $3,650, followed by a substantial resistance at $3,725, and additional impediments at $3,780.
A price increase above $3,800 may generate favorable momentum.
However, an inability to overcome the $3,600 barrier could incite a decline.
More substantial support is anticipated at around $3,500, with the initial backing anticipated at around $3,520.
Additional declines might result in a challenge to the $3,400 zone.
