ETH Price Rally: The Storm is Brewing
It’s a lovely day to be a crypto investor, isn’t it? 😒 The investors are still reeling from the announcement of new tariff plans, and the US stocks had their worst day since 2020. As a result, everyone is running around like headless chickens, scared of further escalation and economic fallout. The negative impact has been felt across the crypto markets, with Bitcoin and Ethereum stuck in a range. While the technical implications suggest a bullish outlook for the ETH price rally, the whales seem to be saying, “Uh, not so fast, mate.” 🐳
A major institutional tsunami is brewing, and it’s expected to create some serious atmospheric pressure. Millions of liquidity are pouring into the exchanges, which suggests a storm is forming that may shake up the entire market. New on-chain data reveals a lot of ETH have been deposited into the exchanges in the past 24 hours. This could be a matter of concern, as it may put enough pressure on the ETH price. 🌪️
According to The Data Nerd, an on-chain data provider, massive amounts of ETH have been transferred back into the exchanges. Grayscale deposited 16,247 ETH, worth $28.63 million; Blackrock deposited 10,000 ETH, worth $17.94 million; Wintermute deposited 34,634 ETH, worth $62.9 million; Andre Cronje deposited 2,000 ETH, worth over $3.44 million; and James Fickle deposited 2.35K ETH, worth $4.19 million. 🤯
On the other hand, another whale scooped up nearly 6,500 ETH, spending 11.5 million USDC that could have kept the price consolidated above the crucial support. While Ethereum faces equal pressure on both sides, will whale accumulation outweigh the uncertainty caused by institutional ETH transfers? 🤔
Ethereum (ETH) Price Analysis
It’s a known fact that bears have been capitulating ETH price for over a period, which has kept the levels restricted within a descending range. However, a major change could be expected soon as the token has reached the end of the consolidation. However, the technicians do not suggest bullish reversal or display any bullish divergence, which raises concerns over the next price action. 🤷♂️
The ETH price in the daily timeframe is approaching the tip of the falling wedge, which is expected to trigger a huge breakout towards the immediate resistance. Meanwhile, the Accum/Dist suggests the token’s distribution is going on, and the price may begin to rise once the accumulation resumes. On the other hand, RSI remains consolidated within the lower bands, suggesting a massive drop in the strength of the rally. 📉
The bewildered on-chain data and skeptical technicals suggest that the Ethereum price volatility is expected to surge during the upcoming weekend, which could offer a good buying opportunity. However, in the long term, ETH price remains under acute bullish influence with the possibility of forming a new ATH. 🚀
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2025-04-04 08:07