Ethereum reclaims key level but faces resistance at $3.2k

As a crypto investor with some experience under my belt, I’m keeping a close eye on Ethereum (ETH) as it surges past the $3,000 mark once again. The psychological level has been a significant hurdle for ETH price in the past, but bulls have managed to retake control. However, I’m cautiously optimistic about the situation, given that on-chain data shows a potential resistance level around $3,200.

The price of Ethereum surpassed $3,000 on Wednesday, marking a significant increase, as buyers regained control and pushed past the psychologically important threshold during a wider crypto market rally.

Despite hitting record highs of over $3,126 for Ethereum (ETH) in the market, on-chain information indicates that there is a notable resistance point around the $3,200 price range for this cryptocurrency.

2 million addresses traded ETH at $3,200

Based on the insights provided by IntoTheBlock in their recent analysis shared on X, I’d highlight that the $3,200 mark could be a significant short-term level of focus due to approximately 2 million Ethereum (ETH) holders transacting at this price point. These particular addresses have incurred losses and might consider offloading their ETH holdings.

In May, the Ethereum price fluctuated between the $2,800 and $3,350 mark before favorable news enabled buyers to push past this barrier. According to analysts at IntoTheBlock, a comparable pattern may reoccur, with optimistic news potentially halting any potential decline for ETH. Other analysts have also identified Ethereum as a noteworthy project, with the anticipated Ethereum ETF serving as a potential catalyst for additional price increases.

Ethereum has regained the $3,000 mark but encounters substantial obstacles near $3,200. Approximately 2 million Ethereum wallets transacted at this price level and now find themselves in the red, potentially preparing to offload their holdings as they reach the break-even point. A bullish development could avert this trend – might the upcoming Ethereum ETF be the trigger for further growth?

— IntoTheBlock (@intotheblock) July 10, 2024

The upcoming approval of Ethereum ETFs for trading is anticipated to increase institutional investment, as the availability of Ethereum on exchanges continues to decrease.

Whale withdraws $50 million in ETH from exchange

On Monday, it was announced by Spot On Chain that an enormous sum of Ethereum, equivalent to 16,449 ETH or approximately $50.3 million, had been taken out of Binance by a large investor or a whale.

The whale pulled out their Ether from the exchange once the Ethereum price climbed back over $3,000. This is a common move among large ETH investors in the past few weeks.

Significantly, it seemed that this was the initial substantial acquisition of Ether by the identified entity or person. They have transferred all their Ethereum tokens to a newly created digital wallet for long-term storage.

Large-scale transactions involving whales shifting Ethereum from various exchanges have been observed. Notably, an unidentified wallet recently sent 8,909 ETH, equivalent to around $27 million, to Binance. (Source: Whale Alert)

An unidentified wallet transferred approximately $34 million worth of Ethereum (11,069 ETH) to Coinbase in a separate transaction today.

As a researcher, I’ve come across an intriguing perspective from Crypto Tony. According to him, surpassing the $3,000 mark is of significant importance for the bullish sentiment in Ethereum. Currently, Ethereum’s price hovers around $3,117.

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2024-07-10 16:48