Ethereum’s Recent Price Action

Ethereum’s price has steadied after a recent shakeout, with on-chain data showing deep buy walls. According to AmbCrypto, two whales have stood out, with one moving $10 million in DAI stablecoins to purchase Ethereum. This same whale had previously exited the market but has now returned, indicating renewed confidence in the asset.

Whale Activity and Spot Market Participants

Another well-known whale, Machi Big Brother, has also opened a bullish position on Ethereum. Spot market participants have stepped in, with both trading volume and buying activity increasing simultaneously. The Spot exchange netflow data confirms that investors are leaning bullish, with a shift in liquidity concentration across key price levels favoring Ethereum.

Market Analysis and Insights

A sustained Ethereum price rebound may see it rising to the year-to-date high of nearly $5,000, as reported by Coingape. The market has seen a consistent liquidation sweep targeting bearish positions over the past three days, which has historically acted as a signal that marks both market tops and bottoms when major liquidity pools are cleared from the chart.

Technical Analysis and Future Implications

The recent price action and on-chain data suggest that Ethereum is poised for a potential breakout. With the spot market participants and whales showing renewed confidence in the asset, it’s likely that the price will continue to rise. However, it’s essential to conduct thorough research and consider multiple sources before making any investment decisions.