ETH's value surged by more than 6% in the last 24 hours
Whale activity around Ethereum remains robust despite slight price fluctuations. ETH's value surged over 6% in the past 24 hours, surpassing the $3.7k threshold, now trading at $3,691.87 with a market cap exceeding $443 billion.
Accumulation Trend Continues
Despite a slight price dip, whales continue to accumulate ETH, evident from increased transaction counts and a rise in the token's supply held by top addresses.
Increased Net Inflows in South Korean Exchanges and Investor Sell-Off Sentiment
Certain metrics suggest a potential price correction. Analysis of CryptoQuant's data reveals heightened net deposits on exchanges compared to the 7-day average. Additionally, the Korea premium indicates prevalent selling sentiment among Korean investors.
Derivatives Market Concerns
Indicators in the derivatives market reflect a bearish sentiment, with the taker buy/sell ratio turning red, signaling ETH selling among futures investors.
Data analysis from Hyblock Capital indicates strong support near the $3.3k mark, suggesting a potential price floor if correction occurs.
Ethereum Technical Indicators Signal Market Pullback Risk and Trend Analysis
Technical analysis indicates a high likelihood of a price correction, with the RSI entering the overbought zone and the CMF showing a downtick, although the MACD remains bullish on Ethereum's market outlook.