The cryptocurrency community was informed by the blockchain monitoring tool Whale Alert that 25,264 ETH, or about $48,302,924, had been transferred from unidentified pockets to Coinbase. The cryptocurrency whale tracking software also observed another whale activity in which 30,000 ETH was transferred from an unidentified pocket to OKEX. These whale transfers may have an impact on the perception of ETH’s worth.
According to CoinMarketCap, ETH is currently trading between its intraday high of $1,938.14 and intraday low of $1,897.12. At the time of publication, the price of ETH has fallen by 0.71% over the previous day to $1,923.42. However, the seven-day increase of 4.29% has helped ETH stay in the negative territory. Additionally, the current whale movement from pockets to change could cause stress for ETH’s promotion.
The candlesticks struck the lower band of the Bollinger Bands indicator on the ETH/USD 4-Hour Chart and rebounded back, generating fresh, inexperienced candlesticks. Though $2,000 may be ETH’s new target, the altcoin may have trouble getting there in a reasonable amount of time.
The whales had most likely hoped to gain from this transient upsurge. Massive amounts of ETH were previously transferred from pockets to change by whales; this could be evidence that these merchants hoped to profit from the current short-term uptrend.
If the selling pressure for ETH increases, the candlesticks may reach the center of the Bollinger Band indicator and then rebound back. If the candlesticks cross the center line, ETH can advance to the upper band stage before falling back. Additionally, the RSI confirms that ETH might have a brief increase because a bullish crossing is developing.
Indicators suggest that ETH may have a short-term bullish pattern as a result. However, there is a high likelihood that this will contribute to ETH’s downturn if the whales start selling.