, the second most popular cryptocurrency, has experienced significant fluctuations recently, partly due to a large movement of ETH by institutions to exchanges.
Over the past 24 hours, major players like Amber Group and Cumberland have deposited large amounts of ETH—6,443 and 6,439 ETH respectively—to exchanges that is Binance and Kraken.This influx has raised concerns about the impact on Ethereum’s price, which has seen both upward and downward movement in response.Currently, Ethereum’s key support level on the daily chart is around $2,720.
The weekly timeframe has also retested the breaker area, suggesting a strong potential for an ETH bottom. Patience over the next 10 days will be crucial to confirm the expected upward price movement.Ethereum also stands to benefit from a potential resurgence in altcoin dominance. Historically, altcoins have seen significant rallies following periods of support at key levels, and ETH, as a leading altcoin, is poised to capitalize on this trend.
The combination of strong fundamentals, significant whale accumulation, and the potential for a broader altcoin rally creates a perfect setup for Ethereum to move higher in the near future.While the recent sell-off by institutions has created some short-term uncertainty, the underlying factors suggest that Ethereum’s price is poised to move higher, potentially breaking out as market conditions improve.
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Source: CryptoAmb - 🏆 22. / 68 Read more »