- Ethereum could hit $3,600 and $4,000 if market sentiment remains unchanged.
- Despite massive ETH deposits on Binance, Ether remains bullish.
Amidst the bullish market sentiment, a Ethereum [ETH] The transaction made by a whale has attracted widespread attention from the crypto community.
Chain Analytics Company Watch on the channel posted a message on X on July 29 stating that a giant whale had moved a notable amount of 25,800 ETH worth $87 million to Binance.
Whale Transfers 25,800 ETH to Binance
According to the post on X, the whale purchased 26,721 ETH on Binance at an average price of $3,457 between May 31 and July 25 this year.
With the recent deposit, this whale deposited a notable amount of 26,660 ETH at an average price of $3,376 between July 17 and July 29.
The move has sparked concern among investors and traders. Meanwhile, the reason for the massive deposit remains unclear.
Whenever the market sees such large deposits on exchanges, there is a high chance that the price could potentially drop or impact the market.
However, data such as total value locked (TVL) and open interest (OI) suggest that this notable ETH deposit might not have an impact on the price of ETH.
According to on-chain analytics firm Defillama and CoinGlass, Ethereum’s TVL and OI have increased by 3% and 6.2%, respectively, in the past 24 hours.
Ether Technical Analysis and Key Levels
According to technical analysis by experts, ETH appears bullish as it moves above the 200 exponential moving average (EMA) on both the 4-hour and daily time frames.
Additionally, the Relative Strength Index (RSI) also indicates a bullish trend for ETH as the RSI value remains below the overbought zone.
Source: TradingView
Analyzing the ETH chart using price action and technical indicators, there is a high chance that ETH will reach $3,600 and $4,000 if the market sentiment remains unchanged.
ETH Major Liquidation Level
However, according to CoinGlass data, the main liquidation levels are $3,340 on the downside and $3,410 on the upside. If market sentiment changes and ETH price falls to the $3,340 level, $188 million worth of long positions will be liquidated.
Source: CoiGlass
Conversely, if the price of ETH rises to $3,400, $87 million worth of short positions will be liquidated. This data from CoinGlass suggests that the bulls currently have a stronger presence than the bears in the market.
Read Ethereum (ETH) Price Prediction 2024-25
At the time of writing, ETH is trading near the $3,380 level and has seen a price increase of over 3.5% in the last 24 hours.
However, trading volume declined by 20% over the same period, suggesting lower participation from investors and traders.