Whales are back, Ethereum (ETH) price is about to increase sharply

Ethereum (ETH) price has increased 6% over the past week and is trying to gain momentum towards the $4,000 level. The recent formation of a golden cross, combined with the current RSI at 63.6, suggests the potential for an uptrend continuation.

Additionally, accumulation by whales has rebounded after a brief decline in early January. As ETH fluctuates near key support and resistance levels, the ability to maintain bullish momentum will determine whether Can the price maintain this upward momentum?

ETH’s RSI has decreased from 70

Ethereum’s Relative Strength Index (RSI) is currently at 63.6, after surpassing the overbought threshold of 70 between January 3 and 4. RSI measures the speed and extent of price movements on The scale ranges from 0 to 100, providing information about market momentum.

Values ​​above 70 indicate overbought conditions, which could lead to a correction, while values ​​below 30 signal oversold conditions, which could indicate a price recovery. ETH’s current RSI below 70 shows that buying pressure has eased, but bullish momentum remains.

With the RSI at 63.6, ETH is sporting a neutral to bullish outlook for the short term. The index’s retreat from overbought levels could indicate that the asset is entering a period of consolidation or mild correction as traders take profits.

However, RSI still remains above 50, highlighting continued buying interest. If RSI rises back near 70, ETH could see renewed bullish momentum, but a drop below 50 could signal a decline in bullish momentum, possibly leading to a broader pullback.

Whale Ethereum Is Accumulating Again

The number of wallets holding at least 1,000 ETH reached a monthly high of 5,634 on December 25 before falling to 5,604 on January 2. Tracking whale activity is important because these large investors have can significantly influence market trends.

An increase in whale accumulation often signals growing confidence in the asset, potentially lifting prices, while a decrease can indicate waning interest or increased selling pressure.

Address with Balance >= 1,000 ETH. Source: Glassnode

After reaching 5,604 on January 2, the number of whales began to increase again and is currently at 5,615. This rebound shows renewed interest from large investors, which could support ETH price in the short term.

If whale’s accumulation trend continues, it could indicate growing market confidence and increased buying pressure, which could drive prices further. Conversely, any decline in whale activity could signal hesitation among large investors, which could dampen ETH momentum.

ETH Price Prediction: Is $3,543 support strong enough?

Ethereum price recently formed a golden cross on January 4, a bullish signal that appeared when the short-term EMA crossed over the long-term EMA. Although ETH price has not seen a significant increase following this move, the technical structure shows that growth potential awaits.

If the uptrend is reinforced by RSI levels and fresh activity from the whale, ETH price could test resistance at $3,827. A break above this level could pave the way for further upside, targeting $3,987 next.

However, support at $3,543 is crucial for ETH to maintain its current uptrend. If this support fails, ETH is likely to come under increased selling pressure, potentially reversing its momentum. In that case, ETH could retest lower levels with key support zones at $3,300, $3,200, and $3,096.

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