Key Insights
- Ethereum price recently rebounded from the $4,100 support after whales bought over 550K ETH.
- Retail investors booked more than $4 billion in profits during the recent price correction.
- ETH is testing the $4,350 resistance and could target $4,500. Many analysts believe that $10K is possible in this cycle.
Ethereum price recently staged a solid comeback after a small correction that shook the crypto market. ETH price dropped close to $4,100 last week after stronger-than-expected inflation data.
Also, investors are taking profits ahead of Federal Reserve Chair Jerome Powell’s Jackson Hole speech. Yet the dip quickly turned into a buying opportunity for large holders.
Ethereum Price As Of Now
Ethereum price climbed by as much as 6% on Wednesday, after bouncing from the psychological $4,100 support level. The move triggered over $100 million in short liquidations, according to Coinglass.
The charts show that the ETH is testing resistance near $4,3,50. The bulls are aiming for the $4,500 level.
Per the analyst Ali Martinez, the $4,000 and $3,700 price levels are Ethereum’s next most crucial support zones. Prices will likely stay above in the near term. Any breaks below could result in harsh price dips for the asset.
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Whales and Treasuries Step Up Accumulation
The correction shows an ongoing divide between large and small holders. During the pullback, whales between 10,000 and 100,000 ETH added over 550,000 ETH to their wallets.
At the same time, retail investors reduced their exposure. They sold about 380,000 ETH for over $4 billion in profits.
Digital asset treasuries have also helped to stabilise the Ethereum price so far. Firms like BitMine Immersion and SharpLink Gaming bought roughly 520,000 ETH last week based on data from StrategicETHReserve.xyz.
SharpLink now holds over 740,000 ETH, worth over $3.1 billion at current prices when writing.
Bulls Aim for Ethereum Price of $4,500
ETH price recently put a pin in its bearish streak as buyers defended the $4,100 support level. The rebound indicates that the bulls are preparing for another push toward $4,500. If ETH breaks through this barrier, it could be on its way to retesting its all-time high of $4,868.
Technical indicators support this outlook. For example, the Relative Strength Index (RSI) has climbed above 55.
This shows an increase in the strength of cryptocurrency, alongside the MACD. It is also showing bullish signs. According to the chart outlook, the Ethereum price may clear the $4,500 resistance.
If this happens, the analysts expect the asset to continue towards new highs. A breakout could also validate another bullish pennant pattern, which has historically supported bullish booms for the altcoin.
The Path Toward $10,000
ETH price has been consolidating near the $4,000 level for years, and has often faced rejection before breaking higher. Bulls are seeing it as a launchpad for more gains now that the $4,000 zone has been flipped into support.
Ethereum price recently touched the $4,700 zone, unseen since 2021 when the crypto market was much smaller. Over the last 30 days, the cryptocurrency has risen more than 15%. This cemented its recovery against rivals like Solana, which challenged its dominance over the previous year.
The mid-term outlook indicates that the ETH could reach $10,000 in this cycle if the momentum continues. Analysts believe that the rising involvement of the whales and treasury companies is a factor that could support such a move.
