Ethereum (ETH) Price Received Substantial Purchasing Power From Three Related Cryptocurrency Wallets

The Ethereum price received substantial purchasing power from three related cryptocurrency wallets, which paid 39.85 million DAI to buy 16114 ETH at $2473 per unit.

A substantial cryptocurrency wallet made three related purchases of 16,114 ETH at an average rate of $2,473 for a total of 39.85 million DAI.

The "whale" buyback comes within two hours of other transactions seeing the same wallet sell ETH for 23.46 Million USD at 3246 on January 13.

This series of transactions may point to a strategic reorganization by the cryptocurrency whale, especially during a time of sharply falling market conditions.

Ethereum Price Today Surges 3% Approaching $2.5K

Ethereum’s price today surged by 3% as it approached the threshold level of $2.5K. The price of ETH on CoinMarketCap is $2,433, and according to the latest cryptocurrency news, it experienced a 0.14% decline over the previous 24 hours.

The total market capitalization stands at $293.4 Billion, and the 24-hour volume of trades is $24.35 Billion, showing a substantial 38.5% decline in trading activity.

In the two-hour timeframe, Ethereum demonstrated a robust rebound from its position below $2,400, which allowed it to challenge resistance at $2,500.

The proximity of selling pressure caused Ethereum’s price to move slightly negative. The increasing price indicates traders anticipate short-term growth due to whales buying into Ethereum, and the market exhibits positive sentiment.

Ethereum Price Short-Term Trend Shows Resistance Near $2,500

According to the 4-hour chart of Ethereum (ETH/USD), the price is demonstrating a bearish direction through its trading position at $2,432.

The downward market force has intensified since the price dropped from its peak at $2,800. The retail price of ETH remains below three technical averages.

The 50-SMA serves as yellow resistance, the green 100-SMA, and the blue 200-SMA. The 200-SMA is establishing bearish trends for the long term as the price has been unable to sustain above $2,838.

Recently, Ethereum price dropped through the $2,500 support level during the preceding sessions’ trading period.

The price lost bullish momentum when it failed to stay above 50-SMA and 100-SMA. A decreasing trend in moving averages confirms the bearish scope as the 200-SMA is a strong barrier to price advances.

The Relative Strength Index (RSI) is currently at 33, an oversold region. The present selling intensity remains high, but potential minor upward pressure could arise in the short term.

Any upward movement in BTC price must overcome initial obstacles at $2,500 and $2,667 as these levels correspond to positions of the 100-SMA.

In case of further decline, potential support for the price is at the $2,400 psychological area. A price move below $2,400 would create more potential for reaching as low as $2,300 or as far as $2,200.

Ethereum price needs to surge above $2,667 to start a bullish pullback, while its main resistance zone is located at $2,838.

Despite some signs of cautious buying, the ETH/USD price is showing bearish momentum for short-term periods.

The current market structure indicates selling pressure is still in command, so price recovery needs to cross important resistance levels for an actual trend change.