The overall cryptocurrency market has shown bullish potential ahead of President-elect and pro-crypto advocate Donald Trump’s inauguration, scheduled for January 20, 2025. However, one thing that has been capturing the massive attention of crypto enthusiasts is the recent activity of crypto giants over the past week.
According to Wu Blockchain, whales have purchased over a billion dollars worth of Ethereum (ETH) in the past week. More than 330,000 ETH, valued at over $1 billion, has been acquired by these crypto whales. This large accumulation of ETH by whales suggests a strategic move to capitalize on Trump’s inauguration, which is expected to have a positive impact on the crypto market.
However, experts and analysts are already speculating that the crypto market could experience a significant surge following the inauguration day. In the meantime, there is also a possibility of profit booking as the market has been rising over the past few days. However, only time will tell where the market will head after this upcoming political event.
Currently, ETH has crossed the $3,500 mark and is trading near $3,515. It has experienced a price surge of over 5.5% in the past 24 hours. During the same period, it has attracted significant traders and investors, resulting in an 11% jump in trading volume.
With the impressive price surge, ETH has once again reached the crucial resistance level of $3,500, where it previously experienced a price reversal. According to expert technical analysis, if ETH breaches this resistance level and closes a daily candle above $3,550, there is a strong possibility it could soar by 15% to reach the $4,100 mark in the coming days.
On the positive side, ETH’s Relative Strength Index (RSI) is still below the overbought zone, indicating that the asset has room to rise significantly in the coming days.
