TLDR
- Ethereum experienced a 43.88% price surge over 30 days
- Exchange supply of ETH decreased to 12.6 million, suggesting reduced selling pressure
- Whale accumulation increased from 5,535 to 5,580 addresses holding ≥1,000 ETH
- Price currently faces resistance at $3,650 with support at $3,550
- Technical indicators show mixed signals with potential for both upward movement and correction
Ethereum’s recent price performance has drawn attention from market participants as the cryptocurrency posted a 43.88% gain over the past 30 days. Data from various sources indicates multiple factors supporting this upward movement, including increased whale accumulation and declining exchange supplies.
The price of Ethereum currently trades above $3,600, maintaining support above the 100-hour Simple Moving Average. Recent price action shows the formation of a low at $3,557, from which the cryptocurrency has begun showing signs of recovery.
Exchange data reveals a notable trend in ETH supply movements. The amount of Ethereum held on exchanges has decreased to 12.6 million coins, dropping from a recent peak of 12.7 million observed between November 3 and November 18. This reduction in exchange supply often indicates a decrease in selling pressure.
Whale activity has emerged as another key metric supporting the current market structure. The number of addresses holding 1,000 or more ETH has increased to 5,580, reaching its highest level since October 13. This marks a substantial increase from the 5,535 addresses recorded on November 20.
Technical analysis reveals the formation of a bearish trend line with resistance near $3,650 on the hourly chart. The price has retraced approximately 50% of its recent downward movement from the $3,762 swing high to the $3,557 low.
Market data shows that Ethereum faces immediate resistance at the $3,685 level, which coincides with the 61.8% Fibonacci retracement level of the recent price decline. Above this, the $3,750 level presents another crucial resistance zone.
On-chain metrics suggest a shift in holder behavior. The decrease in exchange balances indicates that more investors are moving their holdings to private wallets, typically associated with longer-term holding strategies rather than immediate selling intentions.
Price support levels have established themselves at various points. The first major support sits at $3,580, with additional support found at $3,550. Should these levels fail to hold, the next substantial support zone appears at $3,440.
The hourly price chart shows the formation of several technical patterns. A bearish trend line has emerged with resistance at $3,650, while the MACD indicator displays increasing momentum in the bullish zone.
Trading volumes have remained steady throughout this period, providing liquidity for the current price movements. The market has maintained orderly trading conditions despite the substantial monthly gains.
Short-term price action indicates potential resistance at $3,688 and $3,763. These levels may prove crucial for determining the next directional move. A break above these resistance points could open the path toward the $3,800 level.
The RSI (Relative Strength Index) on the hourly timeframe currently positions itself above the 50 mark, suggesting moderate bullish momentum in the short term. This technical indicator aligns with the overall market structure.
Recent price patterns show consolidation above the $3,600 support level. The market has maintained this level as a base for potential further upward movements, with buyers defending this zone during recent retests.
Looking at immediate price levels, Ethereum needs to clear the $3,650 resistance to continue its upward movement. A successful break above this level could lead to a test of the $3,685 resistance zone.
The latest data shows the price hovering near $3,620, as traders monitor key technical levels for signs of the next directional move. Trading volume remains consistent with recent averages, indicating steady market participation.
