Can Ethereum (ETH) Retain Its Bullish Momentum?

• Whale transactions of over $90 million signal potential market shifts.
• The Altcoin’s RSI is neutral at 48, indicating consolidation.

Ethereum (ETH) is currently trading at around $2,312, slightly upward over the past 24 hours. However, recent fluctuations have kept traders on alert. Moreover, the much-anticipated Ethereum Exchange-Traded Funds (ETFs) could soon drive new institutional investment. These funds are expected to bring more capital into Ethereum’s ecosystem.

In whale movements, Ceffu made a notable deposit in the past 24 hours. It transferred 28,865 ETH, worth $66.74 million, to Binance. Ceffu’s holdings now stand at 178,687 ETH ($411 million). Additionally, another significant transaction saw 11,042 ETH, worth $25.39 million, moved from an unknown wallet to Binance. Such large transactions often signal market moves ahead. With whales making significant deposits, traders are closely watching for potential price shifts.

Will ETH Break the Key Resistance?

Ethereum faces a key resistance level at $2,350. If Ethereum manages to break above this resistance, it could trigger a bullish momentum, pushing the price toward the next resistance level of around $2,400.

Ethereum (ETH) Price Chart (Source: TradingView)

The market appears relatively stable, and Ethereum is finding strong support near the $2,300 level. If the price holds above this support, it could provide a foundation for potential upward movement. However, if the support level breaks, Ethereum may slide down to the next key support level around $2,250, where buyers could step in.

On the technical front, Ethereum’s RSI stands at 48, suggesting neutral momentum. The price is moving close to the 9-day simple moving average (SMA) of $2,313, indicating slight consolidation. Volume has been moderate, with no major spikes in activity. Additionally, network performance remains robust, handling high transaction volumes without significant issues. Recent updates on Ethereum’s scaling solutions are expected to improve network efficiency further.

Meanwhile, Ethereum co-founder Vitalik Buterin continues to guide the project forward. He has been vocal about the future direction of Ethereum, particularly in scaling and upgrading the network. However, with the market largely stable, investors are waiting for a stronger catalyst to push the price higher.

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