- Intraday traders have built $201 million worth of long positions at $2,567 in the past 24 hours.
- Ethereum could soar by 10% if it closes a four-hour candle above the $2,700 level.
Ethereum [ETH], the world’s second-largest cryptocurrency by market cap, seems to be gaining recognition from the industry’s top crypto players as its price continues to fall.
Ethereum whales buy the dip
On the 12th of February 2025, a prominent crypto expert posted on X (formerly Twitter) that whales have purchased a significant 600,000 Ethereum (ETH) in the past week.
This substantial ETH purchase in the past week highlights how whales are taking advantage of the recent price dip, setting a perfect example of a “Buy the Dip” opportunity.
However, after consistent accumulation, whales were recently found dumping ETH tokens onto exchanges, as reported by Coinglass.
Data from Spot Inflow/Outflow revealed that exchanges witnessed a modest inflow of $10 million worth of ETH in the past 24 hours.
Inflows refer to assets moving from long-term holders’ wallets to exchanges, creating selling pressure. However, this inflow is quite low to have a significant impact.
Traders’ $201 million worth of bets on the long side
Besides all this, intraday traders seem to be following the long-term holders’ approach. At press time, traders holding long positions are over-leveraged at $2,567, with $201.5 million worth of long positions.
Meanwhile, traders holding short positions are over-leveraged at $2,635, with $60 million worth of short positions.
Source: Coinglass
These over-leveraged positions by intraday traders reflect their beliefs, interests, and bullish sentiments. Despite a bullish outlook, ETH is currently trading near $2,630. It has experienced a price drop of over 3.25% in the past 24 hours.
During the same period, investors’ and traders’ sentiment has attracted notable participation, resulting in a 15% jump in trading volume.
Ethereum’s price action and key levels
According to AMBCrypto’s technical analysis, ETH appears to be forming a descending triangle pattern in the four-hour timeframe.
It is currently moving within a narrow range, which could lead to a breakout.
Source: TradingView
Based on recent price action and historical patterns, if ETH breaks out and closes a four-hour candle above $2,700, it could soar by 10% to reach $3,000.
Additionally, ETH is trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a downtrend.
