The post Ethereum’s breakout odds – Is $3200 a viable price target? appeared on BitcoinEthereumNews.com.

Ethereum, at press time, was trading at a key level on the daily timeframe Institutions and whales resumed activity as optimism returned to the market Ethereum (ETH), the market’s second-largest cryptocurrency, is trading at critical levels again. These levels are especially significant for long-term investors. At the time of writing, ETH was hovering around the $2,700 range – An important resistance level on the daily timeframe. The previous month’s price levels are now acting as key support and resistance zones. ETH is respecting the previous month’s low as support, while the midpoint between the previous month’s high and low is acting as resistance. Market sentiment remains optimistic, suggesting a potential break above the $2,700 resistance. This could push ETH to target the $3,200-level. However, market dynamics remain unpredictable, and any abrupt change could alter this outlook. Source: Hyblock Capital, TradingView Increased whale and institution activity Greater institutional and whale activity further supported the case for a higher ETH price. Recently, an Ethereum whale who has been silent for four months, cashed in 12,979 ETH, making a profit of $34.3 million. This whale initially bought ETH at just $7.07 per token. This whale has since sold a total of 15,879 ETH, netting $43.5 million in profit. With this whale still holding 5,760 ETH worth approximately $15.5 million, it means that larger investors are betting on ETH hitting the $3200 target. This renewed whale activity is a strong indicator of ETH’s bullish potential, further supporting $3200 target. Source: SpotOnChain Meanwhile, institutional actions are also influencing the market. Two major institutions have been offloading ETH recently. Cumberland, a trading firm, deposited 11,800 ETH, valued at $31.88 million, into Coinbase. On the contrary, ParaFi Capital withdrew 5,134 ETH from Lido and transferred it to Coinbase Prime. Despite this selling activity, the hike in whale…

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Filed under: News - @ September 29, 2024 12:08 am