🐳💸 Whales Gone Wild: ETH’s $1B Splurge!

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It is a truth universally acknowledged, that a cryptocurrency in possession of a strong support level, must be in want of a most vigorous rally. And so it appears to be with Ethereum, that most esteemed of digital currencies, which hath recently reclaimed the venerable sum of $2,000, amidst a most singular accumulation of wealth by its most substantial holders, the whales. 🐳

Ethereum, that paragon of blockchain virtue, currently tradeth around $2,065, boasting a most satisfactory 9% weekly gain, courtesy of the aforementioned leviathans of the deep, who in the past seven days, have acquired a staggering 470,000 Ethereum, valued at a cool $1 billion. 💸

According to the most reliable on-chain data, courtesy of the indefatigable Glassnode, those whales of discerning taste, holding between 10,000 and 100,000 ETH, have augmented their already considerable holdings by a most impressive 29% in the brief span of two weeks. 📈

Furthermore, the number of addresses blessed with the ownership of at least $100,000 worth of ETH, hath increased from a mere 70,000 on the 10th of March, to a more respectable 75,000, at the time of this most humble writing. 📊

Of particular note, dear reader, is Ethereum’s recent reacquaintance with its multi-year trendline support level – a zone of unimpeachable provenance, which hath heralded the commencement of major rallies on no less than three occasions since the annum 2021: June 2022, November 2022, and now, March 2025. 🔮

The illustrious crypto analyst, Rekt Capital, hath ventured the opinion that, should ETH conjure a robust reaction beneath the $2,000 threshold, it may yet reclaim the lofty $2,196–$3,900 macro range. 🤔

$ETH

Ethereum hath descended into this historical demand area (light blue)

If price can generate a strong enough reaction here, then #ETH shall reclaim the $2196-$3900 Macro Range (black)

If ETH achieveth this feat before the March Monthly Close, then this entire sub-$2200…

— Rekt Capital (@rektcapital) March 19, 2025

Mr. Capital hath further opined that, should this recovery transpire prior to the March monthly close, the entire dip beneath $2,200 may be naught but a cunning fakeout, precursor to a more resolute upward movement. 😏

ETH Price Outlook: A Most Promising Prospect

Upon perusing Ethereum’s daily chart, one noticeth that the price hath approached the mid Bollinger Band (20-day SMA), a resistance level of some renown, situated in the vicinity of $2,100. A breakout above this midline could, with great aplomb, propel ETH toward the upper band, nestled near $2,230. 🚀

Source: TradingView

Meanwhile, the RSI, that most trusty of indicators, hath ascended to 46, rebounding with great vigor from the depths of oversold territory. This upward trajectory, dear reader, suggesteth strengthening momentum, a most heartening development indeed. 💪

Source: TradingView

Similarly, the MACD line, that stalwart of technical analysis, hath crossed above the signal line, generating a bullish crossover of unimpeachable character. Moreover, the green histogram bars, those harbingers of joy, indicate increasing buying momentum. Should the MACD sustain this motion, it could, with great fanfare, signal the commencement of a broader uptrend. 🎉

And, as if all these developments were not sufficient, ETH appeareth to be forming a double-bottom pattern on the daily chart, as the price hath recently bounced off the $1,950–$2,000 support zone with great aplomb, not once, but twice. Should it break above the $2,200 resistance, it could, with great élan, confirm the pattern and trigger a rally toward the $2,400–$2,500 range. 🚫

Lastly, dear reader, investor sentiment toward Ethereum remaineth bullish for the long-term, with the venerable asset management giant, VanEck, forecasting a $6,000 cycle top for ETH by the end of 2025, citing increased institutional adoption of this most noble of cryptocurrencies. 🚀

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2025-03-24 19:21