🐋 Whales Drive Bullish Sentiment
Ethereum whales have accumulated over 950,000 ETH in recent months, including 330,000 ETH recently. This pattern of whale activity often precedes significant rallies, fueling optimism about ETH’s long-term potential.
📈 Mixed Signals in Network Growth
Ethereum’s network growth shows fluctuations, with new addresses peaking at 181,000 in December but dropping to 52,200 by January 23. While overall activity remains strong, sustained growth is essential for ETH to hit higher price targets.
📊 Key Technical Levels to Watch
ETH, trading at $3,193, faces resistance at the 50-day moving average of $3,507.71 and support at the 200-day average of $2,984.25. A breakout above $3,507 could lead to the $4,000-$4,200 range, with $5,000 as a longer-term target.
💡 Can ETH Reach $5K?
ETH’s path to $5K depends on continued whale accumulation, network activity, and market conditions. While challenges like resistance and slowing growth persist, whale confidence highlights Ethereum’s bullish potential.
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