Ethereum Price Rises to $3,320 After Whale Buying
Ethereum (ETH) increased by 6% on Tuesday. This rise followed heavy buying by large holders, called whales. The growth also came after President Donald Trump’s comments about the next Federal Reserve Chair.
Whales Buy Nearly 400,000 ETH Ahead of Fed Meeting
Whales with 10,000 to 100,000 ETH added nearly 400,000 ETH between Sunday and Monday. This shows growing confidence before the Federal Reserve’s meeting on Wednesday. The Fed is expected to cut interest rates by 25 basis points.
- Whales had sold 220,000 ETH last week and over the weekend.
- President Trump said the next Fed Chair will cut interest rates quickly.
- This sparked bullish feelings in major cryptocurrencies like Ethereum.
The ETH Coinbase Premium Index, showing U.S. buyer interest, stayed positive last week. This is a change from about a month of negative readings. On the derivatives market, Ethereum’s open interest rose by 440,000 ETH to 12.48 million ETH. But this level is below the highs before the October 10 market crash.
Recent trading led to $120.1 million in liquidations, mostly from short sellers losing $105 million.
Ethereum Price Outlook: Testing Resistance Levels
Ethereum passed short-term resistance at $3,250 and now trades near $3,320. The next key resistance level is $3,470, close to the 50-day Exponential Moving Average (EMA). ETH may face selling pressure there.
If ETH breaks above $3,470 and the 50-day EMA, it could move toward $3,800. On the downside, support appears around $3,100. If that fails, stronger support may hold near $2,850.
The Relative Strength Index (RSI) rose above neutral, signaling strength. But the Stochastic Oscillator is overbought, which could trigger a short pullback soon.
