{"id":2691,"date":"2024-01-05T08:35:43","date_gmt":"2024-01-05T08:35:43","guid":{"rendered":"https:\/\/zamfx.com\/?p=2691"},"modified":"2024-01-05T08:36:03","modified_gmt":"2024-01-05T08:36:03","slug":"ethereum-price-could-target-3000-with-eth-whales-buying-the-dip","status":"publish","type":"post","link":"https:\/\/zamfx.com\/2024\/01\/05\/ethereum-price-could-target-3000-with-eth-whales-buying-the-dip\/","title":{"rendered":"Ethereum price could target $3,000 with ETH whales buying the dip"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><strong>Ethereum price has shown interest in a recovery rally, trading around $2,244.<\/strong><\/li>\n\n\n\n<li><strong>A spike in whale transaction count suggests investors could be buying the dip.&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>On-chain metrics hint at little to no resistance up to $2,800.<\/strong><\/li>\n\n\n\n<li><strong>A flip of the $2,145 level into the resistance level will invalidate the bullish thesis.&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Ethereum (ETH) price is attempting a recovery bounce that could kickstart a run-up to new yearly highs. Supporting on-chain and technical\u00a0indicators\u00a0add credence to this bullish ETH outlook.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Ethereum price ready to move higher<\/strong><\/h2>\n\n\n\n<p>Ethereum price slipped low as $2,100 on January 3 after Matrixport\u2019s ETF-rejection post. But ETH, like many other cryptocurrencies, recovered quickly. Ether currently trades at $2,244, forecasting a potentially explosive move to the upside.<\/p>\n\n\n\n<p>The Relative Strength Index (RSI) hovers around 42 after its recovery from the oversold region a few days ago. A higher low formation could indicate a slow but steadily gaining upward momentum.<\/p>\n\n\n\n<p>The Awesome Oscillator (AO) is much more optimistic than the RSI, which shows a decline in bearish momentum as the indicator approaches the zero line. A flip of the mean level would indicate that the bullish momentum is in play and could push Ethereum price higher.<\/p>\n\n\n\n<p>In such a case, if Ethereum price flips the $2,300 hurdle into a support floor, it could move higher and retest the $2,400 barrier. In a highly bullish case, ETH could tag the 161.8% Fibonacci level at $2,562 and also the monthly resistance level at $2,652.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"577\" src=\"https:\/\/zamfx.com\/wp-content\/uploads\/2024\/01\/image-15-1024x577.png\" alt=\"\" class=\"wp-image-2692\" srcset=\"https:\/\/zamfx.com\/wp-content\/uploads\/2024\/01\/image-15-1024x577.png 1024w, https:\/\/zamfx.com\/wp-content\/uploads\/2024\/01\/image-15-300x169.png 300w, https:\/\/zamfx.com\/wp-content\/uploads\/2024\/01\/image-15-768x433.png 768w, https:\/\/zamfx.com\/wp-content\/uploads\/2024\/01\/image-15-1536x866.png 1536w, https:\/\/zamfx.com\/wp-content\/uploads\/2024\/01\/image-15-2048x1155.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The bullish Ethereum price outlook is supported by the spike in Whale Transaction Count and Volume on January 3. According to Santiment\u2019s data, this uptick occurred on the day of a massive sell-off, which is a sign of investors buying the dip.<\/p>\n\n\n\n<p>Since whale-transaction count tracks transfers worth $100,000 or more, this uptick has a high chance of being a buy-the-dip move from institutional investors. Considering that the volume coincides with this uptick adds even more credence to the bullish outlook.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/Ethereum%20(ETH)%20[12.26.32,%2005%20Jan,%202024]-638400366850815734.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/Ethereum%20(ETH)%20[12.26.32,%2005%20Jan,%202024]-638400366850815734.png\" alt=\"ETH whale transaction count, volume\"\/><\/a><\/figure>\n\n\n\n<p><small>ETH whale transaction count, volume<\/small><\/p>\n\n\n\n<p>Furthermore, IntoTheBlock\u2019s Global In\/Out of the Money (GIOM) indicator shows that the immediate key hurdle at $2,347 is relatively weak. Hence, overcoming this blockade could send ETH to the next critical level of $2,859. Here, roughly 10.77 million addresses that accumulated 5.2 million Ether are sitting at a loss.&nbsp;<\/p>\n\n\n\n<p>Therefore, a potential move into this hurdle could see a considerable spike in selling pressure from these holders trying to break even.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/Screenshot%202024-01-05%20at%2011.50.00%E2%80%AFAM-638400367066463476.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/Screenshot%202024-01-05%20at%2011.50.00%E2%80%AFAM-638400367066463476.png\" alt=\"ETH GIOM\"\/><\/a><\/figure>\n\n\n\n<p><small>ETH GIOM<\/small><\/p>\n\n\n\n<p>On the other hand, if\u00a0Ethereum price\u00a0flips the range low of $2,144, it will create a lower low and invalidate the bullish thesis. In such a case, ETH could slide 6.50% and revisit the $2,000 psychological level.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum (ETH) price is attempting a recovery bounce that could kickstart a run-up to new yearly highs. Supporting on-chain and technical\u00a0indicators\u00a0add credence to this bullish ETH outlook.<\/p>\n","protected":false},"author":1,"featured_media":2693,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"_links":{"self":[{"href":"https:\/\/zamfx.com\/wp-json\/wp\/v2\/posts\/2691"}],"collection":[{"href":"https:\/\/zamfx.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zamfx.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zamfx.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zamfx.com\/wp-json\/wp\/v2\/comments?post=2691"}],"version-history":[{"count":1,"href":"https:\/\/zamfx.com\/wp-json\/wp\/v2\/posts\/2691\/revisions"}],"predecessor-version":[{"id":2694,"href":"https:\/\/zamfx.com\/wp-json\/wp\/v2\/posts\/2691\/revisions\/2694"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zamfx.com\/wp-json\/wp\/v2\/media\/2693"}],"wp:attachment":[{"href":"https:\/\/zamfx.com\/wp-json\/wp\/v2\/media?parent=2691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zamfx.com\/wp-json\/wp\/v2\/categories?post=2691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zamfx.com\/wp-json\/wp\/v2\/tags?post=2691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}