Ethereum Price Prediction: 57% Surge Expected as Whale Activity Rises

Ethereum’s recent performance has been closely tied to its ability to maintain a crucial support level at $1,721.40. While the global crypto market saw a slight uptick of 0.70%, Ethereum experienced a 3.60% decline over the past week, trading at $3,316.71 with a 24-hour volume of $13,185,794,355.

Key to Ethereum’s bullish outlook is the need to hold the support level at $1,721.40, which aligns with the 0.618 Fibonacci retracement level. On the upside, breaking the resistance at $3,600.00 could potentially propel Ethereum towards its all-time high of $4,867.81, presenting significant upside potential.

Recent price movements saw Ethereum retesting the weekly Fair Value Gap (FVG) between $2,896.74 and $3,036.62, followed by a 20.42% rally. Despite facing resistance at $3,545.90 and a subsequent 7.62% drop to $3,086.13, the FVG, coinciding with the 50% Fibonacci retracement, forms a robust support zone that could fuel a 57.87% rally to retest the all-time high if maintained.

The Relative Strength Index (RSI) on the weekly chart indicates a bullish momentum, trading above the neutral level of 50, while the Awesome Oscillator (AO) suggests strong market sentiment as it remains above zero. These indicators point to a continuation of the bullish trend as long as Ethereum stays above crucial support levels.

Moreover, Ethereum is experiencing heightened whale activity, evidenced by increased transaction volumes, possibly linked to the introduction of Ethereum ETFs. This shift suggests a preference among large investors for the regulated and potentially more accessible investment opportunities provided by ETFs.

According to DefiLlama, the total value locked (TVL) in Ethereum stands at $59.414 billion, reflecting the overall activity and value within the Ethereum ecosystem. Additionally, the market capitalization of stablecoins on Ethereum amounts to $78.742 billion.

In the past 24 hours, Ethereum generated $3.61 million in fees and $2.29 million in revenue, with 368,579 active addresses indicating significant user engagement. These developments underscore the growing interest and activity surrounding Ethereum as it navigates key support and resistance levels amidst evolving market dynamics.