The Ethereum price has slowed down – not having missed the area several times at the resistance zone around $ 2,800 – in recent weeks after taking a good start of May. The second largest cryptocurrency will aim to reproduce this brilliant form in early June in order to recover the coveted level of $ 3,000 in the coming months.
Since the loss of $ 3,000 in early February, the ETH price has struggled to create a sustained bullish momentum, reaching only $ 2,700 several times in recent weeks. However, recent market data shows that the Ethereum price could prepare for a prolonged rally in the coming months.
What do ether whales know?
In an article of May 31 on the social media platform X, the pseudonym analyst of the Darkfost cryptography provided a chain perspective on the momentum of Ethereum prices and the feeling of investors. According to the market analyst, a chain signal preceding a significant price rally for the ETH in the past has been held.
The relevant indicator here is the average size of Ethereum control over the binance, which is calculated by dividing the volume of total transactions by the number of transactions on the largest exchange of cryptocurrency in the world (by commercial volume). This metric offers Information on the traders’ classes – whether large institutional investors or retail traders – which are the most dominant on a specific exchange.
On the basis of this chain metric, the major investors of Ethereum are again back on the market, as shown in whale orders in Binance since May 19. Darkfost said that the graph below provides “an instantaneous snapshot of Ethereum feeling and momentum on binance, while combining key market data on the basis and long-term activities, cumulative volumes, with mobile comparison means”.
Source: @Darkfost_Coc on X
The chain analyst added:
In short, it is an all-in-one signal, and today it flashes something rare and powerful because The last time this indicator lit up like this was in December 2023, just before ETH went from $ 2,200 to $ 4,000.
Darkfost also mentioned that whales do not always try to find a low input point, but are positioned early when a wider trend begins to show signs of force. With the average orders on the binance mainly placed by whales, this implies that the Ethereum price could prepare for 80% in the coming weeks.
Consequently, Darkfost thinks that May could have been a huge entrance window, most of which have apparently benefited.
Ethereum Prize at a glance
To date, the price of Ethereum amounts to around $ 2,537, reflecting an increase of 0.5% in the last 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Istock star image, tradingview graphic
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