- The accumulation of whales and the growth of the network supported the bruise of Ethereum.
- Long liquidations report short -term caution, but there is a clear place for a stronger price recovery.
Ethereum (ETH) Attracted the attention of fresh whale because the data on the chain revealed a significant accumulation activity.
More than $ 5.7 million in ETH were acquired via Aave (Aave) loans, while a newly created portfolio withdrew $ 4.12 million from Binance.
This aggressive positioning reflects an increasing conviction of investors. At the time of writing this document, Ethereum exchanged $ 1,819.34, displaying a slight gain of 0.45% in the last 24 hours.
Although the action of the prices remains moderate, the capital entries and the withdrawal of acute exchanges refer to a wider upturn thesis taking shape.
Do merchants finally wake up?
Open interest jumped 4.67% in the past 24 hours, reaching 12.06 billion dollars. This increase suggests that the speculative appetite renewed while market players are in the long and short positions.
The increase confirms the increase in market conviction after a consolidation phase.
Such growth often precedes stronger price movements, especially when combined with accumulation trends.
Open interest is adding force to the bullish case, potentially indicating that traders position themselves for a significant escape or directional movement.
Source: cryptocurrency
User activity is climbing – can it feed the price?
The activity of the Ethereum network has also shown significant growth. Active addresses have increased by 13% in the last seven days, while new addresses have increased by 45.24%.
In particular, zero equilibrium addresses have increased by more than 102%, suggesting re -engagement from dormant wallets or rotation between carriers.
This large increase reflects an increased interaction of the network and the activity of users, who generally align with the growing interest of the market.
The constant increase in participation can support an increase in the rise if it is supported in the coming weeks.
Source: intotheblock
To what height can ETH go from here?
The price structure of ETH confirmed an escape from a formation of downward corners at the time of the press.
After weeks of negotiation in the downward trend, the break is now the door to higher targets. The immediate resistance took place at $ 2,139, followed by Fibonacci extension levels at $ 2,354 and $ 2,638.
Although the ETH remains less than $ 1,825 for the moment, the technical structure signals a growing dynamic. Therefore, if the continuous purchase pressure and the bulls hold above recent stockings, the path to a medium-term rally remains intact.
Source: tradingView
Long traders, however, were faced with significant losses on May 2, depending on Coinglass Analytics. The downward volatility of Ethereum spoke $ 5.29 million long liquidations, against only $ 1.07 million in shorts.
Binance and the recourse recorded the longest erases, exposing overvalued upper positions.
This flush suggests that prudence is always justified in the short term. Nevertheless, such liquidations often clean the market for weak hands and create room for a stronger alignment of trends in the following sessions.
Conclusion
The current landscape of Ethereum reflects a recalibrating market after an aggressive hunt for long positions.
However, the combination of the accumulation of whales, the improved participation of the network and the technical escape structure places ETH in a favorable position.
If the feeling holds and the entries persist, Ethereum can gradually resume the dynamics of the dynamics upwards and change market in the coming days.
