Ethereum Price Prediction: Surge Above $3,236 Signals Potential Rally

[CryptoChamp]

 

Ethereum has shown strong bullish momentum recently, breaking above a daily resistance level of $2,820 on Thursday. By Sunday, the price had surged by over 7.7%, as per Coinpedia Markets nearing the weekly resistance level of $3,236. As of Monday, Ether Price hovers slightly below $3,182, with traders anticipating whether ETH will close above the $3,236 level. If it does, Eth Price Prediction suggests a potential 9.8% gain, aiming for the previous high of $3,562 reached on July 22.

Overbought Conditions and RSI Signal Caution

Ethereum’s Relative Strength Index (RSI) currently stands at 75, indicating that ethereum price is in overbought territory, much like Bitcoin. This suggests that while ETH is experiencing upward momentum, there could be a slight correction if buying pressure eases.

Whale Activity Surges as Key Factor

Large investors, or “whales,” are significantly influencing ETH Coin price action. Whale transactions over $1 million have hit a 14-week high, reaching 8,482 transactions last week, the most since August. With whale transaction volume surpassing $10.4 billion, their activity plays a critical role in price stability and momentum.

Long-Term Holder Behavior: A Key Metric to Watch

Ethereum’s Liveliness metric, which reflects long-term holders' behavior, recently showed an uptick. This rise suggests some long-term holders are booking profits, potentially slowing the rally. However, if they hold instead of selling, ethereum price could find stronger support to continue its upward trend.

The Ethereum Price Prediction remains optimistic if these key players continue supporting the rally, though traders should be aware of potential price adjustments.