Ethereum Price Prediction: ETH Up 0.5% with $6 Billion Trading Volume – Are Whales Accumulating?

cryptonews.com:

The Ethereum price has risen by 0.5% in the past 24 hours, reaching $1,866 as the cryptocurrency market enjoys a similar gain today.

ETH is now down by 2% in a week but up by 14% in the last 14 days, with the market's biggest altcoin also increasing by 56% since the beginning of the year.

And with its 24-hour trading volume now passing $6 billion, ETH could be in line for further gains in the next few days, especially when there have been signs of big whale transfers involving the cryptocurrency.

Of course, ETH's fundamentals mean that, even if it doesn't rally in the short term, it will almost certainly see sustained increases over the medium and long term.

ETH has seen a slight uptick in the past hour, with its chart and indicators reflecting this apparent increase in momentum.

For one, its relative strength index (purple) has jumped from just under 40 yesterday to just over 50 today, indicating a growth in buying pressure that has plenty of room to intensify further.

Similarly, its 30-day moving average (yellow) has flattened out after looking as though it might be falling towards its 200-day average (blue), something which could indicate further gains to come.

This suspicion is strengthened by ETH's support level (green), which has risen over the past couple of weeks and which is now forming an interesting pennant with the altcoin's resistance level (red).

This implies that a break should be coming in the next few days, with ETH's price action converging on a point at which it could see a big move in either direction.

However, given ETH's fundamentals and general position, it's more likely that such a move is up (rather than down).

This argument is supported by the fact that whales have spent much of the week apparently