Despite a 2.5% rally today, Ethereum is struggling with some formidable resistance levels, especially in the $3,170 to $3,270 range. This resistance zone is significant as it is backed by 1.63 million addresses holding a total of 4.45 million ETH.
#Ethereum 1.63 million addresses held with 4.45 million addresses, encountering strong resistance between $3,170 and $3,270 $ETH.If we break through this barrier, we may be able to move forward. #ETH Heading towards $3,650! pic.twitter.com/Ko74nHdpTj
— Ali (@ali_charts) April 23, 2024
A clearing of this hurdle could bring ETH closer to the $3,650 level, giving traders and investors a bullish outlook. Ethereum is currently trading at $3,253, reflecting the ongoing battle between buyers and sellers in the market.
In the last few hours, we have observed notable activity regarding wallet 0x4359, which may be related to Justin Sun. This wallet withdrew an equivalent amount of 15,389 ETH from Binance worth $49.78 million.
Since April 8th, Justin Sun, the entity behind wallet 0x4359, has been actively accumulating ETH, purchasing 147,442 ETH for a total of $469.9 million at an average price of $3,179.
0x4359 (probably #justinsan) Withdrawal 15,389 $ETH(from $49.78 million) #Binance Again 8 hours ago he had bought 147,442 pieces $ETH($469.9 million) After April 8, $3,179. https://t.co/41366OnM5Yhttps://t.co/PXIswFqWum pic.twitter.com/0J77rbZhFB
— Lookonchain (@lookonchain) April 24, 2024
This accumulation signals a strategic move by Sun and may indicate participation in staking and restacking activities within the Ethereum ecosystem.
Launch of Hong Kong Bitcoin and Ethereum Spot ETF
In other developments, the much-awaited launch of a Hong Kong Bitcoin and Ethereum spot ETF is scheduled to begin trading on April 30th. The ETF will take an in-kind approach, which is particularly attractive for cryptocurrencies, according to a Hashkey spokesperson. Native, market maker, digital asset exchange.
This approach offers greater efficiency and arbitrage opportunities and is likely to attract significant interest from both institutional and retail investors.
The Hong Kong Bitcoin and Ethereum spot ETF is scheduled to begin trading on April 30, according to a HashKey spokesperson. Wintermute said the spot trading approach is particularly attractive to crypto natives, market makers and digital asset exchanges as it allows for increased efficiency and arbitrage.
— Wu Blockchain (@WuBlockchain) April 24, 2024
While Ethereum overcomes resistance levels and awaits the launch of the ETF, market participants remain vigilant and are closely monitoring price movements and whale activity.
The outcome of these developments could shape Ethereum's trajectory in the short term and influence overall crypto market sentiment and investment decisions.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
Follow me on Twitter @themerklehash Stay up to date with the latest crypto, NFT, AI, cybersecurity, and metaverse news.
Image source: stevanovicigor/123RF // By image effect color cinch
