Ethereum (ETH) Whales Move 36,000 as Recovery Begins – Will It Claim Previous Highs?

Ethereum is now on the path to recovery after a retracement on the weekly timeframe. ETH touched the $3,000 price level today, indicating buyers' return.

Whale activity has increased again amid the price recovery, with more than 36,000 ETH tokens moved. Will this affect Ether prices?

Ethereum Whale Movement Influencing Ether's Price

According to the on-chain analytics platform Whale Alert, 36,763 ETH has been moved in the past day.

A whale address transferred 25,772 ETH to Coinbase Institutional, a major crypto exchange, and another whale acquired 10,990 ETH from Coinbase within the same period.

These transactions coincide with Ethereum's fluctuating prices, which has sparked mixed sentiments among market participants.

Meanwhile, Ethereum's price has increased slightly today, trading at $2,980 as of 5:37 AM EST, with a 1.4% 24-hour increase. The monthly charts suggest the token has entered a consolidation phase, marked by high fluctuation around the $3,000 price level.

Ethereum Spot ETF Decision Likely to Affect its Price

The uncertainty surrounding the spot Ethereum ETF approval by the U.S. Security and Exchange Commission (SEC) is a major factor affecting Ethereum's price.

While enthusiasts are keen on approval, MicroStrategy's CEO, Michael Saylor, is critical of an Ethereum ETF. According to Saylor, Ethereum is a security. Hence, the SEC would never approve an ETF for the altcoin.

This assertion by Saylor comes just 20 days away from the final ETH ETF deadline of May 23. The SEC will either approve or reject a request for an Ethereum ETF on that date.

Also, Saylor believes that other altcoins such as BNB, SOL, Cardano, and XRP will be classified as unregistered securities. He noted that Bitcoin stands alone in attracting institutional acceptance, and there is no second-best token.

While opinions are divided on an Ethereum ETF approval, a positive response will likely attract more investors. If the ETFs are approved, Ethereum will likely record a massive rally.

However, nothing is certain yet, and a decline is imminent for Ether should the SEC decline the spot ETH ETF approval.

What Next for Ethereum?

ETH has formed a red candle on the daily chart after rallying to $3,000 earlier today. The sellers have continued to mount pressure, forcing a decline at the $3032.8 resistance level.

However, ETH has found support at the $2938.2 price level, which is critical to preventing further decline.

The Parabolic SAR indicator has moved above the candles, a bearish signal of further decline. This confirms the bearish signal displayed by the RSI, which sits at 39.08, approaching the oversold region.

Given the upcoming spot ETF decision and the current mixed market sentiment, Ethereum's price is at a critical conjecture. It could remain consolidatory in the coming days until a decision is reached, which will either propel it upwards or trigger a downturn.

The post Ethereum (ETH) Whales Move 36,000 as Recovery Begins - Will It Claim Previous Highs? appeared first on The Tech Report.