The price of Ethereum has released – many times without violating the resistance zone around 2800 USD – in the last few weeks after a powerful start until May. The second largest cryptocurrency will be aimed at repeating this brilliant form in early June in order to regain the desired level of 3000 USD in the coming months.
Since the loss of USD 3000 at the beginning of February, the price of ETH has tried to build a continuous stubborn shoot, reaching only 2,200 USD in the last few weeks. However, the last market data show that the price of Ethereum can be prepared for an extended rally in the next few months.
What is ether ugles?
In the post of May 31 on the Social Media Platform X, a nickname Darkfost cryptographic analyst provided that Perspective in the chain about the rush of the price of Ethereum and investor moods. According to the market analyst, a chain signal, which preceded a significant price rally for ETH in the past, was issued.
The appropriate indicator here is the average size of the Ethereum order on Binance, which is calculated by dividing the total volume of trading by the number of transactions on the world’s largest cryptocurrency exchange (according to the trading volume). This record offers Insight into the commercial class – regardless of whether they are gigantic institutional investors or retail traders – are the most dominant on a specific stock exchange.
Based on this record in the chain, gigantic Ethereum investors have once again returned to the market, as whale orders on Binance showed from May 19. Darkfost said that the chart below contains an “immediate snapshot of the Ethereum in the binance range, while combining key market data about activity on the point and future, cumulative volumes, medium bus.”
Source: @Darkfost_Coc on X
The analyst on the chain added:
In low, it is a “” signal, and today something infrequent and powerful flashes because Last time this indicator brightened in December 2023, just before ETH from USD 2,200 to USD 4000.
Darkfost also mentioned that whales do not always try to find a low input point, but rather position early when a wider trend begins to show signs of strength. With average orders for a conversion placed mainly by whales, this means that the price of Ethereum can be prepared for another 80% traffic in the next few weeks.
That is why Darkfost believes that the month could be a huge entrance window, which was apparently used by most gigantic investors.
Ethereum price at first glance
In this letter, the price of Ethereum is about USD 2,537, which reflects an boost of 0.5% in the last 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Recommended photo from Istock, chart from TradingView
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