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Ethereum Sees Slight Recovery as Whale Transfers $24.28 Million in ETH to Kraken

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The cryptocurrency market is showing signs of recovery, with Ethereum (ETH) leading the charge. The largest-capped altcoin has surged by 2.75% in the last 24 hours, with its price now sitting at $3,477. This uptick in value comes as an Ethereum whale transferred a significant amount of ETH to the popular crypto exchange Kraken.

The whale, who participated in the Ethereum Initial Coin Offering (ICO) in 2015, transferred 7,000 ETH valued at $24.28 million to Kraken after 209 days of inactivity. Despite this large transfer, the whale still holds 40,000 ETH, worth $139.5 million. This move has sparked interest in the Ethereum market, with many wondering if this could be a sign of a larger trend.

In other news, the U.S. government has transferred 3,375 ETH, valued at approximately $11.75 million, to Kraken. This is part of the government’s total holdings of 50.524K ETH, worth $175 million. The transfer was followed by the Spot Ether ETF S-1 filings, which were returned to the U.S. SEC for further review and amendment before the approval process.

So, can ETH break the upcoming resistance? The daily relative strength index (RSI) is currently in the 48.74 range, indicating that the asset is approaching the neutral zone. The 24-hour price chart shows that if there is a recovery wave, the price could face a key resistance in the $3,695 range. If the bullish trend persists, the next major resistance level to be found is between $3,730 – $3,796. Furthermore, the higher target might be at the $4K range.

ETH price chart (Source: TradingView)

Conversely, if Ethereum’s price fails to climb above the resistance zone, it may drop to immediate support near the $3,338 level. The second subsequent support may seemingly be found at $3.284. Any more losses might send the price toward the $3,247 support zone.

For now, it remains to be seen whether ETH can break through the upcoming resistance and continue its upward trend. One thing is certain, however: the cryptocurrency market is always full of surprises, and it’s essential to stay informed and adapt to changing market conditions.

Source: NewsCrypto

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