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The price of Ethereum has slowed down, not repeatedly slowed down the resistance zone around $ 2,800, in recent weeks after starting the month of May. The second largest cryptocurrency will aim to replicate this brilliant form in the first days of June to recover the coveted level of $ 3,000 in the coming months.
Since he lost the level of $ 3,000 at the beginning of February, the price of ETH has struggled to build a sustained bullish impulse, reaching only over $ 2,700 several times in recent weeks. However, recent market data shows that Ethereum’s price could be preparing for an extended demonstration in the coming months.
What do ether whales know?
In a May 31 publication on the social media platform X, the Pseudonym Crypto analyst Darkfost provided a chain perspective on the impulse of Ethereum price and the feeling of investors. According to the market analyst, a chain signal that preceded a significant price rally for ETH in the past has shot.
The relevant indicator here is the average size of Ethereum’s order in Binance, which is calculated by dividing the volume of total negotiation by the number of operations in the largest cryptocurrency exchange in the world (by negotiation volume). This metric offers The ideas about merchants classes, whether they are large institutional investors or retail merchants, the most dominant in a specific exchange.
Based on this metric in the chain, Ethereum’s great investors are again in the market, as evidenced by the Binance whales since May 19. Darkfost said the picture below provides “an instant snapshot of Ethereum’s feelings and the impulse in Binance, while combining key market data in the market and the activity of futures, cumulative volumes, with the comparison of comparison moving.”
Source: @Darkfost_Coc on X
The analyst in the chain added:
In short, it is a sign all in one, and today, it is blinking something strange and powerful because The last time this indicator illuminated this was in December 2023, just before ETH was fired from $ 2,200 to $ 4,000.
Darkfost also mentioned that whales are not always trying to find a low entry point, but position themselves early when a broader trend begins to show signs of force. With the average orders in Binance made predominantly by whales, it implies that the price of Ethereum could be preparing for another 80% movement in the coming weeks.
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Therefore, Darkfost believes that the month of May could have been a large entrance window, that most of the great investors apparently took advantage of.
Ethereum price at a glance
At the time of writing this article, the price of Ethereum is around $ 2,537, reflecting a 0.5% increase in the last 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Istock’s prominent image, TrainingView graphics
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