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▲ Ethereum (ETH), Cryptocurrency Whale/ChatGPT Generated Image
Amid tension ahead of the US Consumer Price Index announcement, Ethereum (ETH) whales have poured over $1 billion, signaling a large-scale rebound rally.
According to crypto-specialized media BeInCrypto on April 10 (local time), inflation concerns have grown due to surging energy prices, but whales are leaning towards the possibility of core inflation slowing down. An analysis of Santiment data shows that Ethereum whale wallet holdings have increased by 500,000 ETH in recent hours. This represents a new accumulation of $1.09 billion, a proactive move to prepare for a relief rally after the inflation data release. The Ethereum Foundation has also recently deposited its holdings for yield generation rather than selling, easing market selling pressure.
Technically, Ethereum has completed a cup-and-handle pattern within a downtrend channel, indicating a strong reversal signal. If it breaks and settles above $2,231 based on the daily close, there's a high probability of it reaching the Fibonacci 61.8% retracement level at around $2,300. Surpassing this zone could lead to an additional 19.15% increase, raising the target price to $2,706. However, caution is advised as a fall below the $2,162 support level could destabilize the current bullish structure.
Chainlink (LINK) is also seeing concentrated buying from whales, fueling expectations of a rebound. An analysis of Santiment data shows that whales have recently acquired an additional 1.89 million LINK, worth approximately $16.93 million. Technically, it is forming an inverse head-and-shoulders pattern and is attempting to break above the $9.43 neckline. Surpassing this resistance level would set the stage for a rally to extend past the psychological threshold of $10 to $10.82.
Conversely, Uniswap (UNI) in the decentralized finance sector is facing downward pressure due to whale outflows. Nansen data indicates that whale wallet holdings decreased by 2.48% over a week, leading to approximately $283,000 worth of sell-offs. Uniswap is currently trading within a bear flag pattern, making the defense of the $3.08 support level crucial. The virtual asset market is expected to stand at a clear crossroads for each asset depending on the detailed figures of the inflation indicators.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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