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    HomeFinanceSurge in Ethereum (ETH) Buying Activity Sparks Traders' Interest in 15% Rally

    Surge in Ethereum (ETH) Buying Activity Sparks Traders’ Interest in 15% Rally

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    Ethereum (ETH), the second-largest cryptocurrency in the world, is facing some challenges after an 8.80% gain yesterday. Today, on January 17, 2025, ETH has dropped nearly 5% from its previous gains, falling from $3,450 to the $3,260 level.

    Currently, ETH is trading at around $3,331 and has experienced a price decline of over 3.15% in the past 24 hours. However, trading activity has increased moderately, leading to a 5.5% increase in trading volume.

    In the current market conditions, some large investors, known as whales, are accumulating ETH and taking advantage of the recent price drop. A newly created crypto wallet withdrew 2,884 ETH worth $9.57 million from Binance, the largest cryptocurrency exchange. This is the second accumulation by a new whale, as another wallet withdrew 1,799 ETH worth $5.92 million from Binance on January 16, 2024.

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    Long-term holders are also continuously accumulating ETH, as evidenced by the outflow of $51.15 million worth of ETH from exchanges. This movement of assets from exchanges to wallets indicates potential accumulation and creates buying pressure, which can drive further price increases.

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    Also read:  For the first time, Inter exams will be monitored by cameras.

    The increasing accumulation by whales and long-term holders suggests growing confidence in the price potential of ETH.

    According to expert technical analysis, ETH appears bullish and is currently retesting the support level. It has also formed a bullish falling wedge pattern on its daily timeframe. If ETH breaks this pattern and closes a daily candle above the $3,500 level, there is a strong possibility that it could rise by 15% to reach the $4,000 level in the future.

    On the positive side, ETH’s Relative Strength Index (RSI) is below the overbought zone, indicating strong potential for an upside rally.

    Note: Investments carry market risks. Please invest carefully. We do not accept responsibility for any financial losses.

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    Rajesh M
    Rajesh Mhttps://www.telanganatribune.com
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