Ethereum, the second-largest cryptocurrency by market capitalization, has witnessed a notable recovery, surging 3% to $3,591 following a period of intense volatility. This resurgence comes on the heels of significant accumulation by prominent Ethereum whales amidst a market downturn. Here’s a closer look at the recent developments impacting Ethereum’s price.

Ethereum Whale Activity Triggers Bullish Sentiments

In the past three days, as noted by Lookonchain, an Ethereum whale has strategically accumulated $70 million worth of ETH, taking advantage of the altcoin’s price dip. Notably, the whale purchased 10,309 ETH, valued at $35.82 million, during a recent market downturn. This move follows a similar significant investment of 10,643 ETH, worth $36.75 million, made by the same investor on April 8th, just before a notable rise in the price of Bitcoin (BTC).

Lookonchain reported that two large Ethereum accumulations were observed, with one potentially linked to Matrixport, the blockchain company founded by former Bitmain boss Jihan Wu. Matrixport, established in 2019 as his second business venture, purportedly moved 22,251 ETH from crypto exchanges recently, valued at approximately $80.06 million.

Additionally, within the last three days, the same wallet withdrew 33,925 ETH, worth $122.06 million at the time of the transactions. Lookonchain also provided the address believed to be associated with Matrixport: 0xacc74cfaa8ad730194c1828cc179c78d5c08200e.

These acquisitions suggest a bullish sentiment from the investor, indicating a strategic positioning to capitalize on potential future price movements. The whale’s actions align with recent reports indicating a rise in Ethereum’s open interest and futures call, hinting at positive momentum for ETH in the near term.

Despite tumbling to $3,400 on April 10th, triggered by red-hot March CPI data from the US, Ethereum has recovered well, surpassing $3,500. The current price recovery is crucial for Ethereum to break past the $3,600 resistance level and resume its rally towards $4,000. Analysts are optimistic about Ethereum’s price recovery, hoping it can sustain further upward momentum.

Ethereum Price Levels to Monitor

ETH/USDT Price Chart: TradingView

Ethereum is currently hovering around the $3,500 mark, closely tracking the 100-hourly Simple Moving Average. Immediate resistance lies near the $3,600 level, followed by significant hurdles at $3,650, $3,725, and $3,780. A breakthrough above $3,800 could pave the way for a bullish trend.

On the downside, failure to surpass the $3,600 resistance may lead to a downturn. Initial support is expected to be near $3,520, with a more substantial support level of around $3,500. Further downward movement could test the $3,400 zone.

At the time of writing, Ethereum’s price is $3,512 per ETH/USD, with a market capitalization of $421.55 billion. The 24-hour trading volume stands at $13.35 billion. Ethereum’s price has increased by 3.18% in the last 24 hours.

The recent price action and whale accumulation indicate a dynamic and potentially profitable period for Ethereum traders and investors. As always, market participants are advised to conduct thorough research and exercise caution when trading cryptocurrencies.