Is Ethereum price an advance to the Monster Rally? 80% of the last time
After a steady start in May, Ethereum prices have slowed over the past few weeks – repeatedly failing to violate the $2,800 resistance zone. The second largest cryptocurrency will aim to replicate this excellent form in early June to reclaim the coveted $3,000 level in the coming months.
ETH prices have been working to build ongoing bullish momentum since losing the $3,000 level in early February, reaching just over $2,700 in the past few weeks. However, recent market data suggest that Ethereum prices may be preparing for extended rally in the coming months.
What does the ether whale know?
In a May 31 post on social media platform X, pseudo-crypto analyst DarkFost provides a chain-chain outlook for Ethereum price momentum and investor sentiment. According to market analysts, the chain signal before the major price rally of ETH in the past has disappeared.
The relevant indicator here is the average order size of Ethereum in terms of binary, which is calculated by dividing the total transaction volume by the number of transactions on the world’s largest cryptocurrency exchange (by transaction volume). This indicator provides Insights into the trader category, whether large institutional investors or retail merchants, are the most dominant in a particular exchange.
Based on this chain measurement, big Ethereum investors have returned to the market again, as shown by whale orders since May 19. Darkfost said below, the following figure provides an immediate snapshot of Ethereum, Ethereum’s emotion and motivation for two hearts, while combining live and futures activities, accumulating cumulative Worms’ comparisons and bringing it together.
Source: @Darkfost_Coc on X Chain analysts added:
In short, it’s an all-in-one signal, and today, it’s flashing with something rare and powerful because The last time the indicator lighted up was in December 2023, just before ETH rose from $2,200 to $4,000.
Darkfost also mentioned that whales do not always try to find a low entry point, but instead position themselves as broader trends start to show signs of intensity. With the average orders for binary commands placed primarily by whales, this means that Ethereum prices may add 80% of the speed over the next few weeks.
So, Darkfost believes that May may be a huge entry window that most large investors seem to take advantage of.
Ethereum price at a glance
As of this writing, Ethereum is priced at about $2,537, reflecting 0.5% of the past 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured images from Istock, charts for TradingView
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