Ethereum Soars: Whale Transactions Hit 14-Week High

Ethereum reached a multi-month high, following Bitcoin's rise. It hit a peak of $3,251 yesterday and is currently trading at around $3,204.

Whale transactions jumped to a 14-week high, with over 8,482 transactions above $1 million recorded. This level of activity is the highest since August and shows that large investors are very interested in the market.

On November 8, Ethereum experienced significant inflows of about $85.9 million, which reflects strong buying interest from institutional investors.

The total daily transaction volume for Ethereum hit about $10.4 billion, showing that it is popular with both regular investors and large institutional investors during a time of rising market prices.

Technical Analysis: Resistance and Support Levels for Ethereum

Bullish momentum may be achievable if Ethereum maintains above 3400. The key near-term resistance is at 3400, with significant upward movement targeting, $3560, or even $4000. 

Conversely, immediate support is around $3000. A fall below this threshold will confirm continued bearish momentum, potentially leading to price drops to $2770/$2500/$2300. A breach below $2000 could see Ethereum plummet to $1,800.

Traders may consider buying on dips near $3000, with a stop loss set around $2770 and a target price of $4000.