Ethereum Whales Accumulate as RSI Rebounds, Golden Cross Looms

Ethereum (ETH) has shown signs of recovery after a sharp decline caused by the Bybit hack, which impacted its price. Despite this bounce back, ETH is still down nearly 18% over the past 30 days, reflecting continued volatility.

Notably, ETH’s RSI has rebounded to 58.6 from a low of 39.2 during the sell-off, indicating renewed buying pressure. This recovery in RSI suggests that market sentiment is gradually improving, potentially setting the stage for further price gains if momentum persists.

The number of Ethereum whales – addresses holding at least 1,000 ETH – has been rising steadily over the past month, increasing from 5,680 on January 25 to 5,828 on February 22. This marks the highest level since December 2023, signaling renewed interest and accumulation among large holders. The increase in whale addresses suggests that institutional investors or high-net-worth individuals are building positions, potentially anticipating future price gains, especially between February 21 and February 22, when ETH prices decreased following the Bybit hack.

Ethereum’s EMA lines suggest that a golden cross could form soon. A golden cross typically signals a bullish trend and potential upward momentum. If this occurs, Ethereum could first test a price level near its long-term line around $2,876. Breaking this resistance could open the door for a move to $3,020. If the uptrend continues with strong momentum, ETH could even reach as high as $3,442.

However, ETH has struggled to reclaim levels above $2,900 in recent attempts, signaling possible resistance and market hesitation. If it fails to break through once more and a downtrend begins, ETH price could test the $2,551 support level. Losing this support could result in a sharper decline, potentially falling to $2,159.