Ethereum prices slowed – after a strong start in May, they have repeatedly violated $2,800 in the resistance zone over the past few weeks. The second-largest cryptocurrency aims to replicate this glorious shape early in June to regain the coveted $3,000 level for the coming months.
ETH prices have struggled to build sustained bullish momentum since losing the $3,000 level in early February, and have only hit $2,700 a few times in the past few weeks. However, recent market data shows that Ethereum prices may be preparing for extended gatherings over the coming months.
What do ether whales know?
In a May 31 post on social media platform X, pseudonymous crypto analyst DarkFost provided chain outlook on Ethereum price momentum and investor sentiment. Market analysts say on-chain signals ahead of past large price rallies in ETH have left.
The relevant indicator here is the average ordinal size for Ethereum vinance. This is calculated by dividing the total volume by the number of transactions on the world’s largest cryptocurrency exchange (by trading volume). This metric provides Insights into the class of most dominant traders on a particular exchange, whether it is a large institutional investor or a retailer.
Based on this on-chain metric, large Ethereum investors have returned to the market once again, as shown in the whale orders after May 19th. Darkfost said the chart below “combines the vast amount of spots and futures, whilst providing instant snapshots of ethereum emotion and momentum, while also driving a massive amount of spots and future comparisons.”
Source: @Darkfost_Coc on XOn-chain analyst added:
In short, it’s an all-in-one signal, and today it’s flashing something unusual and powerful This indicator was illuminated in December 2023, just before ETH surged from $2,200 to $4,000.
DarkFost also said that whales are not always trying to find low entry points, but rather sit early when the wider trends begin to show signs of strength. The average orders for vinances mostly placed by whales means that Ethereum prices could potentially earn an additional 80% move in the coming weeks.
So DarkFost believes that the May month could be a huge entry window.
Ethereum prices are at a glance
At the time of writing, Ethereum priced around $2,537, reflecting a 0.5% increase over the past 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
ISTOCK featured images, TradingView chart
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