What's the Latest on Ethereum? Are the Whales Inside? Analyst Explains the Latest Situation!

Cryptocurrency analyst IT Tech explained the basic trends in whale activity and price movements by providing information about Ethereum's current market conditions.

According to IT Tech, Ethereum's large transaction volume is lower compared to previous bull cycles in 2017 and 2021. This suggests that the market is currently driven more by individual investors rather than institutional-scale transactions, which generally indicate speculative fluctuations.

Although there have been small increases in whale activity, these are typically not at levels preceding a major rally or significant sale. However, IT Tech warns that sudden increases in whale transactions often indicate upcoming price changes and have become an important criterion to monitor activity on the chain.

Ethereum has successfully reclaimed the $3,000 level, but an analyst notes that a move above $3,500 and beyond would require confirmation as an upward trend. Without this, Ethereum could consolidate or experience a pullback.

IT Tech warns that a sudden surge in whale activity along with price weakness could indicate distribution and lead to a correction towards the $2,800-2,500 range.