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    Ether surges 29% and breaks $3,000 as whales boost holdings and face resistance at $3,500

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    Ether (ETH) rose 29% last week, breaking the $3,000 mark. Despite a slowdown in ETH’s upward trend, large investors or “whales” seem to be purchasing more. One new whale purchased $23.44 million in ETH, with their wallet active since Nov. 9 and accumulating over 18,000 ETH. Another whale, who initially invested in 2016, sold their ETH for a 80,000% return, making over $30 million from an initial $38,000. Another address moved $20 million worth of ETH to the Kraken exchange on Nov. 14. Meanwhile, ETH faces resistance at the $3,500 mark.

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    Hey guys, you know the crypto we all love? Ether (ETH) had a killer moment last week and spiked up by 29%! It blasted past $3,000, something it hadn’t done since August. However, the upward trend has slowed a bit, even though Bitcoin (BTC) climbed by 13% in just the last few days.

    While Ether only rose by a bit more than half a percent since Nov. 11, the big money players (aka whales) seem to be seeing this as just the right moment to stock up for the future.

    A brand new ETH whale just dove into the scene and snatched up a whopping $23.44 million in ETH! During the third quarter of this year, we saw a lot of whale activity in the Ethereum network. Some wallets even dumped loads of ETH on the market. But now with ETH prices climbing 23% in Q4, a new whale has emerged.

    We got some inside scoop thanks to Lookonchain, an online wallet tracker. They spotted a new whale wallet that scooped up over 7,389.5 ETH, or $23.44 million, in just 24 hours. This wallet got active on Nov. 9 and has since then bought over 18,000 ETH, right now worth around $57.8 million.

    And check this out – this whale’s wallet only holds Ethereum and $19.3 million in Tether (USDT). So, it’s pretty likely this whale will scoop up more Ether if the price dips.

    In other whale news, another major buyer from 2016 sold their ETH for a massive 80,000% return, pocketing over $30 million from an initial investment of only $38,000. They moved 11,000 ETH in one go when the prices were floating around $2,777.

    Likewise, another address that scooped up 23,743 ETH at an average price of $11 between August 2017 and November 2018, moved $20 million (6,250 ETH) to the Kraken exchange on Nov. 14.

    For those keen on resistance and support zones – ETH is battling strong resistance at $3,500. While Bitcoin is on a mad roll, Ether is yet to surpass its highest price point this year. Hence, ETH continues to face stiff headwinds.

    An independent trader named Eddie pointed out that ETH’s recent rally to $3,450 perfectly met the 0.618 Fibonacci level, based on its record high and 2022 lows. He anticipates some price maneuvering to get through its current resistance zone.

    On a technical note, Ether is currently looking poised to retest the ‘Fair Value Gap’ (FVG) between $3,072 and $2,987, which is marked on the daily chart. This range is also spotted with a buying block and support from the exponential moving averages (EMA) level, hinting at a possible bounce back from the $3,000 range if ETH can regain its momentum.

    Quick disclaimer: Please do your research before making any trading decisions. Crypto trading carries risks so make sure to stay informed!

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