Ethereum is currently trading at $3,477, up 2.75% in the last 24 hours and 4.87% over the past week. The largest altcoin’s daily trading volume has surged by 51.96% in the past 24 hours. The crypto market is experiencing a slight recovery from its bearish momentum.
Amid these market fluctuations, an Ethereum whale transferred 7,000 ETH, valued at $24.28 million, to the crypto exchange Kraken after 209 days of inactivity. This whale had participated in the Ethereum Initial Coin Offering (ICO) in 2015 and still holds 40,000 ETH, worth $139.5 million, even after the transfer.
According to Arkham Intelligence data, the U.S. government transferred 3,375 Ethereum, approximately valued at $11.75 million, three hours ago. The U.S. government’s total holdings amount to 50,524 ETH, worth $175 million.
This transfer coincides with the Spot Ether ETF S-1 filings. Meanwhile, the U.S. SEC has returned the S-1 forms for further review and amendment before the approval process, suggesting refiling by July 8.
Can ETH Overcome the Upcoming Resistance?
Over the past week, ETH has risen by 4.87%. However, it has experienced an 8.41% decline over the past month. The daily relative strength index (RSI) is at 48.74, indicating the asset is approaching the neutral zone.
ETH price chart (Source: TradingView)
Analyzing the 24-hour price chart, if there is a recovery wave, the price could face key resistance at the $3,695 range. If the bullish trend continues, the next major resistance level is between $3,730 and $3,796, with a higher target potentially at the $4,000 range.
Conversely, if Ethereum’s price fails to climb above the resistance zone, it may drop to immediate support near the $3,338 level. The next support level could be around $3,284, and further losses might push the price toward the $3,247 support zone.