Ethereum Surges to $3,000: Temporary Euphoria or the Beginning of Something Big?

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Bittime - On February 20, the price of Ethereum reached $3,000, a high last seen in April 2022. But, not long after that, the price fell again to below $2,900. This decline occurred after prices started to rise on February 17. This makes people wonder, can these price increases last?

This situation makes the big players in the Ethereum market, often referred to as whales, the center of attention. Some of them put money into the market, while others withdrew their money, indicating that there could be many unexpected price changes.

What Do Ethereum Whales Do?

There are two incidents that have attracted attention regarding Ethereum whale activity, as reported by Lookonchain. This shows how dynamic the cryptocurrency market is.

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First, on February 18, there was a whale who was very active in increasing the amount of Ethereum he held, adding a total of more than $178.9 million in less than two weeks. This shows that there are large investors who are very optimistic about the future of Ethereum.

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In contrast, on February 20, there was an Ethereum ICO whale who chose to sell his Ethereum when the price reached $3,000, perhaps because he wanted to take profits or because he lacked confidence in the price's ability to stay at that level.

These two incidents show how diverse the strategies and views of major investors in the world of cryptocurrency are. Some are confident and buy more, while others choose to sell and take profits.

Ethereum Price Analysis

From January 25, the price of Ethereum continued to rise, surpassing $2,500, and reaching new highs. This should mark the beginning of a price decline, but it turns out the market is still bullish (tending to rise).

Even though it just hit a high price not seen since April 2022, there is still a chance it will rise again, perhaps all the way to $3,200. However, after that, it is expected that the price will start to fall, perhaps to the range of $2,100 to $1,800, according to technical analysis.

So, while there is potential for an increase in the price of Ethereum, it seems likely that there will be a significant price decrease before long. Buyers must be careful, because the market can change at any time.

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How to Buy Ethereum (ETH) on Bittime

You can buy and sell ETH tokens in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. ETH is available on Bittime with ETH IDR pairing . 

To be able to buy ETH/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make ETH purchases in the application. Complete Guide on How to Buy ETH on Bittime. 

Monitor price chart movements for Ethereum (ETH) , Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Also Read

Comparison of Fundamental Vs Technical Analysis

What Is A Whale In Cryptocurrency?

2024 Prediction: Will Bitcoin Whales Make Prices Skyrocket?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.