Ethereum price could target $3,000 with ETH whales buying the dip – FXStreet

Akash Girimath
FXStreet
Ethereum (ETH) price is attempting a recovery bounce that could kickstart a run-up to new yearly highs. Supporting on-chain and technical indicators add credence to this bullish ETH outlook. 
Also read: Institutions’ interest in crypto grew by 176% in 2023 but seems to be waning ahead of Bitcoin ETF
Ethereum price slipped low as $2,100 on January 3 after Matrixport’s ETF-rejection post. But ETH, like many other cryptocurrencies, recovered quickly. Ether currently trades at $2,244, forecasting a potentially explosive move to the upside. 
The Relative Strength Index (RSI) hovers around 42 after its recovery from the oversold region a few days ago. A higher low formation could indicate a slow but steadily gaining upward momentum.
The Awesome Oscillator (AO) is much more optimistic than the RSI, which shows a decline in bearish momentum as the indicator approaches the zero line. A flip of the mean level would indicate that the bullish momentum is in play and could push Ethereum price higher.
In such a case, if Ethereum price flips the $2,300 hurdle into a support floor, it could move higher and retest the $2,400 barrier. In a highly bullish case, ETH could tag the 161.8% Fibonacci level at $2,562 and also the monthly resistance level at $2,652.
Read more: Ethereum price could make a recovery as ETH supply on exchanges hits an all-time low

ETH/USDT 1-day chart
The bullish Ethereum price outlook is supported by the spike in Whale Transaction Count and Volume on January 3. According to Santiment’s data, this uptick occurred on the day of a massive sell-off, which is a sign of investors buying the dip.
Since whale-transaction count tracks transfers worth $100,000 or more, this uptick has a high chance of being a buy-the-dip move from institutional investors. Considering that the volume coincides with this uptick adds even more credence to the bullish outlook.

ETH whale transaction count, volume
Furthermore, IntoTheBlock’s Global In/Out of the Money (GIOM) indicator shows that the immediate key hurdle at $2,347 is relatively weak. Hence, overcoming this blockade could send ETH to the next critical level of $2,859. Here, roughly 10.77 million addresses that accumulated 5.2 million Ether are sitting at a loss. 
Therefore, a potential move into this hurdle could see a considerable spike in selling pressure from these holders trying to break even. 

ETH GIOM
On the other hand, if Ethereum price flips the range low of $2,144, it will create a lower low and invalidate the bullish thesis. In such a case, ETH could slide 6.50% and revisit the $2,000 psychological level.
Also read: Following spot Bitcoin ETF applicants, SEC holds meetings with NYSE, NASDAQ and other exchanges

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Bitcoin price has remained largely unchanged, merely falling to $42,500 during the intra-day lows. Nonfarm Payrolls in the United States rose by 216,000 in December against the expectations of 170,000.
Shiba Inu price nearly broke through the barrier that could have triggered a 34% rally but failed to sustain the bullish momentum. The meme coin posted a double bottom or ‘W’ pattern on the weekly time frame, suggesting a bullish Q1.
Ethereum (ETH) price is attempting a recovery bounce that could kickstart a run-up to new yearly highs. Supporting on-chain and technical indicators add credence to this bullish ETH outlook. 
Bitcoin price climbed back 3% on Thursday after falling below $41,000 yesterday owing to the Matrixport FUD. In the last two days, VanEck, Grayscale and Fidelity have filed for registration of securities with the SEC.
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