Ethereum (ETH) Price Drops 2.97% in 24 Hours, Stalling at $2,443

Crypto enthusiasts are closely following Ethereum's (ETH) movements as it shows signs of entering a solid bullish phase.

What Happened: On-chain analytics firm Lookonchain has revealed the activity of one "whale" who has profited immensely from Ethereum's recent price surge.

The whale began accumulating Ethereum on February 15 when the token was trading at around $1,600, and had a loss of $21 million.

When the same wallet address again withdrew $4.2 million worth of Ethereum from the Gate.io crypto exchange on May 11, it had a profit of $21.7 million.

The whale has collected 50,165 ETH, which has a total value of $104.5 million and an average purchase price of $2,084 per ETH.

Why It's Important: Ethereum has risen 41% in the last seven days and surged 64% in the last 30 days. The largest altcoin almost touched the $2,600 mark on May 11 and has been moving steadily in the range of $2,450 to $2,550.

The asset is showing bullish momentum again as the crypto market in general enters the "greed" zone. As of May 12, ETH was trading at $2,515 with a market capitalization of $316 billion.

However, based on data from TradingView, Ethereum's Relative Strength Index (RSI) has actually shown a decline since May 9 - falling from 90 to 55 - despite the price continuing to rise.

This indicator shows that ETH has moved from an "overbought" state to a neutral zone despite printing the highest price in the last three months. Historically, this condition - RSI declines while prices rise - signals a mature market with a steady upward trend.

Ethereum's next big target is to break the $3,000 level. Consistent accumulation of ETH by whales and support from positive macroeconomic conditions could push not only Ethereum, but also the entire crypto market to set new records.

See More: Want to buy/sell crypto with ease and low fees? Use our guide to get started.

Image Source: Benzinga