ETH Bulls Eye $2,600 Breakout Amid Fresh Whale Buying
Ethereum (ETH) price has been holding steady above its key moving averages as bulls target a potential breakout at $2,600. The cryptocurrency's recent advance towards $2,549 was met with cooling momentum, but buyers continue to defend the $2,448.7 20 EMA on the four-hour chart.
The short-term structure remains constructive despite weaker momentum, thanks in part to renewed whale accumulation. Two fresh addresses recently accumulated 30,000 ETH worth roughly $73.6 million combined, adding another bullish element to the current setup.
Rising open interest signals renewed activity in the Ethereum market, but also raises leverage-driven risks for the crypto market as a whole. The recent buying activity has sparked additional market attention and speculation about its potential impact on the price of ETH.