Key Points
- Ethereum’s price is expected to rally as whales increase their accumulation following a recent dip.
- The Ethereum Foundation has announced the “Open Intents Framework” to enhance cross-chain interoperability.
Ethereum, the second-largest digital asset by market capitalization, is experiencing increased accumulation by major investors, or ‘whales’, following a recent dip in its price. The blockchain-based token has seen a significant 18% drop in the past month, hitting a low of $2,159.28. However, it has since recovered and is currently trading at $2,713.20.
Noted crypto analyst Ali Martinez shared on X (formerly Twitter) that ETH whales have purchased an impressive 430K Ethereum, valued at roughly $1.1 billion based on the digital currency’s current price, in the last 72 hours. These substantial purchases suggest that whales are capitalizing on the market dip and anticipate a significant surge in the ETH token in the forthcoming days.
Ethereum Foundation’s New Framework
According to CoinMarketCap data, Ethereum has seen a 3.86% rise in the past 24 hours, reaching a daily high of $2,735.92. This price surge followed the Ethereum Foundation’s unveiling of the “Open Intents Framework”. In a post on X, the Foundation explained that it expects cross-chain interoperability to significantly improve with the new framework.
The “Open Intents Framework” is designed to offer a modular infrastructure for seamless asset transfers across Ethereum and its Layer 2 solutions. The framework will also enable developers to select and integrate components that best suit their needs. Over 30 teams from various sectors of Ethereum have contributed to this initiative, which is supported by Layer 2s, wallets, and infrastructure providers.
The Ethereum Foundation highlighted that Ethereum’s cross-chain ecosystem has been fragmented, with different solutions operating independently. The Open Intents Framework aims to consolidate these efforts, facilitating smoother and more efficient asset movement across chains.
Ethereum Price Analysis
As major developments unfold, the Ethereum price chart provided by TradingView indicates that the digital asset is eyeing a retest of the 20-day Exponential Moving Average (EMA), which is at the $2789 price level. This is a significant resistance that needs to be converted into support for further upside.
On the other hand, the Bollinger Bands suggest that ETH is currently in a phase of low volatility, with the price hovering near the middle band. Meanwhile, the Relative Strength Index (RSI) at 42.31 indicates that ETH is in neutral-to-bearish territory, implying there is potential for upward movement.
