As a seasoned crypto investor with a knack for spotting trends and patterns, I must say the recent surge in Ethereum price is nothing short of exhilarating. Having witnessed the 2017 bull run and subsequent bear market, I’ve learned to appreciate these moments when the market swings in our favor.
On Sunday morning, there was an unexpected surge in Bitcoin purchases that drove its price to a record high of over $80,000. This bullish trend then extended to the entire crypto market, with Ethereum maintaining its place above $3000. The recent recovery in Ethereum’s price, supported by large-scale accumulation, aims to reach its current all-time peak of $4,981.
At the end of trading hours, the price of Ethereum stood at approximately $3,228, marking a daily increase of 3.2%. As reported by CoinGecko, its market capitalization remains steady at around $389.4 billion, while its 24-hour trading volume amounts to $42.1 billion.
Ethereum Price Eyes ATH as Whale Buying Resumes
After Donald Trump’s win in the 2024 U.S. Presidential Election, there was a rapid surge in optimism for cryptocurrencies, causing the market to pick up speed. The original digital currency, Bitcoin, has tapped into this positive market attitude and reached an unprecedented high of $80,000 today.
The analysis of blockchain data indicates that the resurgence of Bitcoin’s price may be bolstered by whale investments, suggesting a high level of confidence among large investors in an extended upward trajectory. Yet, it is worth noting that these seasoned investors are not solely focused on acquiring Bitcoin; they are also investing significantly in Ethereum.
This afternoon, I observed that four substantial Ethereum wallets, known as “whales,” withdrew a significant amount of 12,499 ETH from Binance, equivalent to around 40 million dollars. Such a massive withdrawal might signal an upcoming increase in the Ethereum price, as whale accumulation is typically a precursor to significant market shifts.
Whales are not only accumulating $BTC but also $ETH!
Today, 4 fresh wallets withdrew 12,499 $ETH($40M) from #Binance.
Address:
— Lookonchain (@lookonchain) November 10, 2024
ETH Price Rally Concludes Major Correction Trend
After Bitcoin’s price increase, the anticipated Ethereum price trend demonstrated a six-day climb from $2,380 to $3,220 – a significant jump of 36%. This strong upward movement, supported by rising trading volume, provided a clear breakthrough from Ethereum’s three-month consolidation and falling wedge formation.
For approximately two months starting late May, this chart setup has shown a gradual correction pattern confined by two converging lines, with the recent breakout suggesting a substantial change in direction. Buyers of Ether have regained control over the daily Exponential Moving Averages (EMAs) at 20, 50, 100, and 200 days, which has intensified the optimistic outlook among market participants.
If the current trend continues, it’s likely that the price of Ethereum could climb over the intermediate resistance at around $3,560, potentially reaching a peak of $4,100 – a 26% increase. Such a breakout could initiate a surge towards an all-time high (ATH).
Contrarily, it’s rare for financial assets to maintain a continuous upward trend without significant positive news. Therefore, given this context, it’s plausible that the price of Ethereum may undergo a correction, possibly moving towards its Daily Exponential Moving Averages (EMAs), in an attempt to revive the depleted bullish energy.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- TON PREDICTION. TON cryptocurrency
- Strongest Magic Types In Fairy Tail
- AAVE PREDICTION. AAVE cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- GBP USD PREDICTION
2024-11-10 21:26