As a seasoned crypto investor with a decade of experience under my belt, I’ve seen the market ebb and flow like the tides. The recent cool-off in the market, especially the dip in Ethereum, is a familiar sight to me. However, it’s important to remember that every downturn paves the way for an eventual upturn.
Following a seven-day surge in cryptocurrency prices, there was a slight dip during Tuesday’s U.S. trading hours. As a leading digital currency, Bitcoin experienced a 2% drop, while Ethereum fell by around 3.5%. This downturn appears to be a brief retreat for buyers to regain their strength after the extended bullish phase. The pattern of Ethereum mirroring Bitcoin’s moves is reminiscent of the 2021 bull market, highlighting their strong connection and influence on reaching new record highs (ATHs).
Currently in the cryptocurrency sphere, the price of Ethereum stands at approximately $3,259, while its total market capitalization amounts to an impressive $392.26 billion. As reported by Coingecko, the overall market capitalization of all cryptos is around $2.91 trillion, with a 24-hour trading volume of $368.5 billion.
Ethereum Price History Provides Clues for Next All-Time High
During the initial part of November, there’s been a noticeable upward trend in the cryptocurrency market, likely due to the excitement surrounding the U.S. elections, culminating with Donald Trump’s election as president.
As an analyst, I’ve observed a surge in bullish momentum with Bitcoin reaching a fresh all-time high of approximately $90,000. Yet, Ethereum, the second largest cryptocurrency, seems to be lagging, currently trading 33.3% lower than its all-time high of $4,891.
Although some people are worried about the Ethereum Foundation’s sales affecting the asset’s future growth prospects, market analyst IamCryptoWolf offers an intriguing perspective on the relationship between Bitcoin (BTC) and Ethereum (ETH) based on past cycles and all-time highs (ATHs).
The graph displayed in the tweet reveals a trend that emerged during the 2020-2021 market period. It seems that when Bitcoin initially surges to new highs (All Time Highs or ATHs), it often paves the way for other cryptocurrencies like Ethereum to also reach these peaks.
Following Bitcoin’s surge past $20,000 in December 2020, it took Ethereum’s price prediction approximately seven weeks to reclaim its old peak of $1,420. Yet, the bullish trend propelled ETH’s value by an impressive 700% before reaching a maximum at $4,868.
In other words, as more Ethereum ETFs are being rapidly bought, there’s a good chance that the price of Ether might surge to a new all-time high within the next 7-8 weeks.
ETH Supply Held by Whales Climbs to 45%
Based on information from Santiment, it’s observed that a significant portion (45%) of Ethereum’s total supply is currently held by larger addresses. This gradual increase suggests that prominent holders are expanding their Ethereum ownership, implying their faith in the asset’s potential growth.
Previously, the increase of whales (large investors) in the market has often been followed by a significant market turnaround, which is an important aspect in sustaining a long-term bullish trend.
Contrarily, there might be brief drops in the Ethereum price, but it’s possible that the 20 and 50 day Exponential Moving Averages (EMA) could regain their bullish trend.
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2024-11-12 21:44