As a seasoned analyst with over two decades of market experience under my belt, I must say that the recent performance of Ethereum has been nothing short of remarkable. The resilience shown by ETH amidst whale selling is a testament to its growing strength and investor confidence.
After Donald Trump’s win in the 2024 presidential election, the cryptocurrency market experienced a surge in bullish energy. Bitcoin, the original digital currency, hit a record high, sparking a revival in the altcoin sector. Even with large-scale selling by ‘whales’, Ethereum‘s price continued its upward trend and broke through the significant resistance barrier of a 6-month correction pattern.
As of the deadline for this report, Ethereum’s price stood at approximately $2,931, marking an increase of 1.28% throughout the day. According to data from CoinGecko, the total market capitalization of the asset is currently around $351.2 billion, with a trading volume of roughly $35.17 billion over the past 24 hours.
Ethereum Price Defies Whale Sell-off as ETH Breaks Out of 90-Day Correction
Over the past five months, I’ve observed a consistent correction in my Ethereum price predictions, which saw a drop from approximately $3,975 to $2,150. This decline represents a significant 46% loss. Upon closer examination, it appears that this retracement is confined within the two trendlines defining a falling wedge pattern in our daily chat discussions.
Typically, this pattern suggests a brief pause or reversal in an ongoing upward trend, providing buyers with time to regain their strength and momentum that had previously weakened. Following the U.S. Federal Reserve’s September rate cut, the price of ETH transitioned from a downward trend to a sideways accumulation trend, hovering above the $2,200 level.
2024’s Presidential victory by Donald Trump spurred on a revival in the cryptocurrency market. Consequently, Ethereum saw its price increase from around $2,400 to $2,914—a substantial jump of 21.7%—over the past four days.
This recovery produced a significant jump beyond the trendline of the falling wedge formation, suggesting a potential continuation. Should this momentum hold, there’s a possibility for a 40% rise reaching approximately $4,000.
ETH Holds Firm Amid Whale Profit-Taking
In addition to a significant surge, the price of Ethereum (ETH) demonstrated increased resilience by withstanding strong selling pressure from a large whale. As reported by Lookonchain, a significant crypto investor possessing 398,891 ETH worth approximately $1.14 billion, recently sold 29,897 ETH for around $84.87 million USDC.
Originally, the whale purchased ETH for an average price of around $3.50 per coin, resulting in an astounding profit margin of 810 times, which amounts to a staggering $84.7 million. Although big investors selling often causes market fluctuations and initiates a new downward trend, this whale still retains over 368,992 ETH (approximately worth $1.07 billion).
His substantial holding indicate the whale still believe in ETH’s future growth.
A whale holding approximately 398,891 ETH (equivalent to about 1.14 billion dollars) decided to sell off 29,897 ETH for around 84.87 million USDC at a rate of $2,839, following an increase in the price of ETH!
The buying cost was only ~$3.5, and has realized a profit of $84.7M, an 810x return!
The whale still holds 368,992 $ETH($1.07B).
— Lookonchain (@lookonchain) November 8, 2024
Contrarily, instead of continuing an upward trend, Ethereum’s price might experience a brief retreat to re-test the broken trendline. If it breaks down beneath this line, it could signal an extension of the ongoing market correction.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- TON PREDICTION. TON cryptocurrency
- Strongest Magic Types In Fairy Tail
- LUNC PREDICTION. LUNC cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- THL PREDICTION. THL cryptocurrency
2024-11-08 21:08