As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bull and bear runs. The current Ethereum price action is reminiscent of the 2017 bull run, albeit with a more mature market dynamics this time around.
In simpler terms, it appears that the price of Ethereum may take a bullish turn in September, with a 75% chance of increased returns on staking (25% BPS interest). Cryptocurrency investors are gearing up for this potential recovery, as there’s been a noticeable decrease in Ethereum holdings within the derivative market. Additionally, large investors, known as “Whales,” have been observed accumulating more ETH, suggesting anticipation for an upturn in the market.
Ethereum Price Bullish Ahead of 25 BPS Fed Rate Cut
Based on data from the CME Fed tool, there’s now a 3 out of 4 likelihood that the interest rate will be reduced by 0.25% in September. Normally, such reductions make it simpler for banks to obtain loans and bolster their activities. This situation often leads to increased investment in the stock market and riskier assets, including cryptocurrencies.
Consequently, it seems that the leading Bitcoin market indicates a positive trend as it strives to counteract the August decline, mirroring a promising outlook. Similarly, Ethereum’s price appears poised for comparable growth.
40K ETH Exodus from Exchanges; Will Ethereum Price Rebound?
Over the past weekend, the price of ETH surged after finding support at around $2150, gaining approximately 7.5% to trade at its current level of $2313. This upward movement also signaled a bullish RSI divergence with August 5th, suggesting an escalating demand and positive outlook.
If the demand for altcoins continues, it might lead to a bullish pattern known as a double bottom on its price chart. This pattern could push the predicted price towards $2800 first, after which a breakout above the resistance line (neckline) could occur. Such a breakout would amplify the buying pressure and potentially drive the Ethereum price prediction up to $3500.
In line with the bullish outlook, a significant withdrawal of more than 40,000 ETH from derivatives platforms may suggest less selling pressure due to investors holding onto their Ether, as suggested by the data presented by Cryptoquant.
Negative netflow exceeding 40,000 $ETH on derivative exchanges
Shows a trend of increasing Ethereum withdrawals from derivative exchanges, potentially indicating less selling pressure.
Full post
— CryptoQuant.com (@cryptoquant_com) September 9, 2024
Over the past two days, a significant whale has added 5,000 Ether to its holdings, which equates to approximately $11.46 million, as per the data from the lookonchain tracker, reinforcing the prevailing accumulation trend.
A smart whale bought 5,000 $ETH($11.46M) at the bottom again in the past 2 days!
The whale bought 5,200 $ETH at an average price of $1,322 in November 2022.
In Januarys of both 2023 and 2024, the item was sold on average for $2,093 each, accumulating over $4 million in total sales!
— Lookonchain (@lookonchain) September 9, 2024
The previously mentioned information indicates a hopeful outlook for Ethereum’s price and a possible recovery within the short period ahead.
Contrary to any initial suspicions, an Ethereum Foundation address I’ve been monitoring sold 450 Ether, roughly equivalent to $1.0364 million in DAI, using the Cow Protocol, according to Arkham Intelligence. However, upon closer inspection, these funds were swiftly transferred to another Ethereum Foundation address, indicating a possible internal shuffle of assets, perhaps as part of their treasury management strategy.
Should the downward pressure on Ethereum intensify, I anticipate that its value could decline by approximately 12%, potentially finding a floor at the long-awaited support trendline around the $2000 mark.
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2024-09-09 16:34