ETH
ETH Mimics BTC’s Post-ETF Crash, Hinting at Massive Rally Ahead
Published
4 months agoon
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adminThis week, the second-largest cryptocurrency Ethereum experienced a significant decline in value despite the highly anticipated launch of a spot ETH ETF. The coin price dropped 13.3% from a high of $3560, settling at $3258, while its market cap fluctuated around $391.8 billion. This downturn was influenced by a considerable outflow from the Grayscale ETF ($ETHE), echoing the pattern observed with Bitcoin following its ETF debut in January. Market observers suggest that this trend of an initial decline could precede a substantial rally for the asset.
Watch Major Support & Resistance Amid Post ETH ETF Fall
Over the past four months, the Ethereum price has fluctuated, confined between a declining trendline and a $2850 support level. This horizontal support intact since November 2023 has formed a robust accumulation zone for buyers.
Amidst a market rebound, a recent bounce from this support propelled Ethereum’s price by 26.8% to reach $3558, before it entered a fresh correction phase. Today, the ETH price is up 3% seeking sustainability amongst 200 EMA. However, the altcoin below the daily EMAs (20, 50, and $100) indicates the path to lead resistance down.
As per the data from Arkham Intelligence, Grayscale executed a substantial transfer of 110,867 ETH, valued at approximately $358 million, to Coinbase Prime. This transaction occurred shortly after a notable outflow from the Grayscale Ethereum Trust (ETHE) on July 25, amounting to $346 million. The total historical outflow from ETHE has now reached a staggering $1.157 billion.
Should supply pressures continue, the Ethereum price forecast hints 8.5% to retest the lower trendline, a support that has revitalized buying interest after previous corrections.
The current correction resembles the post-Bitcoin ETF downfall in January. If the pattern holds true, the current sell-off could throw the weak hand off the market and attract strong players.
In a recent analysis by Eric Balchunas that these ETH ETFs have not matched the strength of their Bitcoin counterparts in mitigating the impact of Grayscale outflows, there is still positive news. The inflows and volume for these ETFs remain robust, suggesting healthy investor interest.
The ‘New Eight’ Ether ETFs not quite as strong as the ‘New Nine’ bitcoin ETFs in offsetting Grayscale outflows but good news is their inflows/volume is still very healthy, and the intensity of the $ETHE unlock will die down sooner than it did w $GBTC = outlook good but next few… https://t.co/DnOsKsouzP
— Eric Balchunas (@EricBalchunas) July 26, 2024
Balchunas notes that the intensity of the current unlock phase for the Grayscale Ethereum Trust (ETHE) is expected to subside more quickly than the previous unlock for the Grayscale Bitcoin Trust (GBTC). While the short-term outlook may present challenges, the overall forecast remains optimistic.
Overall, if Ethereum rebounds from the support trendline, there could be significant momentum towards breaking the upper resistance trendline. A successful breach could potentially propel prices past the previous high of $4891.
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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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ETH
Ethereum Price Walk to ATH Begins as ETH Whales Resume Buying
Published
2 days agoon
November 11, 2024By
adminThe crypto witnessed an unusual spike in buying on Sunday morning as Bitcoin price rallied to a new ATH above $80,000. The bullish momentum spread quickly to the altcoin market as the largest cryptocurrency, ETH, sustained its position above $3000. The Ethereum price recovery backed by whale accumulation eyes current All-Time High of $4,981.
By press time, ETH price had traded at $3,228, with an intraday gain of 3.2%. According to Coingecko, the asset market cap holds at $389.4 Billion with a 24-hour trading volume of $42.1 Billion.
Ethereum Price Eyes ATH as Whale Buying Resumes
The cryptocurrency market kickstarted an accelerated bullish momentum in November after Donald Trump’s victory in the 2024 presidential election. The pioneer digital asset, Bitcoin, leverages the broader market sentiment to reach a new high of $80,000 today.
Onchain data shows the BTC price recovery is further backed by whale accumulation, signaling the large investor confidence in a prolonged uptrend. However, smart money investors have shifted their focus not only on accumulating Bitcoin ($BTC) but also on Ethereum ($ETH).
Earlier today, four whale wallets withdrew 12,499 ETH( worth approximately 40 million) from crypto exchange Binance, according to Lookonchain data. This large-scale withdrawal could point toward a potential surge in Ethereum price as the accumulation phase among whales often precedes major market moves.
Whales are not only accumulating $BTC but also $ETH!
Today, 4 fresh wallets withdrew 12,499 $ETH($40M) from #Binance.
Address:https://t.co/SQuMHXIHB9https://t.co/5i2dQycE6Jhttps://t.co/0Uxu9f146Ahttps://t.co/LcipzWKOcJhttps://t.co/rmmywMcE6C pic.twitter.com/GCPyZ4abdG
— Lookonchain (@lookonchain) November 10, 2024
ETH Price Rally Concludes Major Correction Trend
Following the Bitcoin rally, the Ethereum price prediction showcased a six-day recovery from $2,380 to $3,220— a 36% surge. This sharp upswing, backed by increasing volume, gave a decisive breakout from ETH’s 3-month accumulation and falling wedge pattern.
Since late May, this chart setup has driven a steady correction trend within two converging trendlines, with the recent breakout signaling a significant shift in trend. The Ether buyers reclaimed the daily EMAs (20, 50, 100, and 200), further bolstering the bullish sentiment in the market.
If the pattern holds true, the Ethereum price is poised to surpass the in-between resistance of $3,560 to hit a $4,100 high, registering a 26% surge. A potential breakout from this will drive a rally to ATH.
On the contrary, financial assets are unlikely to sustain a unidirectional move without external bullish news. As a result, the Ethereum price is likely to experience a corrective pullback, potentially toward the daily EMAs, to regain exhausted bullish momentum.
Frequently Asked Questions (FAQs)
Ethereum’s path to its all-time high ($4,981) signals a renewed bullish momentum in the altcoin market, driven by Bitcoin’s rally to $80,000 and increasing whale accumulation
Yes, ETH is likely to experience a corrective pullback toward key EMA supports, allowing the coin to consolidate and regain momentum for the next rally.
A bullish crossover between the 20-and-100-day exponential moving averages (EMAs) and continued whale accumulation could further accelerate Ethereum’s price recovery.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Altseason Indicator
Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH – Time To Buy Altcoins?
Published
4 days agoon
November 8, 2024By
adminEthereum has finally surged after breaking through a critical resistance level that had kept the price subdued since early August. This move has shifted market sentiment, as many investors and analysts previously doubted ETH’s potential in the current cycle, expecting it to lag behind. However, Ethereum’s recent strength is starting to reshape these perspectives.
Prominent analyst and investor Ali Martinez recently shared insights indicating that while Ethereum’s momentum is building, the much-anticipated “Altseason” hasn’t arrived just yet.
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According to Martinez, this stage of the cycle typically sees Bitcoin outperforming Ethereum and other altcoins—a common pattern as BTC often leads market rallies. This dynamic could provide a strategic opportunity for investors looking to enter ETH and other altcoins before the broader market euphoria begins.
As Ethereum gains traction, market participants are keeping an eye on further confirmations of its breakout, with many speculating that once Bitcoin’s lead cools, capital may flow more aggressively into altcoins.
Ethereum Waking Up
Ethereum is making a remarkable comeback, surging over 22% in just two days of strong upward momentum. While this performance is impressive, key data highlights that Bitcoin is still leading the market, slightly overshadowing Ethereum’s gains. For savvy investors, this could present a prime opportunity to start accumulating Ethereum and select altcoins before they potentially rally in the next phase of the cycle.
Ali Martinez, a prominent analyst, recently shared a Glassnode chart revealing insights on the “Bitcoin Altseason Indicator.” This tool compares net capital flows between Bitcoin and Ethereum, showing that while Ethereum is on the rise, Bitcoin’s net capital change is currently outpacing it.
This trend confirms that Altseason—where altcoins outperform Bitcoin—hasn’t begun yet. Martinez points out that such dynamics are typical for this stage, with Bitcoin usually leading the initial rally and Ethereum following shortly after.
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Historically, Altseason often arrives once Bitcoin’s price momentum stabilizes, as capital flows from Bitcoin into high-potential altcoins. Many seasoned investors recognize this part of the cycle as an ideal time to accumulate ETH and strong altcoins at attractive prices before the broader market shifts its focus.
In the coming weeks, the relationship between BTC and ETH performance will be closely watched, potentially setting up a shift in market sentiment and capital distribution.
ETH Technical View
Ethereum recently surged past a critical resistance at $2,820, breaking above the 200-day exponential moving average (EMA) and touching the 200-day moving average (MA) at $2,955. This marks a significant bullish move, as ETH had been trading below these levels since early August, and reclaiming these indicators is seen as a positive signal for further gains.
For the bullish momentum to continue, ETH must break above and sustain itself above the daily MA at $2,955, solidifying this breakout as a foundation for the next phase of the uptrend. However, some analysts suggest that a period of consolidation just below the 200 MA could be beneficial, allowing ETH to gather strength for a more sustained rally. This pause could temper the rising euphoria and avoid overextension in the short term.
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As the market sentiment turns increasingly optimistic, many investors are eyeing this level closely. Holding above these critical indicators would give bulls more control, potentially setting Ethereum up for a more robust recovery as it targets new highs.
Featured image from Dall-E, chart from TradingView
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ETH
Ethereum Price Breaks 90-Day Accumulation Amid Whales Sell-off; Is $4,000 Close?
Published
4 days agoon
November 8, 2024By
adminThe crypto witnessed an accelerated bullish momentum following Donald Trump’s victory in in the 2024 presidential election. Bitcoin, the pioneer digital asset reached a new all time high, fueling a recovery in the altcoin market. Despite aggressive whale selling, the Ethereum price maintained its upward trajectory and breached the key resistance of the 6-months correction trend.
By press time, ETH price had traded at $2,931, with an intraday gain of 1.28%. According to Coingecko, the asset market cap holds at $351.2 with a 24-hour trading volume of $35.17
Ethereum Price Defies Whale Sell-off as ETH Breaks Out of 90-Day Correction
In the past five months, the Ethereum price prediction witnessed a steady correction from $3,975 to $2,150, accounting for a 46% loss. An analysis of daily chat shows this retracement resonated strictly within the two covering trendlines of a falling wedge pattern.
Generally, this pattern reflects a temporary correction in an established uptrend which allows buyers to recuperate the exhausted bullish momentum. Amid the September U.S. Fed rate cut, the ETH price downtrend shifted to accumulation sideways trend above $2,200 level.
Donald trump’s Victory in 2024 presidential election gave the necessary push to the renew crypto market recovery. Thus, the Ethereum price rallied from the $2,400 to $2,914— a 21.7% surge— in the last four days.
This recovery gave a decesve breakout from the resistance trendline of falling wedge pattern. If the breakout sustains, the buyers could drive a 40% surge to hit $4,000.
ETH Holds Firm Amid Whale Profit-Taking
Along with key breakout, the ETH price recovery showcased higher strength as it defied the active selling pressure from whale. According to Lookonchain, a major crypto whale, holding 398,891 ETH valued at $1.14 billion, sold 29,897 ETH for $84.87 million USDC after recently rally.
The whale had initially acquired the ETH at an average cost of $3.50 per coin, turning the sale into a staggering 810x profit, equating to $84.7 million in realized gains. While large holders selling typically trigger market volatility and bolster a fresh correction trend, this whale still hold 368,992 $ETH ( worth approximately $1.07B).
His substantial holding indicate the whale still believe in ETH’s future growth.
The whale with 398,891 $ETH($1.14B) has sold 29,897 $ETH for 84.87M $USDC at $2,839 after the $ETH price rose!
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).https://t.co/RioFfsKgXZ pic.twitter.com/xvNzIwHHNF
— Lookonchain (@lookonchain) November 8, 2024
On the contary note, the Ethereu, price could wintess a short pullback to retest the breached trendline. A breakdown below this flipped could prolong market correction.
Frequently Asked Questions (FAQs)
Yes, Ethereum could experience a short-term pullback to retest the breached trendline as support, particularly near the $2,800 level
Ethereum’s breakout was driven by the election-fueled crypto market rally following Donald Trump’s victory in the 2024 presidential election.
Despite active selling by whales, such as a major investor who sold 29,897 ETH for $84.87 million USDC, Ethereum’s price has maintained its upward momentum
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
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