ETH
Ethereum Price Breaks 90-Day Accumulation Amid Whales Sell-off; Is $4,000 Close?
The 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.
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ADA
Analyst Says Crypto Whales Loading Up on Ethereum, Accumulating $815,514,345 in ETH in Just Five Days
A crypto analyst says deep-pocketed investors are snapping up the top layer-1 platform Ethereum (ETH) amid the marketwide digital asset correction.
Trader Ali Martinez tells his 132,900 followers on the social media platform X that whales gobbled up more than $815.514 million worth of ETH in less than a week.
“Whales have bought more than 420,000 Ethereum ETH in [five days]!”
Martinez is also keeping a close watch on Ethereum’s In/Out of the Money Around Price (IOMAP) metric – which classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for ETH.
According to Martinez, ETH is currently trading in a narrow range between stiff support and resistance zones.
“Ethereum ETH key levels to watch! On-chain data reveals $1,870 as the strongest support and $2,050 as its toughest resistance!”
At time of writing, ETH is trading for $1,941.
Turning to Bitcoin (BTC), the trader believes that the crypto king is poised to witness tactical rallies after breaching the horizontal resistance of an ascending triangle pattern.
“Bitcoin BTC is breaking out! The target is $90,000 as long as the $84,000 support holds.”
An ascending triangle pattern may be considered a bullish reversal structure if the asset soars above its horizontal resistance.
At time of writing, Bitcoin is trading for $84,288.
Turning to Ethereum rival Cardano, the analyst predicts rallies for ADA if the altcoin takes out the diagonal resistance of a triangle pattern at around $0.75.
“Cardano ADA is about to break free! Busting out of this triangle will trigger a 15% price move.”
A triangle is typically viewed as a consolidation pattern as it signals a potential breakout in either direction. The asset is considered bullish if the price moves above the diagonal resistance and bearish if it tumbles below the diagonal trend line.
At time of writing, ADA is worth $0.744.
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A popular crypto analyst thinks Ethereum (ETH) will have to endure some “pain” before rebounding.
In a new YouTube video, Benjamin Cowen tells his 886,000 subscribers that there probably needs to be a change in monetary policy in order for ETH’s chart against Bitcoin (BTC) to bottom.
“But in order to have a change in monetary policy, you have to have pain. Welcome to the pain. This is the pain that you ultimately need. Remember last cycle [in 2019], ETH/Bitcoin bottomed after ETH/USD broke support.”
Cowen notes that ETH fell below its support level against the US dollar in 2019 right before the Federal Reserve ended quantitative tightening.
The analyst says that everything that happened in the previous cycle is “basically happening this cycle, it’s just taking place on a longer timeframe.” Cowen also notes that most of the price points of the current cycle are roughly 10x what they were in the 2019 market.
“The reason why people are having a hard time navigating this cycle and why it feels so different is because monetary policy never changed this cycle. In the last cycle, we saw a change in monetary policy in the pre-halving year. We’re now in the post-halving year and we still haven’t seen a change to the quantitative tightening. We’ve seen them taper it a little bit. They’ve slowed it down, but they’ve never actually stopped it.”
ETH is trading at $1,907 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.
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Bitcoin
Bitcoin Ready To Rally After Hitting Same ‘Extreme Fear’ Levels of COVID Crash and 2022 Bear Market: Trader
A widely followed crypto analyst says that one metric suggests Bitcoin (BTC) is gearing up for a massive breakout.
In a new strategy session, pseudonymous crypto trader Inmortal tells his 230,900 followers on the social media platform X that the Crypto Fear and Greed Index is flashing bullish for digital assets as it has reached “extreme fear,” a level seen during historical market collapses.
The Crypto Fear and Greed Index is a metric that gauges the fear or greed levels in the market with a reading of extreme fear indicating oversold conditions and a reading of extreme greed suggesting overbought conditions.
“Fear is at same levels we saw during Covid-19 crash and 2022 bottom. All of this while US announced a Bitcoin reserve.”
He also says that based on historic precedence market sentiment may remain in “extreme fear” anywhere from a month-and-a-half to about five months.
“Last cycle we visited extreme fear three times, and these periods lasted between 50 and 160 days.”
The analyst believes Bitcoin is repeating a similar pattern from 2024, when BTC retested a support level that erased gains from a bullish run before taking off to print new all-time highs.
“We doing this again.”
Lastly, the analyst says Ethereum (ETH) may be on the verge of a massive breakout similar to what Bitcoin did in 2020.
“I should accept that it’s all over, as others have already done. I’m not saying it will happen, but if the bull run is not finished, we should see something similar to this.”
Bitcoin is trading for $82,874 at time of writing, flat on the day. Meanwhile, ETH is trading for $1,881 at time of writing, down 3.5% in the last 24 hours.
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