ETH
No ATH for Ethereum Price? ETH Whale Selling Persists Amid Election Boost
Published
2 hours agoon
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adminDuring Wednesday’s trading session, the cryptocurrency market witnessed a surge in buying pressure as Donald Trump secured his victory as the 47th U.S. President. The pioneer cryptocurrency, Bitcoin, surged 8.8% to a new high of $75,400, boosting recovery in the altcoin market. However, the Ethereum price could struggle to hit new ATH as crypto whale continues to offload ETH.
By press time, the ETH price trades at $2,647 with an intraday gain of 9.89%. According to Coingecko, Ether’s marketcap holds at $319.2 Billion, and 24-hour trading volume is at $38.169 Billion.
Ethereum Price ATH Delayed? Whale Sales Overshadow Election Momentum
On November 6th, the cryptocurrency market experienced a significant rally as Donald Trump secured the necessary 270 electoral votes to become the 47th President of the United States. Amid this rally, a crypto whale who received 150,000 ETH through the ICO recently transferred a substantial 25,000 ETH (worth approximately $65.63 Million) to Kraken at an average price of $2,625.
According to Lookonchain, this whale has sold a total of 90,000 ETH of the 150,000 coins at an average value of $2,527 (worth around $227.45M).
Breakdown of the Whale’s ETH Sales:
- July 2019: Sold 5,000 ETH at $218 ($1.09M).
- June 2024: Sold 10,000 ETH at $3,539 ($35.39M).
- September–October 2024: Sold 50,000 ETH at $2,516 ($125.34M).
- November 2024: Sold 25,000 ETH at $2,625 ($65.63M).
Historically, whale selling has coincided with major market tops and spurred a bearish sentiment in the market. Amid the supply pressure, the Ethereum price could witness a stalled recovery momentum and struggle to hit a new All-time-high.
在今天的大幅上涨后,通过 ICO 获得 15 万枚 ETH 的鲸鱼又准备出售一部分 ETH:过去 40 分钟里他将 2.5 万枚 ETH ($65.63M) 转进了 Kraken。
到现在他通过 ICO 获得的 15 万枚 ETH 已经以 $2,527 的均价出售了 9 万枚 ($227.45M):
一、2019 年 7 月以 $218 的价格出售 5,000 ETH ($1.09M);… https://t.co/fsr487zjLd pic.twitter.com/K9qVxaEOso— 余烬 (@EmberCN) November 6, 2024
ETH Chart Analysis Shows Porlong Consolidation Within Triangle
Over the past three months, the Ethereum price prediction has traded sideways, resonating within a symmetrical triangle pattern. The price action strictly resonated within two converging trendlines, indicating a lack of dominance from buyers or sellers.
With a massive green candle today, the ETH price is at $2,661, still consolidating within the triangle and 3% away from a major breakout. If the sellers continue to defend this resistance, the Ether price will revert again and prolong its sideways trend.
Therefore, a potential breakout from overhead resistance is necessary for buyers to regain control over the asset. If the ETH price surpasses the dynamic with the daily candle closing, the bullish momentum will accelerate to drive a surge above $3,500.
Frequently Asked Questions (FAQs)
Ethereum’s price recovery has been limited due to persistent selling by crypto whales
Following Trump’s election as the 47th U.S. President, the crypto market saw a rally, with Bitcoin hitting $75,400 and Ethereum gaining 9.89%, trading at $2,647
The symmetrical triangle pattern indicates consolidation, with ETH price oscillating between two converging trendlines. An upside breakout from this pattern is essential for buyers to regain control and push ETH towards the $3,500 mark or higher.
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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Risk-To-Reward on Ethereum Looking ‘Too Good To Pass Up’ According to Crypto Analyst – Here’s Why
Published
1 day agoon
November 5, 2024By
adminA popular on-chain strategist says Ethereum (ETH) is showing a great risk-reward ratio setup.
Analyst Ali Martinez tells his 76,900 followers on the social media platform X that ETH appears to be forming a bullish ascending channel on the weekly timeframe.
“The risk-to-reward ratio on Ethereum is too good to pass up for a long position! I’ve set my stop below $1,880 and am aiming for a target of $6,000.”
Looking at his chart, the analyst suggests ETH is holding the bottom trend line of the ascending channel as support and could soon re-test the upper bound at around $6,100.
However, fellow crypto trader Benjamin Cowen tells his 819,000 YouTube subscribers that based on a historic pattern of Ethereum bottoming out during the fourth quarter, he’s anticipating ETH drops to its logarithmic trendline, potentially as low as $1,000.
“When I look at the cycle, I see ETH at $2,400 and I just think that there is a really high probability that within a couple of months, probably in less than two months, we will look back at this and see that Ethereum finally went home and it took until Q4 of 2024 to do so…
In 2016, you can see that Ethereum finally entered the lower logarithmic correction trendline in basically early to mid-November. In 2019, it entered it in August but then it got back above it and then didn’t really durably stay in it until almost late September and October.”
ETH is trading for $2,409 at time of writing, down 2.1% in the last 24 hours.
Next up, the analyst says that Dogecoin (DOGE) is signaling a bullish reversal on the TD Sequential indicator, which traders use to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.
“The TD Sequential indicator has flashed a buy signal on the Dogecoin four-hour chart! If DOGE holds above the $0.141 support, we could see a rebound to $0.162.”
He also suggests that if DOGE flips the $0.169 level into support, the next resistance level would be in sight.
“If Dogecoin DOGE breaks above the $0.169 resistance, we could see a 27% rally up to $0.209!”
DOGE is trading for $0.162 at time of writing, up 7.4% in the last 24 hours.
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Ethereum (ETH) price has experienced a period of consolidation after recent gains, with a decline pushing it below the $2,550 support level. While ETH faces resistance of nearly $2,500, it holds the potential for recovery if it clears this key barrier. Analysts suggest possible volatility ahead, with forecasts hinting at potential pump-and-dump dynamics driven by venture capital influences.
Analyst Suggests Ethereum Price a VC Pump and Dump
Crypto analyst tweeted a controversial perspective on Ethereum’s long-term trajectory, raising questions within the cryptocurrency community. The tweet posits that Ethereum’s significant growth might be attributed to a venture capital (VC) pump-and-dump scheme, sparking debate about the network’s stability and future.
The analyst highlighted a possible downward trend. Ethereum’s price movement appears to follow a channel, indicating consistent support and resistance. However, a sharp drop in the projection suggests potential risks.
Crypto Expert Warns of Ethereum’s Instability
The crypto expert issued a cautionary note regarding Ethereum’s current market position. Beamish expressed concern over Ethereum’s chart patterns, suggesting potential instability. With market factors like the upcoming election adding unpredictability, he noted Ethereum appears “teetering on the edge,” raising questions about its immediate trajectory.
Analysis points to a volatile period for the top coin as it hovers near critical support levels. He highlighted Ethereum’s delicate positioning, which could influence traders weighing whether to hold or exit their positions. In his words, Ethereum is at a crossroads, posing a dilemma: “do I jump? Do I jump?”
$ETH #Ethereum
hate to say it, election or not, this one is looking really dangerous in here…..just teetering on the edge….’do I jump? do I jump?’ pic.twitter.com/dxKNEK8cVk— Brian Beamish (@CRInvestor) November 4, 2024
Will ETH Price Rebound To $3000 In November?
At the time of writing, the Latest ETH price is hovering at $2,469, with a slight surge over the past 24-hours. Ethereum is positioning itself near crucial resistance levels, with the potential for a significant price movement. A clear push above the $2,550 resistance could drive ETH toward $2,600, while an upward breakout past $2,800 might further fuel gains. If successful, this momentum could lead Ethereum closer to the $3,000 resistance mark, appealing to bullish investors eyeing a rally.
However, if the Ethereum price prediction fails to surpass the $2,500 resistance, it risks a downturn. Initial support sits around $2,450, with more substantial support at $2,400. A decisive break below $2,400 could heighten selling pressure, potentially pulling the price to $2,350 as traders look to these levels for a bounce or further decline.
Approximately 76.09% of Ethereum addresses are “In the Money,” covering a value range of up to $2,406.82. On the other hand, 20.91% are “Out of the Money,” indicating potential losses for holders who bought above $2,499.15. Only 3% of addresses remain “At the Money,” meaning they break even at current prices.
Ethereum’s near-term direction remains uncertain, with resistance levels, VC speculation, and market conditions shaping the price outlook for this leading cryptocurrency.
Frequently Asked Questions (FAQs)
A VC pump-and-dump scheme implies that venture capitalists may artificially inflate Ethereum’s price and then sell, causing potential price drops.
Ethereum could rebound if it clears the $2,500 resistance, which could pave the way for gains towards $2,600 and potentially $3,000.
The upcoming election could introduce additional market unpredictability, impacting investor sentiment and Ethereum’s price movement.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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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ETH
Will Ethereum Price Fail $3,000 Breakout as Whale Selling Prolongs?
Published
3 days agoon
November 3, 2024By
adminThe crypto market entered November on a slightly bearish note as Bitcoin plunged below $70,000. Some analysts believe this downturn is a temporary selling pressure ahead of the U.S. presidential election. However, ongoing ETH whale selling casts doubt on Ethereum price recovery, raising concerns about a potential failure to break through the $3,000 level.
Currently, the ETH price trades at $2,459 with an intraday loss of 1.38%. According to Coingecko, Ethereum’s market cap is at $297.4 Billion, and the 24-hour trading volume is at 12.34 Billion.
Will Whale Selling Prevent Ethereum Price from $3,000 Breakout?
According to onchain data highlighted by EmberCN, a crypto whale that withdrew 96,638.9 ETH from Coinbase at $1,567 in September 2022 resurfaced after 40 days. Earlier today, this large holder transferred 15,000 ETH ( worth approximately $36.7M) to the crypto exchange Kraken.
Over the past eight months, the associated wallet has transferred a total of 85,000 ETH (worth around $251.04M) to Kraken, realizing a profit of up to $117.81M. However, the whale still holds 11,638.9 ETH ($28.55M), indicating the risk of further selling.
Moreover, a Cosmos Network wallet (0xE8…57d3) transferred 3,500 ETH, valued at around $8.72 million, to Coinbase Prime at 0:50 UTC+8 today. According to Arkham intelligence data, this wallet still holds a substantial 20,087 ETH worth about $49.85 million, acquired from its ICO allocation in 2017.
Typical whale/institution selling coincides with major market tops and is often a precursor of a fresh correction trendline. This selling pressure hints that the Ethereum price could witness a stalled recovery momentum and may struggle to break the $3,000 level.
ETH Chart Signals Potential 12% Drop Before Major Support Retest
Over the past three months, the Ethereum price prediction has showcased a sideways trend resonating strictly between the $2800 and $2150 levels. The daily chart showing price swings on either side indicates a lack of conviction from buyers and sellers.
Amid the market uncertainty and overhead supply, the ETH price plunged from $2,722 to $2,470 in the last four days, registering a 9.1% drop. If the large holders’ selling continues, the Ether price could plunge another 12% down to seek support at $2,150.
A bearish alignment between the crucial daily EMAs (20, 30, 100, and 200) signals the possibility of prolonged correction.
On the contrary note, if the upcoming U.S. election renews the bullish momentum in the crypto market, the Ethereum price could rebound from $2400. The aforementioned level coinciding with a long-coming support trendline could drive the ETH price to break the $2,800 range barrier.
Frequently Asked Questions (FAQs)
Ongoing ETH whale selling has increased market pressure, casting doubt on Ethereum’s price recovery
Continued whale selling could lead to prolonged price consolidation and a potential drop in ETH price by up to 12%, to hit $2,150.
If the upcoming U.S. election reignites bullish momentum in the crypto market, ETH could rebound from the $2,400 level and break $3000 barrier.
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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