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Where Will Ethereum Price Head by September’s End?

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2 months ago

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Ethereum price plunged 1.67% during the Sunday trading session to reach $2570 and a market cap of $309.5 Billion. While this bearish turnaround is expected as a temporary pullback for buyers to recuperate the bullish momentum, a recent sell-off crypto whale sparks the possibility for further correction. Will $2k ETH return?

Ethereum Price: Will It Hit $2K or $3K by the End of September?

According to the Spotonchain, a “diamond-hand whale” identified as “0x682” deposited 15,000 ETH (worth $38.4 million) to Kraken earlier today. Interestingly, this whale’s previous sell-off coincided with a significant drop in Ethereum price. Notably, on July 25, the whale offloaded 10,000 ETH just before a 7.6% price decline, and similarly, on August 20, 15,000 ETH was sold before a 2.5% drop.

Currently, this whale holds 26,639 ETH (worth approximately $69.7M), with an estimated total profit of $132M (+86%).

Given this whale’s track record, the Ethereum price prediction could face a deeper correction and retest the $2000 support.

In addition, the Ether supply on exchange has steadily grown to 21.43 Million ETH, according to the latest data from Santiment. Generally, the increasing supply on exchange raises the risk of potential sell-off and accelerates the downward pressure on an asset.

Ethereum (ETH)Ethereum (ETH)
Ethereum (ETH) Supply on Exchange | Santiment

ETH Price 9% Away From Major Breakout 

The Ethereum price has showcased a sustained recovery from $2150 to $2564 in the last two weeks, accounting for a 19.28% growth. This bullish recovery was largely driven by the U.S. Federal Reserve rate cut and Bitcoin price jump above $60000.

In the daily time frame chart, the ETH price shows the formation of a double-bottom reversal pattern. If the pattern holds true, the buyers could push a 9% surge to challenge the $2800 resistance back by 100-day resistance. A potential breakout from this resistance will intensify the bullish momentum, push the asset above $3000, and hit the $3500 barrier.

Ethereum PriceEthereum Price
ETH/USD -1d Chart

Alternatively, if the overhead supply at $2800 persists, the Ethereum price could revert back to $2000 and continue a consolidation trend.

Frequently Asked Questions (FAQs)

Ethereum could either dip to $2,000 due to selling pressure from recent whale activity or rally to $3,000 if it breaks through the $2,800 resistance

Ethereum’s price dropped by 1.67% during the Sunday trading session, reaching $2,570. This decline is partially attributed to a large whale depositing 15,000 ETH to Kraken

Ethereum is currently 9% away from challenging the key resistance level at $2,800, which is reinforced by the 100-day EMA

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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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Popular Analyst Makes Bold $10K Prediction For Ethereum

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2 days ago

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November 20, 2024

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Ethereum price looks stuck amid the rally in Bitcoin and altcoins, as it dropped more than 1% in a week. However, a popular analyst has made a bold Ethereum prediction as ETH price trades around the $3,100 level. He thinks it will outperform Bitcoin by mirroring the rally in the S&P 500. Whale activity and on-chain metrics signal Ethereum rally to the $10,000 level.

Ethereum Prediction of $10K By Analyst Sparks Buzz

Popular crypto analyst Ali Martinez has recently predicted an ETH price rally to $10K, outperforming the Bitcoin rally. The bold Ethereum prediction came based on ETH historical market cycle when Ethereum outperforms Bitcoin. It is yet to happen in this cycle as he hints at a potential opportunity for investors to fill their bags before the rally begins.

“Every market cycle has experienced a phase where Ethereum outperforms Bitcoin. That hasn’t happened yet in the current cycle, but it is certainly on the horizon,” Martinez stated.

Despite a 10% Ethereum price correction from the November high of $3,400, the bulls have managed to hold the strong support of $3,000. Where nearly 2.82 million addresses have purchased a total of 6.14 million ETF coins.

As per the ascending channel pattern, the ETH price will first test the targets of $4,000 and $6,000 subsequently, said Martinez.

Courtesy: Ali Charts

However, Martinez noted that there’s another bullish story wherein “Ethereum could be mirroring the price action of the S&P 500, which puts a $10,000 target on ETH”.

ETH Whales Accumulation Continues

Another crypto analyst IamCryptoWolf also made a similar Ethereum prediction if the price crosses $4,000. The analyst wrote:

“ETH has been building solid momentum with higher lows over the past 2.5 years. Yes, it’s moving slow, but building momentum takes time. Once it clears 4k, it’s off to the races. 10k is the target”.

Courtesy: TradingView

With Bitcoin dominance still close to 60%, the altcoin season hasn’t started yet and remains incomplete without Ethereum participation. On the other hand, Ethereum’s Market Value to Realized Value (MVRV) Momentum suggests that ETH still holds considerable upside potential.

Additionally, since the beginning of November, Ethereum whales are accumulating the ETH coins. In just the last two weeks, the whales have bought a total of 430,000 ETH worth a staggering $1.40 billion. These are in line with Ethereum prediction by Martinez.

As of press time, ETH price changed hands at $3110, down nearly 1% over the last day. Trading volume has dropped by 23%. Meanwhile, Total ETH Futures open interest has surged by 1% in the last 4 hours, indicating buying activity across derivatives exchanges.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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Ethereum Price Is Surging, Will It Hit $6,000?

Published

3 weeks ago

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November 4, 2024

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All eyes are currently on the world’s largest altcoin Ethereum (ETH) as it strongly defends the crucial support levels of $2,400. The Ethereum price reversed its trajectory shooting past $2,500 over the weekend with analysts stating that ETH has taken the perfect support and is gearing up for a nearly 2.5x rally to $6,000 ahead.

Ethereum Price Rally to $6,000 Ahead?

Crypto analyst Ali Martinez identified an attractive risk-to-reward setup for Ethereum (ETH) while suggesting a promising long position for the altcoin. Martinez disclosed his trade approach, noting that he’s placed a stop-loss below $1,880 while setting an ambitious price target of $6,000. Martinez believes that the current Ethereum price structure provides a compelling opportunity for investors looking to capitalize on the altcoin’s potential upward momentum in the near term.

However, for the ETH price to confirm a rally to $6,000, it first needs to clear the crucial resistance of $2,680. Breaking past this sloping trendline can give bulls the upper hand.

While Ethereum has been underperforming Bitcoin for a very long period of time, institutions continue to remain bullish on the altcoin. Last week, Swiss banking giant UBS rolled out its first Ethereum-based tokenized investment fund unit in Singapore.

At one end, the Bitcoin dominance has climbed to 60.5% while the Ethereum dominance has slipped to 13%, down from 18% earlier this year.

It will be interesting to see how further will the Ethereum price continue to lag behind Bitcoin, or reverse the trajectory and begin the altseason soon. Last week, legendary trader Peter Brandt predicted the ETH price crash to $1,550 levels.

Is Ethereum the Next Amazon?

A research analyst at crypto asset manager 21Shares believes that Ethereum’s potential remains largely untapped while comparing the blockchain to the Amazon of the early 1990s. Leena ElDeeb, Research Analyst at 21Shares, said: Ethereum is “complex, akin to Amazon in the 1990s — promising vast potential but less straightforward in its use cases”.

Federico Brokate, vice president and head of the US business unit at 21Shares, stated that Amazon started just as a small online bookstore. However, it later transitioned into becoming a global e-commerce conglomerate and a cloud computing giant.

Similarly, Ethereum had a humble beginning in 2015 as a blockchain network supporting smart contracts. However, it now supports decentralized finance (DeFi) applications worth more than $140 billion. Brokate said:

“Just as Amazon evolved beyond books to redefine entire industries, Ethereum may also surprise us with revolutionary use cases that we can’t fully envision today.”

Although ETH’s market cap of $320 billion represents just 6.25% of Amazon’s $2 trillion valuation, Brokate highlights a significant advantage for Ethereum compared to Amazon in the 1990s. This includes the extensive pool of talent dedicated to enhancing the network’s utility. “Amazon has grown to employ over 1.5 million people worldwide — growth we may see paralleled in the Ethereum ecosystem,” he added.

Even though the Ethereum price has been testing investors’ patience currently, it could bounce back to new highs once it comes out of the bearish grip. ElDeeb said that the inflows into spot Ethereum ETFs will also continue to rise as the ETH price gains strong bullish momentum.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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Ethereum Price Can Crash to $1550 Predicts Veteran Trader Peter Brandt

Published

3 weeks ago

on

November 1, 2024

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The world’s largest altcoin Ethereum (ETH) continues to remain in the bear grip while failing to sustain above $2,600 for a long time. Amid the broader crypto market correction, the Ethereum price has slipped another 5.5% and is currently trading at $2,509 levels with a market cap of $302 billion. Veteran trader Peter Brandt predicts an ETH crash all the way to $1,550 amid low buying interest for the altcoin.

Ethereum Price Can Crash to $1,550, Says Peter Brandt

Veteran trader Peter Brandt noted the absence of a buy signal for Ethereum (ETH), emphasizing that the chart structure remains bearish. According to Brandt, ETH still has an unmet downside target of $1,551, reinforcing a cautious outlook for the altcoin amid recent crypto market movements.

Courtesy: Peter Brandt

The Ethereum price has been forming a downward trending channel of lower highs and lower lows. Popular crypto analyst Michael van de Poppe suggested that if ETH continues with its current downward momentum, the asset could see an additional 10-20% decline from here.

Courtesy: Van de Poppe

On the other hand, van de Poppoe also believes that the market conditions are nearing a potential reversal, both for U.S. Treasury yields and for ETH itself. He pointed out that tomorrow’s U.S. unemployment data will be pivotal, potentially influencing broader market direction.

ETH Approaches The Demand Zone, What Happens Next?

Popular crypto analyst Mammon highlighted that the Ethereum price is approaching a critical demand zone with bulls looking to form a higher low formation and support the ongoing bull trend. Mammon cautioned that a close below approximately $2,460 could signal risk, given the liquidity accumulation below the mid-range level.

Courtesy: Mammon

On the other hand, if Ethereum successfully forms a higher low within this support zone and retests the volume area high (VAH), Mammon sees a strong potential for a breakout. Reclaiming this level could set the stage for a significant price rally, according to his analysis. some market analysts are also giving targets of Ether price to $18,000.

Furthermore, the inflows into spot Ethereum ETFs have been picking up once again. Over the last three days, the spot Ether ETFs have registered net positive inflows. On Thursday, October 31, the BlackRock Ethereum ETF (ETHA) saw inflows of $50 million as per Farside Investors data. However, the Grayscale Ethereum ETF (ETHE) saw outflows of $36.6 million taking the total inflows to $13 million.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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