Ethereum Whales Surge: ETH Price Eyes $4,000 and Beyond if Key Support Holds

  • The cryptocurrency market has been buzzing with activity, particularly surrounding Ethereum (ETH).
  • An increase in the number of large Ethereum addresses indicates significant buying interest.
  • Key resistance levels could play a crucial role in potential price movements.

Ethereum (ETH) shows signs of strong buying interest, hinting at potential price movements toward key resistance levels.

Ethereum Whale Addresses Spike

Recent data indicates a significant increase in the number of Ethereum addresses holding 10,000 or more ETH, marking a 3% rise over the past three weeks. This uptick suggests a noteworthy buying pressure and growing interest from large investors.

Similarities to 2021 Price Patterns

Market analysts have observed patterns in Ethereum’s price action that resemble its performance in 2021, a year during which ETH experienced an impressive 83% rally. This comparison has intrigued many investors, prompting speculation about a potential bullish trajectory.

On-Chain Indicators Reveal Insights

According to on-chain data from Santiment, the general sentiment around Ethereum has stabilized following the SEC’s approval of Ethereum ETFs. This balance in social sentiment is seen as an opportune moment just before the trading of these new financial products begins.

Price Levels to Watch

If Ethereum’s price can maintain support above $3,650, it may set the stage for a move beyond $4,000. Breaking this resistance could pave the way for further gains into the $5,000 to $6,000 range, according to market analysts. Conversely, falling below this support could see it retesting lower levels around $3,152.

Open Interest and Market Signals

Recent trends in Ethereum open interest lend further insight into market conditions. Since June 6, a decline in open interest from $16.97 billion to $16.35 billion was observed, which could potentially signify a bullish recovery signal. The dip in open interest was not as sharp as the price decline, suggesting ongoing investor interest and potential market resilience.

Conclusion

Ethereum’s recent price action coupled with increasing whale accumulation suggest a promising outlook. By maintaining critical support levels, ETH could aim for higher resistance points, potentially igniting a robust bullish run. Investors continue to eye these key levels as determinants for Ethereum’s next move.

BREAKING NEWS

Bitwise Solana ETF BSOL Surpasses $500 Million in Inflows, With $30 Million in a Single Day

According to Bitwise CEO Hunter Horsley's post on X,...

Ethereum Net Supply Increases by 74,298 ETH in 30 Days, 9,770 ETH Burned as Total Supply Hits 121,195,469 ETH

According to Ultrasound.money data, Ethereum's net supply over the...

Bitcoin (BTC) Sees 336 BTC Net CEX Outflow in 24 Hours as Coinbase Pro, Gemini and Bybit Lead Withdrawals

COINOTAG News, citing Coinglass data, reports that in the...

Bitcoin Whale With 100% Win Rate Closes Long, Shorts 90.63 BTC at 40x Leverage (~$9.24M)

COINOTAG News, citing HyperInsight monitoring on November 8, reports...

Bitcoin Whale Opens 40x Leveraged Long on 20 BTC at $101,800 Entry Price (≈$2.04M)

COINOTAG News, citing HyperInsight on November 8, tracked a...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img