Ethereum (ETH) has been capturing the attention of traders and investors alike, especially after its impressive performance on Wednesday. The price of Ethereum has been forming a bullish pennant on the hourly chart, signaling potential upward movement. As of the early Asian session on Friday, Ethereum’s value had rebounded from a crucial support level above $3,542 to approximately $3,595. With a fully diluted market cap of around $432 billion, Ethereum is poised to continue its upward trajectory alongside Bitcoin’s rally towards the $100k mark. Furthermore, the altseason is gaining momentum, suggesting a potential shift in Bitcoin’s dominance.
Ethereum’s Whales on the Move
The Ethereum network has witnessed significant whale activities recently, coinciding with a notable increase in stablecoin balances. On-chain data reveals that two major Ethereum whales have offloaded significant amounts in the past 24 hours. Notably, Jeffrey Wilcke, a co-founder of Ethereum, deposited 20,000 Ether, valued at over $72 million, into Kraken on Thursday. Following this, Winslow Strong, director of the Qualia Research Institute, deposited 9,380 ETH, worth about $33.7 million, to the Coinbase exchange earlier today. Despite these sales, the demand for Ethereum is rising, as evidenced by the growing interest in US spot Ether ETFs from institutional investors. In a significant move, a major whale recently invested $64 million to acquire nearly 20,000 Ether from the Bybit exchange over the past two weeks.
Midterm Target
Ethereum’s price trajectory suggests a continued bullish momentum in the near term. If Ethereum’s price mirrors its previous cycle, the cryptocurrency could reach unprecedented levels. The introduction of Ethereum ETFs and increasing institutional interest further support this optimistic outlook. In technical terms, Ethereum is targeting the $3,911 mark on the four-hour chart, aligning with the 2.618 Fibonacci Extension level. In the event of a bearish sentiment, Ethereum’s price is likely to find strong support above $3,285, a level it has rebounded from three times in the past week.
Market Picture
As November comes to a close, Ethereum’s market volatility is expected to persist in the remaining weeks of the year. Ethereum’s Open Interest (OI) has surged to a new all-time high, exceeding $24 billion, indicating heightened interest from traders driven by fear of missing out (FOMO). Market data from Coinglass suggests that approximately $850 million could be liquidated from the Ethereum market if the altcoin achieves the $4,000 mark.
In summary, Ethereum’s current market conditions and whale activities suggest a bullish outlook for the cryptocurrency. With technical indicators and institutional interest aligning to support further price increases, Ethereum appears well-positioned to continue its upward momentum in the coming weeks.
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