Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
Ethereum (ETH) Price Aims for $5K Next after Successful Bullish Breakout Fueled by Whale Investors
12/16/2024 17:22
Ethereum whales have aggressively accumulated more coins in the past few weeks amid anticipated altseason in the near term.
Key Notes
- Ethereum whales have significantly increased since the altcoin recently crossed the resistance level of around $3,300.
- The sharp uptick in stablecoins supply on the Ethereum network will have a significant impact on the ongoing bullish outlook.
As Bitcoin price BTC $104 481 24h volatility: 2.2% Market cap: $2.07 T Vol. 24h: $85.24 B rallied towards a new all-time high (ATH) of above $106K, Ethereum price ETH $3 936 24h volatility: 1.8% Market cap: $474.38 B Vol. 24h: $32.07 B signaled the onset of its macro bull rally. The large-cap altcoin, with a fully diluted valuation of about $476 billion and a 24-hour trading volume of around $30 billion, successfully retested the bullish breakout from a multi-year pennant consolidation.
After a solid rebound in the past two months, Ethereum price is now well positioned to retest its all-time high (ATH) near $5K in the near term. In the daily time frame, Ether’s price against the US dollar has retested the macro-falling logarithmic trend. However, Ether’s price must turn the resistance level around $3,950 into a robust support level to guarantee further bullish continuation in the near term.
Additionally, the weekly Relative Strength Index (RSI) must rally above the 70 percent level to confirm the bullish trend. Furthermore, a potential Ethereum price correction could see the altcoin trapped in a midterm falling trend toward the support level of around $3,580 before continuing with the bullish momentum.
Ethereum Whales Bet on Further Uptrend
As Coinspeaker previously reported, the demand for Ethereum among whale investors has significantly spiked in the recent past, especially after Bitcoin price reached a major psychological milestone of around $100k. According to market data from CoinGlass, the overall supply of Ether on centralized exchanges (CEXes) dropped by more than 177K in the past 30 days to hover about 15.6 million.
The notable decline of Ether on CEXes is majorly contributed to the rising demand from whale investors led by US spot Ethereum ETFs. According to market data provided by Glassnode, Ethereum addresses with a balance of more than 10k Ethers increased dramatically in the past two months. More institutional investors have been betting on Ethereum’s ability to remain a web3 leader fueled by growing utility and on-chain activities.
For instance, the Ethereum network offers whale investors a chance to earn passively through staking, as a means to secure the project. Notably, about 34 million Ether have been staked by more than 100K validators.
Meanwhile, the US spot Ether ETFs have registered a net cash inflow of more than $2.1 billion in the past three weeks. Led by BlackRock’s ETHA, the US spot ETH ETFs registered the highest weekly cash inflow of about $854.85 million last week.
Bigger Picture
The Ethereum network remains an undisputed Web3 leader, with more than $78 billion in total value locked (TVL) and over $110 billion in the stablecoins market cap. With over 428K active addresses in the past 24 hours, the Ethereum network is well positioned to handle mainstream adoption of digital assets and Web3 projects.
Notably, the Ethereum ecosystem has received a huge boost from the United States, especially with the upcoming Trump administration, which is expected to significantly support the crypto industry.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
