Ethereum Whale Transactions Spike – High Volume Supports Surge To $3,200
10 Novembre 2024 - 9:00PM
NEWSBTC
Ethereum has reached a new local high at $3,219, marking an
impressive 35% surge since last Monday. This rapid rise has ignited
strong optimism among analysts and investors, who now see Ethereum
as primed for further gains as it begins to show strength against
Bitcoin. The rally reflects renewed confidence in ETH’s potential,
especially as major stakeholders increase their activity. Related
Reading: Cardano Skyrockets Over 40% – Funding Rate Suggests
Further Upside Key data from Santiment supports this bullish
outlook, highlighting a significant spike in whale transactions.
Increased activity among large ETH holders often signals
accumulation, suggesting that influential players see the potential
for Ethereum’s continued growth. This uptick in whale transactions
is typically seen as a precursor to further price appreciation, as
it indicates sustained interest from high-volume investors. As ETH
continues to rise, analysts are closely watching its performance
against Bitcoin, noting that Ethereum’s recent momentum could
indicate the beginning of a more sustained uptrend. Ethereum
Bull Phase Starting Ethereum has officially entered a bullish phase
after decisively breaking key resistance levels and establishing a
positive price structure. Recent data from Santiment confirms this
upward trend, as Ethereum is now showing strong growth metrics that
suggest further gains may lie ahead. Whale transaction data
points to a significant increase in activity from major
stakeholders—wallets holding substantial amounts of ETH—who have
actively contributed to Ethereum reaching its highest price in over
14 weeks. In addition to heightened whale activity, Ethereum’s
transaction volume has surged, reaching as much as $10.4 billion
over the past several days. This volume spike is an encouraging
sign of rising demand and sustained interest in ETH at its current
levels. Large transactions often signal confidence from
institutional players and high-net-worth investors, reinforcing the
bullish sentiment around Ethereum as they increase their holdings.
Related Reading: Chainlink Hits $13.5 For The First Time Since July
– Smart Money Accumulation? Santiment analysts suggest that
Bitcoin’s performance during this bull run could serve as a
catalyst for Ethereum, with profits likely redistributing from BTC
to ETH as market participants diversify into top altcoins. This
dynamic has historically benefited Ethereum during strong market
cycles, potentially setting the stage for ETH to revisit its
previous all-time high. Additionally, Ethereum’s network activity
appears robust, another key indicator of sustained growth
potential. With increased stakeholder participation, high
transaction volume, and a healthy network, Ethereum seems
well-positioned for continued upward momentum in the current
bullish environment. ETH Testing Fresh Supply Ethereum (ETH) is
currently trading at $3,170, showing strength after an aggressive
move above the 200-day moving average (MA) at $2,955. This breakout
above a long-term resistance level signals that bulls are now
firmly in control as ETH reaches new supply zones. Holding above
the 200-day MA is a positive indicator for sustaining the bullish
trend, as this level often supports price action when breached on
an upward move. If ETH experiences a pullback, a drop back to the
200-day MA around $2,955 would represent a healthy retracement,
potentially setting the stage for further gains. A consolidation at
or near this level would likely attract more demand, supporting a
continuation of the uptrend. Related Reading: Ethereum Analyst Sees
Altseason Potential As BTS Is Still Outpacing ETH – Time To Buy
Altcoins? However, the current strong price action combined with
fresh demand entering the market could propel Ethereum even higher
without a significant pullback. The momentum ETH is building now
may help it break through successive supply levels in the near
term, pushing toward higher targets. For now, Ethereum’s upward
trajectory is supported by solid technical levels and a market
environment increasingly favorable for continued gains. Featured
image from Dall-E, chart from TradingView
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