Ethereum
Ethereum Whale Transactions Spike – High Volume Supports Surge To $3,200
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.
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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.
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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.
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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
Ethereum
Ethereum’s Rally Loses Steam: Analyst Foresee A Possible Brief Correction
Negative sentiment is gradually growing in the general crypto market once again, with major digital assets like Ethereum, the second-largest cryptocurrency, witnessing a notable setback that led to a slowdown of its renewed upside price momentum. Due to the sudden drop, several crypto analysts believe that the altcoin could face an extended bearish movement shortly.
Ethereum Set To Enter A Correction Phase
IC News, an informative platform has delved into Ethereum’s current price action, offering an insightful perspective about its performance in the near term. After a thorough examination, the platform highlighted that ETH might be on the brink of a temporary corrective phase as market momentum cools off following recent gains. The platform’s prediction is due to signs of overbought conditions and profit-taking by retail and institutional investors, which could affect the stability of the crypto asset’s value.
According to IC News, Ethereum is currently getting close to a critical resistance area at the $3,600 price level, where there is a lot of supply and room for profit-taking. Given how robust this resistance level is, the platform claims there is a good chance that a brief period of correction could occur soon to limit buying pressure.
Furthermore, IC News points out that in order to create a more stable uptrend for Ethereum, the market will have to fall back toward the 200-day Moving Average (MA).
While the analysis might spark worries about the altcoin‘s short-term trajectory, the pullback may turn out to be healthy for the asset. This is because the altcoin may create new strong support levels during the correction phase and fortify its base for future price expansion. It could also present several buy signals and opportunities for new and seasoned investors, allowing them to reassess their positions in light of waning market sentiment.
Despite the sudden price decline, the digital asset persistently demonstrates bullish potential in the broader outlook, with market expert and trader, Captain Faibik predicting a mid-term price target for Ethereum at the $5,450 level.
Thus far, Ethereum continues to move within the Broadening Wedge pattern, a key indication of rising momentum. Meanwhile, Captain Faibik anticipates a breakout from the bullish formation in the coming days, which will trigger another huge rally for ETH, potentially to $5,450 in the mid-term.
ETH Now Ahead Of America’s Banking Giant
Ethereum’s recent upswing has led the altcoin to crucial milestones in the last few days, such as surpassing financial behemoth Bank of America by market capitalization. On Sunday, ETH saw a surge in its overall market cap by over 5%, bringing it to a total of $383 billion and breaking past the market cap of Bank of America by a whopping $40 billion.
IC News stated that the crypto asset’s high valuation in comparison to Bank of America reflects a change in the dynamics of the traditional sector as blockchain technology adoption and growth start to outpace traditional banking systems.
Featured image from Unsplash, chart from Tradingview.com
Ethereum
Ethereum’s Positive Funding Rates Push Price Near $4K—Are There Any Downsides?
Ethereum has recently climbed to a major high above $3,400, reigniting enthusiasm among market participants and signaling a potential upward trend that may lead to a push above $4,000 toward a new all-time high.
This optimism has been met with major speculation of ETH’s price from the crypto community and analysts, who are observing key indicators within the market to assess the asset’s trajectory.
Ethereum Rise and Market Sentiment
According to a report shared by a CryptoQuant analyst known as ‘ShayanBTC,’ Ethereum’s recent price performance, up by 35% in the past week, has been accompanied by positive sentiment in the futures market, providing a detailed look into potential short-term fluctuations.
Shayan pointed out that the funding rates for Ethereum futures have remained positive, demonstrating strong demand and bullish sentiment among investors.
Notably, positive funding rates typically indicate buyers are willing to pay a premium to hold long positions, which signifies market confidence.
The analyst highlighted that this surge in positive sentiment was especially evident when Ethereum surpassed the $3,000 mark, reflecting a similar pattern observed during the March 2024 rally that culminated in a yearly peak.
This pattern now raises questions about whether the current momentum can be sustained or if the market is vulnerable to sudden reversals, just as it did following a major rally earlier this year.
What Is Expected
While positive funding rates are a favorable sign of market interest, they can also indicate heightened risk when they become too elevated. Shayan particularly noted:
Although positive funding rates generally signify healthy demand in a bullish market, elevated funding rates can be a red flag.
The analyst cautioned that high funding rates may point to an “overheated” market, which could increase the likelihood of a long liquidation cascade if the price faces significant resistance or experiences even a modest correction.
Elevated rates suggest that traders may be over-leveraged, creating conditions where a sharp pullback could trigger a wave of sell-offs as leveraged positions are liquidated.
The CryptoQuant analyst further revealed that with Ethereum experiencing high funding rates in the current market climate, investors may need to “exercise caution and adopt strategies to mitigate potential risks.”
The analyst emphasized that with heightened funding rates comes an increased chance of market volatility. Rapid price movements could lead to liquidations, particularly if profit-taking or minor corrections unsettle the market.
Meanwhile, Ethereum has breached the $3,400 price mark to trade as high as $3,424 earlier today. However, at the time of writing, the asset appears to have seen a slight correction with a current trading price of $3,289, albeit still up by 2.2% in the past day.
Featured image created with DALL-E, Chart from TradingView
Ethereum
Ethereum Could Be Set To Explore New Highs As On-Chain Metrics Light Up
On-chain data shows metrics related to network activity have spiked for Ethereum recently, something that could pave way for a further rally.
Ethereum Transaction Volume & Whale Transfer Count Have Spiked Recently
According to data from the on-chain analytics firm Santiment, Ethereum has seen an uplift in two activity-related metrics. The indicators in question are the Transaction Volume and the Whale Transaction Count.
The first of these, the “Transaction Volume,” keeps track of the total amount of the cryptocurrency (in USD) that users on the ETH network are shifting across the network with their transactions.
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When the value of this metric is high, it means the ETH blockchain is processing the transfer of a large number of coins right now. Such a trend suggests the investors actively invest in asset trading.
On the other hand, the low indicator implies the interest in the cryptocurrency may currently be low as the holders are only moving around a low amount of ETH.
Now, here is a chart that shows the trend in the Transaction Volume for Ethereum over the last few months:
As displayed in the above graph, the Ethereum Transaction Volume has registered a sharp surge recently, implying interest in the asset has increased alongside the price rally.
This could be considered a constructive development for the cryptocurrency, as an increasing network activity is generally required for rallies to be sustainable.
In the past, some price moves have kicked off sharply, but the Transaction Volume didn’t register much of an increase at the same time. Such moves generally died out before long.
The chart also contains the data for the other metric of relevance here, the “Whale Transaction Count.” This indicator measures the total amount of ETH transfers valued at more than $100,000.
Transactions of this scale are assumed to be coming from the whale entities, so the Whale Transaction Count reflects the activity level of the big-money investors.
From the graph, it’s apparent that this indicator has also spiked for Ethereum recently, which implies that the recent increase in the volume isn’t just a sign of interest from the smaller investors but also the humongous hands.
Naturally, it’s impossible to say based off these indicators alone, whether the investors are buying or selling, as all types of transactions look the same from their view. Because ETH has seen a sharp rally recently, this activity has probably been for accumulation so far.
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The analytics firm explains,
Expect any growth from Bitcoin, during this bull run, to see profits redistribute into Ethereum and potentially push it toward its own all-time high while its network activity looks very healthy.
ETH Price
After observing a surge of more than 27% over the last seven days, Ethereum has broken beyond the $3,150 level.
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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