This 20% rise has sparked optimism among investors, but there remains some uncertainty over whether the uptrend will continue without a reversal.

Ethereum Whales Make a Comeback

Ethereum whale activity has increased significantly, showing a resurgence of confidence among large holders. The number of addresses holding over $100,000 worth of ETH has grown by 17%, while those holding over $1 million have risen by 19%. These substantial accumulations by high-value addresses reflect growing confidence in Ethereum’s future price performance, with whales likely anticipating further gains.

Such increased whale participation is often a bullish signal, as large investors are typically seen as market stabilizers, reducing volatility by holding their assets long-term. As these significant holders consolidate their positions, Ethereum’s price stability may improve, adding resilience to the recent rally.

Ethereum’s overall momentum is reaching a crucial point, with technical indicators suggesting a potential reversal. The Relative Strength Index (RSI), a key gauge of overbought or oversold conditions, is close to entering the overbought zone. 

Historically, Ethereum has experienced price reversals after brief spikes into this territory, although it has occasionally sustained prolonged stays without immediate pullbacks. Given current market conditions, a breach of the overbought zone on the RSI could lead to a price correction for Ethereum.

ETH Price Prediction: Securing Supports

Ethereum’s price has surged by 20% over the past three days, currently trading at $2,911. The cryptocurrency is attempting to establish the 61.8% Fibonacci Retracement level at $2,899 as a support. Holding this support level would strengthen ETH’s upward momentum, potentially preventing a reversal.

If Ethereum can secure $2,899 as a support floor, a rise to $3,000 and beyond may be possible. This level, often seen as a bull market support, could provide the foundation needed for ETH’s price recovery. Successfully maintaining this position would enhance investor confidence and signal further bullish prospects.

However, failure to close above $2,899 could open the door for a potential pullback. Coupled with profit-taking among short-term holders, Ethereum’s price might decline to $2,745. Such a drop would invalidate the bullish thesis and indicate a potential shift toward short-term bearish sentiment among investors.

Ethereum price has seen a strong rally recently, hitting a three-month high after breaking out of a prolonged consolidation range it had been trapped in since August. 

This 20% rise has sparked optimism among investors, but there remains some uncertainty over whether the uptrend will continue without a reversal.

Ethereum Whales Make a Comeback

Ethereum whale activity has increased significantly, showing a resurgence of confidence among large holders. The number of addresses holding over $100,000 worth of ETH has grown by 17%, while those holding over $1 million have risen by 19%. These substantial accumulations by high-value addresses reflect growing confidence in Ethereum’s future price performance, with whales likely anticipating further gains.

Such increased whale participation is often a bullish signal, as large investors are typically seen as market stabilizers, reducing volatility by holding their assets long-term. As these significant holders consolidate their positions, Ethereum’s price stability may improve, adding resilience to the recent rally.

Ethereum’s overall momentum is reaching a crucial point, with technical indicators suggesting a potential reversal. The Relative Strength Index (RSI), a key gauge of overbought or oversold conditions, is close to entering the overbought zone. 

Historically, Ethereum has experienced price reversals after brief spikes into this territory, although it has occasionally sustained prolonged stays without immediate pullbacks. Given current market conditions, a breach of the overbought zone on the RSI could lead to a price correction for Ethereum.

ETH Price Prediction: Securing Supports

Ethereum’s price has surged by 20% over the past three days, currently trading at $2,911. The cryptocurrency is attempting to establish the 61.8% Fibonacci Retracement level at $2,899 as a support. Holding this support level would strengthen ETH’s upward momentum, potentially preventing a reversal.

If Ethereum can secure $2,899 as a support floor, a rise to $3,000 and beyond may be possible. This level, often seen as a bull market support, could provide the foundation needed for ETH’s price recovery. Successfully maintaining this position would enhance investor confidence and signal further bullish prospects.

However, failure to close above $2,899 could open the door for a potential pullback. Coupled with profit-taking among short-term holders, Ethereum’s price might decline to $2,745. Such a drop would invalidate the bullish thesis and indicate a potential shift toward short-term bearish sentiment among investors.

The current week marked strong bullish momentum for meme coins and other crypto tokens as major macro events drove Bitcoin to a new all-time high. This unexpected rally fueled impressive growth for several meme coins.

BeInCrypto has analyzed three meme coins that surpassed expectations, delivering significant rallies and reaching new all-time highs.

Apu Apustaja (APU)

APU has gained significant traction this week, with its price climbing by 60% over the past seven days. This strong performance has propelled the meme coin to a new all-time high at $0.00129, marking it as one of the best-performing tokens of the week.

Currently, APU is striving to maintain stability above the critical support level of $0.00098. Holding above this support would enable the meme coin to sustain its upward trend, provided that investors refrain from taking profits. A steady base at this level could further strengthen the coin’s bullish outlook.

However, if APU holders choose to sell, the price may drop below the $0.00098 support level, potentially declining to $0.00074. Such a fall would disrupt the bullish momentum, likely leading to a correction and prompting caution among investors eyeing the meme coin for short-term gains.

First Neiro On Ethereum (NEIRO)

NEIRO has surged by 58% over the past seven days, reaching a new all-time high of $0.00251. This marks the second ATH for the meme coin in a month, reflecting heightened interest and significant buying momentum. NEIRO’s consistent upward trajectory suggests strong investor confidence in its growth potential.

The meme coin appears ready to sustain its bullish trend, supported by broader positive market cues. As long as investors see value in NEIRO, its upward movement could persist. This optimism indicates a favorable environment for further gains.

However, if investors shift to a more cautious outlook, NEIRO may face a price reversal. A drop to $0.00169 would cut into recent gains, signaling increased selling pressure. Falling below this support could invalidate the bullish thesis, prompting investors to reassess their positions in NEIRO.

Simon’s Cat (CAT)

CAT has seen a strong 33% rise over the past week, bringing its trading price to $0.00003697. Though it hasn’t hit a new all-time high, the meme coin is edging closer to its ATH of $0.00004650. This increase highlights the meme coin’s growing interest and potential for further gains.

For CAT to maintain its upward trend, it would need to breach the $0.00004063 level and establish it as a support floor. Doing so could bolster investor confidence and open the path toward its all-time high.

Read More: 11 Top Solana Meme Coins to Watch in November 2024

However, if CAT fails to flip $0.00004063 into support, it risks retracing to $0.00003410. Losing this support level could undermine the current bullish outlook and potentially lead to further declines. Such a reversal would prompt caution among investors, reassessing CAT’s potential for short-term gains.

Sky will not re-rebrand as MakerDAO after a community vote that favored keeping the new identity.

The rebranding is central to founder Rune Christensen’s “Endgame” strategy, which aims to reshape the protocol for more competitiveness and resilience.

MakerDAO Governance Vote Dominated By Whales

Sky confirmed the identity stay in a post on X after an on-chain vote to continue using the new brand name as the ecosystem’s primary backend protocol.

“This decision supports the ongoing transition from MKR to SKY and establishes Sky as the core brand, denoting both the Sky app frontend and the backend Sky Ecosystem and Sky Protocol,” the project team said.

The governance polls show that the proposal to revert Sky to its original Maker branding faced substantial opposition. Specifically, nearly 80% of the vote share leaned toward maintaining the Sky identity as the protocol’s “backend protocol brand.”

The decision revealed an underlying centralization issue within MakerDAO’s governance. According to Sky’s voting metrics, four large entities controlled most of the voting power. Each entity secured about 20% of the votes, and only one prominent entity voted against the proposal. This left smaller stakeholders with limited influence over the outcome.

“Four MKR whales hold 98% of voting power, rejecting the rebranding of the DeFi protocol Sky back to Maker. This highlights the influence of a few in decentralized governance. It raises concerns about true decentralization in such ecosystems,” said HUDI, a web3 data layer builder.

Nevertheless, this turnout to maintain Sky aligns with Christensen’s ambitious “Endgame” strategy, kickstarted in late 2022. The Sky co-founder proposed the strategy to revitalize what he perceived as a stagnating DeFi project.

He wants to diversify MakerDAO’s services and develop new products. The plans include launching a range of new stablecoins, creating an alternative governance token called SKY, and establishing “subDAOs.”

In September, MakerDAO members voted to give DAI holders the option to exchange their tokens for a new stablecoin named Sky Dollar (USDS) at a 1:1 ratio. Likewise, MKR holders could swap their tokens for SKY tokens at a 1:24,000 ratio.

Of note is that the organization clarified that DAI and MKR tokens will continue to exist alongside USDS and SKY in the near future. Nevertheless, the introduction of SKY and USDS represents a strategic effort to attract new users and accommodate diverse regulatory and decentralization demands in the market.

Products and Tokens Under the Sky Brand

With Sky now in place, the rebranding may proceed to introduce a new suite of tokens and products under the new banner. This includes launching decentralized and regulatory-compliant stablecoins like puredai and NewStable, respectively. These products target different segments: puredai for censorship-resistant uses and NewStable for broader, compliance-driven adoption.

Sky is preparing to introduce these stablecoins on Solana and Ethereum Layer-2 Base, suggesting possible integrations across blockchains and maximizing accessibility. Another notable development is Sky’s planned collaboration with Aave, a leading DeFi protocol, to offer stacked USDS rewards. Sky will also introduce a staking system using both SKY and MKR tokens alongside a custom bridge called SkyLink for EVM chains.

Despite the strategic rationale behind the rebrand, the move has not been universally welcomed. Community members have voiced concerns that the new brand does not resonate with Maker’s established reputation. Others continue to cite confusion between SKY and MKR. Christensen attempted to quell some of the fears.

“It’s gonna take a bit more planning but I will make a follow-up proposal where MKR will be renamed to indicate it is a SKY wrapper. This way, MKR holders will automatically upgrade to SKY and there will be no confusion around two tokens. This will not affect tokenomics,” the Sky co-founder explained.

While Christensen’s Sky brand could reach new users, it also risks alienating legacy supporters who identify with the original Maker. For investors, the vote reflects the complex dynamics at play within MakerDAO’s governance, where large holders wield outsized influence. In such situations, changes can carry both potential upsides and risks for the protocol’s market perception.

The Endgame strategy could ultimately redefine Sky as a leader in DeFi. Nevertheless, this hinges on the successful rollout of its ambitious projects. The ability to harmonize with the demands of a loyal but change-averse community is also a factor.

According to BeInCrypto data, the Maker (MKR) token has surged nearly 5% following this news, currently trading at $1,503.47.