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Key Notes
Some Ethereum whales have been depositing their assets to crypto exchanges in the recent past while others have been busy accumulating.Ethereum network remains the undisputed web3 leader despite the rise of Solana and Tron in the recent past.After an impressive 50 percent rally in the past four weeks to trade above $3,500, Ethereum price ETH $3 584 24h volatility: 0.6% Market cap: $431.27 B Vol. 24h: $29.61 B is now on the cusp of a major bullish breakout towards its all-time high ahead. The large-cap altcoin, with a fully diluted valuation of about $427 billion, is currently retesting a crucial resistance level, which will likely end in a major short squeeze.
In the past 24 hours, Ethereum’s leveraged market outshined Bitcoins BTC $96 870 24h volatility: 2.0% Market cap: $1.92 T Vol. 24h: $53.52 B in the total liquidation, signaling heightened speculation. According to the latest market data, Ethereum’s Open Interest (OI) has surged to a new multi-year peak of over $24 billion, from around $10 billion in early September 2024.
The heightened Ethereum speculation will likely spur more volatility and forced liquidation in the near term. Furthermore, the ETH/BTC pair has been forming a macro reversal pattern, characterized by a falling trend coupled with a bullish divergence of the Relative Strength Index (RSI).
Additionally, Bitcoin dominance has been forming a reversal pattern, thus increasing the odds of altseason happening soon.
Ethereum Whales Heightens On-chain Activities
The Ethereum whales have been busy making huge moves, potentially preparing for a parabolic rally ahead. For instance, the number of Ether staked has exponentially grown in the past two years to over 34.5 million ETH by more than 100k validators.
However, the overall supply of Ether on centralized exchanges has continued to increase in the recent past, with the net inflow to CEXs at about 500k in the past 30 days. As Coinspeaker previously stated, the US spot Ether ETFs have experienced low demand compared to Bitcoin in the past few months.
Meanwhile, two major Ether whales have followed in the footsteps of the Ethereum Foundation in asset liquidations. On Thursday, Jeffrey Wilcke, Ethereum co-founder, deposited 20,000 ETH, worth about $72.5 million, to the Kraken exchange. Earlier today, Winslow Strong, the director of the Qualia Research Institute, deposited 9,380 ETH, worth about $33.7 million, to Coinbase Global Inc (NASDAQ: COIN).
Another different whale has spent $64 million to purchase nearly 20k ETH units in the past 12 days.
Midterm Expectations
From a technical analysis standpoint, Ether price has already begun its rising trend towards a new all-time high akin to Bitcoin. The large-cap altcoin has been forming higher highs and higher lows, following the bullish breakout earlier this month, fueled by the victory of pro-crypto US leaders led by President-elect Donald Trump.
#ETH Descending Broadening Wedge Upside Breakout is Finally Confirmed.. ✅
PAMP it Sirs..🔥📈#Crypto #Ethereum #ETH pic.twitter.com/6c6s5gLVd1
— Captain Faibik 🐺 (@CryptoFaibik) November 29, 2024
If the institutional demand for Ether continues to grow, especially through the spot ETH ETFs, Ethereum’s price will soon hit $4k. In case Ether’s price surges to $4k, nearly $1 billion worth of short trades will be liquidated.
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.
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