As a seasoned researcher with over two decades of experience in the cryptocurrency market, I have witnessed the rollercoaster ride that is Ethereum. After its impressive 30 percent surge last week, seeing it correct over the past four days has been a reminder that even the mighty Ethereum can’t escape market volatility.
Following a notable 30% increase the previous week, Ethereum‘s price has experienced a downtrend over the past four days. As the leading altcoin, it boasts a market cap of approximately $373 billion and daily trading volumes averaging around $36 billion. On Friday, November 15, 2024, during the mid-London session, Ethereum’s price dipped by more than 3% in the last 24 hours, slightly exceeding $3,100.
Over a span of four hours, the price of Ether, when compared to the U.S. dollar, has been shaping a pattern called a falling wedge. This pattern suggests that the second phase of the Elliott Wave Theory could be concluding. From a technical analysis perspective, if Ether’s price consistently manages to surpass the immediate resistance level roughly at $3,156, it would strengthen the case for a rise in value above $4,000.
Currently, the key graph to focus on for Ether is the ETH/BTC one, viewed within a daily timeframe. This chart has recently been testing a significant support area approximately at 0.0347.
In simpler terms, the relationship between ETH and BTC is showing signs of reversal on a daily scale, along with an increasing discrepancy in the Relative Strength Index (RSI). If Bitcoin‘s dominance decreases from its current resistance level around 60-61%, it could lead to an increase in Ether’s price approaching its all-time high. This decrease might initiate the long-awaited period of altcoins gaining traction, often referred to as “altseason.
If there’s a prolonged drop in the short term, the price of Ether might encounter a strong support point approximately at $2,950.
Ethereum Whales Unwavered
As a crypto investor, I’ve noticed some intriguing trends in the Ethereum market. According to data analysis from market intelligence firm Santiment, Ethereum whales have scooped up over 430,000 Ether, valued at more than a billion dollars. This significant purchase indicates increased interest from these large investors. Moreover, in the past 24 hours, we’ve seen a decrease of over 13,000 Ether from centralized exchanges, suggesting that demand from whale investors is strengthening, making the market even tighter.
Over the last three weeks, U.S.-based Ethereum Exchange-Traded Funds (ETFs) have been the primary purchasers of Ether, amassing over $740 million as per recent market information.
Last Thursday, approximately $18.87 million flowed into BlackRock’s ETHA, while Invesco’s QETH saw a smaller influx of around $929,000 in new investments.
On Thursday, Grayscale’s ETHE saw an outflow of approximately $22 million in cash, resulting in a net daily inflow of around $3.24 million for U.S. spot Ether ETTs.
Market Picture
Institutional investors often prefer the Ethereum network when it comes to tokenizing real-world assets like stocks, bonds, and property. Moreover, Ethereum is the leading platform for Decentralized Finance (DeFi), boasting a total value locked of approximately $57 billion and a stablecoins market cap exceeding $93 billion. Despite the rise of other Layer 1 (L1) chains, such as Solana, Ethereum continues to hold its ground.
Ethereum’s second-layer scaling options have enabled it to effectively rival other blockchain networks, thanks to its affordable transaction fees, thriving digital community, and robust security standing.
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2024-11-15 14:22