As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I have seen my fair share of market fluctuations. The recent retracement of Ethereum (ETH) from its significant resistance level of $4,050 to around $3,381 is not uncommon, but the magnitude and speed of this decline are certainly noteworthy.
In the previous fortnight, Ethereum (ETH) price has dropped by over 15% after encountering a notable resistance point at approximately $4,050, trading at around $3,381 during the London session on December 27th. This decline marks one of the largest weekly losses for the prominent altcoin since President-elect Donald Trump’s re-election in the U.S., with a total market cap valuation of roughly $407 billion.
In simpler terms, over the course of each day, Ethereum’s price is showing signs of a bearish trend that may cause it to decrease by approximately 10% and reach around $3,000 in the short term. Furthermore, Ethereum’s price has been regularly ending below its 50-day Moving Average during this ongoing correction in the crypto market.
Given that Ethereum’s Fear and Greed Index stands around 57%, suggesting current trader greed, it seems probable that corrections will occur soon. However, Ethereum’s price chart indicates a sustained uptrend over the long run, hinting at a potentially bullish first quarter of 2025.
Furthermore, it appears that the ETH/BTC pair may be shaping up as a potentially bullish formation, having been previously stuck in a bearish market for the last three years. Notably, Ethereum’s price has also surged past a multi-year price consolidation, following a logarithmic trend line.
Therefore, it’s wise to closely monitor a potential bullish trend that might lead to Bitcoin reaching around $5K in the short term.
#Ethereum is about to explode!💥
— Crypto Rover (@rovercrc) December 26, 2024
Ethereum Whales Aggressively Accumulates
Based on recent analysis of blockchain data, approximately 450,000 units of Ether have been withdrawn from centralized exchanges over the past four weeks, leaving around 15.39 million Ether currently held there. Interestingly, there’s a significant surge in interest for Ethereum as many are predicting an intense altcoin season, which could potentially lead to a parabolic rise.
In recent times, U.S. Exchange-Traded Funds (ETFs) focused on Ethereum have emerged as significant purchasers, alongside large individual investors known as “whales,” in the Ethereum market.
Based on recent market statistics, U.S. Ether Exchange-Traded Funds (ETFs) have collectively brought in approximately $2.63 billion, amassing total assets valued over $12 billion. The majority of this growth is attributed to Fidelity’s FETH and BlackRock’s ETHA funds. Each day, these U.S. spot Ether ETFs see a net inflow of around $117 million.
It’s important to point out that on Thursday, no US-listed Ether ETF providers experienced a net withdrawal of cash, suggesting that long-term investors are optimistic about Ether. Moreover, institutional interest in Ether has grown alongside significant cash inflows into ETH Futures, currently standing at approximately $23 billion – the highest since Ethereum was first introduced.
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2024-12-27 11:55