As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself closely monitoring the recent developments in Ethereum (ETH). Having witnessed the crypto winter of 2018 and the bull run of 2021, I’ve learned to navigate through the highs and lows with a mix of caution and optimism.
The price of Ethereum (ETH) has significantly increased by almost 9% over the past 24 hours, reaching a new level of $2,850. This surge could potentially pave the way for another bull market. Yet, it’s worth noting that Ethereum whales who had been inactive since 8 years ago have recently become active, selling their ETH during this rally. The current 24-hour volatility stands at 6.9%, with a market capitalization of approximately $341.51 billion and a trading volume of $36.03 billion within the same timeframe.
According to SpotonChain’s report, two significant Ethereum investors, known as “Ethereum ICO whale ‘0xB8c'” and another unidentified whale, have collectively sold 33,701 ETH, equating to a massive $89.11 million. Specifically, the Ethereum ICO whale transferred 25,000 ETH ($65.67 million) to the Kraken exchange for roughly $2,627 per ETH. Despite this sale, ‘0xB8c’ still holds an impressive 64,450 ETH, estimated to be worth approximately $181.2 million.
0x0c1, a previously dormant whale, re-entered the market after almost a decade, selling 8,701 ETH for approximately $24.05 million USDC. This equates to around $2,764 per ETH. This transaction yielded a staggering 689x profit. Now, 0x0c1 retains 2,304 ETH, valued at roughly $6.48 million.
Two long-term $ETH holders unloaded 33,701 $ETH ($89.72M) as the price surged 13.75% in 24 hours:
1 Whale account associated with the Initial Coin Offering (ICO) of Ethereum, identified as “0xB8c”, transferred approximately 25,000 Ether (around $65.67 million at the time) to Kraken exchange, leaving behind about 64,450 Ether ($181.2 million). This transfer was made at an average price of roughly $2,627 per Ether.
2/ Whale “0x0c1” returned after 8.75 years to sell 8,701 $ETH for…
— Spot On Chain (@spotonchain) November 7, 2024
Additionally, another Ethereum investor who had been inactive, or dormant, has become active again, holding approximately 12,001 ETH, valued at around $34.1 million. This individual originally purchased the ETH for an average price of roughly $8.58 back in early 2016. If sold now, they could potentially make a profit of over 330 times their initial investment, given current market prices.
Even with increased whale activity, the Ethereum price has maintained its resilience and remains above the $2,800 mark. Inflows into spot Ethereum ETFs significantly increased to $52.3 million on Wednesday following Trump’s election victory. Fidelity’s FETH saw inflows of $26.9 million, while Grayscale’s mini-ETF (ETH) recorded inflows of $25.4 million.
Will Ethereum Price Hit New All-Time High?
In recent times, Ethereum’s price trends have been mirroring those of Bitcoin. Yet, Ethereum’s price is yet to reach its peak of $4,891, which it attained in 2021. Unlike Bitcoin, which managed to breach the discovery zone twice this year, Ethereum has been grappling with its current levels.
In simpler terms, ETH investors have been advised to sell when it rises recently. But today’s surge has caused ETH price to breach its downward trend line, potentially aiming towards $3,000 soon. This breakout could pave the way for a potential 75% increase in ETH price from this point.
$ETH – Breakout. 75% move from here to an all time high. $3k first.
— IncomeSharks (@IncomeSharks) November 7, 2024
Speaking on the development, Tron founder Justin Sun wrote:
As macro cryptocurrency policies show signs of enhancement, we remain highly hopeful regarding the market trends, including Ethereum. Rather than offloading our holdings, we strongly advocate for continued investment and growth.
Positively, the cost of Ethereum (ETH) encounters a significant resistance at approximately $2,840. If ETH manages to surpass this level and make it a support instead, it could pave the way for an upward trend that might lead to prices in the range of $3,100-$3,300 or even higher. In other words, a daily close above $2,840 could transform this area into a stepping stone for potential growth.
Read More
- FLOKI PREDICTION. FLOKI cryptocurrency
- DEXE PREDICTION. DEXE cryptocurrency
- From Season 4 Renewed With Release Date Window & Episode Count
- Why Is Randy Moss Wearing Glasses? Health Update
- ZEN PREDICTION. ZEN cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- WIF PREDICTION. WIF cryptocurrency
- Mare: Beloved puzzle adventure game now available on PS VR2
2024-11-07 20:13