Connect with us
Active Currencies 16016
Market Cap $3,805,109,342,841.30
Bitcoin Share 52.31%
24h Market Cap Change $2.69

Ethereum whale activity hits record highs: ETH’s 20% rally explained!

2min Read

Ethereum whale activity is driving the recent price surge, with key technical indicators suggesting ETH may be poised to reach new all-time highs.

ETHEREUM TAKES OFF

Share this article

  • Ethereum sees a 20% price increase driven by whale accumulation and exchange outflows.
  • Whale activity suggests growing bullish sentiment and reduced supply on exchanges.

Ethereum [ETH] has surged by 20% over the past week, fueled by significant outflows from exchanges and rising whale accumulation, reflecting growing confidence in the asset.

Despite the bullish momentum, recent minor corrections have put ETH at a critical juncture, testing key support and resistance levels. As the market waits for clarity, these levels will play a crucial role in determining the next direction for Ethereum’s price.

Ethereum exchange flows

Ethereum saw significant outflows around 26th October, with large-scale withdrawals from exchanges signaling increased confidence among holders.

RATIO CHARTS

Source: Glassnode

These outflows have dominated the trend, especially over the past week, aligning with ETH’s price rally as whales accumulate and reduce supply on exchanges.

While minor inflows around the 7th and 10th of November suggest some profit-taking, the overall sentiment remains bullish. However, any sustained shift towards inflows could challenge ETH’s support levels, introducing potential volatility.

Whale activity driving ETH’s bullish momentum

Whale transactions surged in late October and early November, correlating with ETH’s 20% price rally, suggesting that large holders have been pivotal in pushing prices higher.

ETHEREUM WHALE ACTIVITY

Source: Santiment

Historically, spikes in whale activity often precede major price movements, reinforcing the idea that whales are both an indicator and a catalyst for ETH’s price action.

However, as ETH reaches critical resistance levels, whale transactions have tapered off, possibly signaling profit-taking or caution at elevated prices.

Continued whale engagement will be crucial in maintaining upward momentum. A sustained decline in whale activity could indicate a potential correction or increased volatility.

Ethereum’s path to an ATH

Ethereum PA

Source: Santiment

Ethereum’s recent rally and strong whale accumulation raise the possibility of revisiting or surpassing its ATH. The RSI at 67 signals bullish momentum without being overbought, suggesting room for further growth.

Meanwhile, the OBV shows strong buying pressure, indicating sustained demand.


Read Ethereum’s [ETH] Price Prediction 2024–2025


ETH remains above key EMA lines, with $3,500 as the immediate resistance level – breaking it could lead to a move toward $3,700, with $4,000 as the next target.

Minor corrections reflect profit-taking, but ETH’s resilience and whale activity suggest a potential push for a new ATH, provided support holds above $3,000.

 

Share

Samantha is a full-time crypto journalist with 2 years of writing experience in the field. Her key area of interest is the political ramifications of crypto-centric laws around the world. An avid market trader, Samantha also has a keen eye for price anomalies on trading charts.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.