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Ethereum Whale Transactions Spike – High Volume Supports Surge To $3,200

News Feed - 2024-11-11 05:11:12

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Ethereum has reached a new local high at $3,219, marking an impressive 35% surge since last Monday. This rapid rise has ignited strong optimism among analysts and investors, who now see Ethereum as primed for further gains as it begins to show strength against Bitcoin. The rally reflects renewed confidence in ETH’s potential, especially as major stakeholders increase their activity. Related Reading Cardano Skyrockets Over 40% – Funding Rate Suggests Further Upside 23 hours ago


Key data from Santiment supports this bullish outlook, highlighting a significant spike in whale transactions. Increased activity among large ETH holders often signals accumulation, suggesting that influential players see the potential for Ethereum’s continued growth. This uptick in whale transactions is typically seen as a precursor to further price appreciation, as it indicates sustained interest from high-volume investors.


As ETH continues to rise, analysts are closely watching its performance against Bitcoin, noting that Ethereum’s recent momentum could indicate the beginning of a more sustained uptrend.  Ethereum Bull Phase Starting


Ethereum has officially entered a bullish phase after decisively breaking key resistance levels and establishing a positive price structure. Recent data from Santiment confirms this upward trend, as Ethereum is now showing strong growth metrics that suggest further gains may lie ahead. 


Whale transaction data points to a significant increase in activity from major stakeholders—wallets holding substantial amounts of ETH—who have actively contributed to Ethereum reaching its highest price in over 14 weeks. Ethereum Whale Transactions Spike | Source: Santiment on X


In addition to heightened whale activity, Ethereum’s transaction volume has surged, reaching as much as $10.4 billion over the past several days. This volume spike is an encouraging sign of rising demand and sustained interest in ETH at its current levels. Large transactions often signal confidence from institutional players and high-net-worth investors, reinforcing the bullish sentiment around Ethereum as they increase their holdings. Related Reading Chainlink Hits $13.5 For The First Time Since July – Smart Money Accumulation? 1 day ago


Santiment analysts suggest that Bitcoin’s performance during this bull run could serve as a catalyst for Ethereum, with profits likely redistributing from BTC to ETH as market participants diversify into top altcoins. This dynamic has historically benefited Ethereum during strong market cycles, potentially setting the stage for ETH to revisit its previous all-time high.


Additionally, Ethereum’s network activity appears robust, another key indicator of sustained growth potential. With increased stakeholder participation, high transaction volume, and a healthy network, Ethereum seems well-positioned for continued upward momentum in the current bullish environment. ETH Testing Fresh Supply


Ethereum (ETH) is currently trading at $3,170, showing strength after an aggressive move above the 200-day moving average (MA) at $2,955. This breakout above a long-term resistance level signals that bulls are now firmly in control as ETH reaches new supply zones. Holding above the 200-day MA is a positive indicator for sustaining the bullish trend, as this level often supports price action when breached on an upward move. ETH testing fresh supply | Source: ETHUSDT chart on TradingView


If ETH experiences a pullback, a drop back to the 200-day MA around $2,955 would represent a healthy retracement, potentially setting the stage for further gains. A consolidation at or near this level would likely attract more demand, supporting a continuation of the uptrend. Related Reading Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH – Time To Buy Altcoins? 2 days ago


However, the current strong price action combined with fresh demand entering the market could propel Ethereum even higher without a significant pullback. The momentum ETH is building now may help it break through successive supply levels in the near term, pushing toward higher targets. For now, Ethereum’s upward trajectory is supported by solid technical levels and a market environment increasingly favorable for continued gains.


Featured image from Dall-E, chart from TradingView

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