The crypto witnessed an unusual spike in buying on Sunday morning as Bitcoin price rallied to a new ATH above $80,000. The bullish momentum spread quickly to the altcoin market as the largest cryptocurrency, ETH, sustained its position above $3000. The Ethereum price recovery backed by whale accumulation eyes current All-Time High of $4,981.
By press time, ETH price had traded at $3,228, with an intraday gain of 3.2%. According to Coingecko, the asset market cap holds at $389.4 Billion with a 24-hour trading volume of $42.1 Billion.
Ethereum Price Eyes ATH as Whale Buying Resumes
The cryptocurrency market kickstarted an accelerated bullish momentum in November after Donald Trump’s victory in the 2024 presidential election. The pioneer digital asset, Bitcoin, leverages the broader market sentiment to reach a new high of $80,000 today.
Onchain data shows the BTC price recovery is further backed by whale accumulation, signaling the large investor confidence in a prolonged uptrend. However, smart money investors have shifted their focus not only on accumulating Bitcoin ($BTC) but also on Ethereum ($ETH).
Earlier today, four whale wallets withdrew 12,499 ETH( worth approximately 40 million) from crypto exchange Binance, according to Lookonchain data. This large-scale withdrawal could point toward a potential surge in Ethereum price as the accumulation phase among whales often precedes major market moves.
Whales are not only accumulating $BTC but also $ETH!
Today, 4 fresh wallets withdrew 12,499 $ETH($40M) from #Binance.
Address:https://t.co/SQuMHXIHB9https://t.co/5i2dQycE6Jhttps://t.co/0Uxu9f146Ahttps://t.co/LcipzWKOcJhttps://t.co/rmmywMcE6C pic.twitter.com/GCPyZ4abdG
— Lookonchain (@lookonchain) November 10, 2024
ETH Price Rally Concludes Major Correction Trend
Following the Bitcoin rally, the Ethereum price prediction showcased a six-day recovery from $2,380 to $3,220— a 36% surge. This sharp upswing, backed by increasing volume, gave a decisive breakout from ETH’s 3-month accumulation and falling wedge pattern.
Since late May, this chart setup has driven a steady correction trend within two converging trendlines, with the recent breakout signaling a significant shift in trend. The Ether buyers reclaimed the daily EMAs (20, 50, 100, and 200), further bolstering the bullish sentiment in the market.
If the pattern holds true, the Ethereum price is poised to surpass the in-between resistance of $3,560 to hit a $4,100 high, registering a 26% surge. A potential breakout from this will drive a rally to ATH.
On the contrary, financial assets are unlikely to sustain a unidirectional move without external bullish news. As a result, the Ethereum price is likely to experience a corrective pullback, potentially toward the daily EMAs, to regain exhausted bullish momentum.
Frequently Asked Questions (FAQs)
Ethereum’s path to its all-time high ($4,981) signals a renewed bullish momentum in the altcoin market, driven by Bitcoin’s rally to $80,000 and increasing whale accumulation
Yes, ETH is likely to experience a corrective pullback toward key EMA supports, allowing the coin to consolidate and regain momentum for the next rally.
A bullish crossover between the 20-and-100-day exponential moving averages (EMAs) and continued whale accumulation could further accelerate Ethereum’s price recovery.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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