During Wednesday’s trading session, the cryptocurrency market witnessed a surge in buying pressure as Donald Trump secured his victory as the 47th U.S. President. The pioneer cryptocurrency, Bitcoin, surged 8.8% to a new high of $75,400, boosting recovery in the altcoin market. However, the Ethereum price could struggle to hit new ATH as crypto whale continues to offload ETH.
By press time, the ETH price trades at $2,647 with an intraday gain of 9.89%. According to Coingecko, Ether’s marketcap holds at $319.2 Billion, and 24-hour trading volume is at $38.169 Billion.
Ethereum Price ATH Delayed? Whale Sales Overshadow Election Momentum
On November 6th, the cryptocurrency market experienced a significant rally as Donald Trump secured the necessary 270 electoral votes to become the 47th President of the United States. Amid this rally, a crypto whale who received 150,000 ETH through the ICO recently transferred a substantial 25,000 ETH (worth approximately $65.63 Million) to Kraken at an average price of $2,625.
According to Lookonchain, this whale has sold a total of 90,000 ETH of the 150,000 coins at an average value of $2,527 (worth around $227.45M).
Breakdown of the Whale’s ETH Sales:
- July 2019: Sold 5,000 ETH at $218 ($1.09M).
- June 2024: Sold 10,000 ETH at $3,539 ($35.39M).
- September–October 2024: Sold 50,000 ETH at $2,516 ($125.34M).
- November 2024: Sold 25,000 ETH at $2,625 ($65.63M).
Historically, whale selling has coincided with major market tops and spurred a bearish sentiment in the market. Amid the supply pressure, the Ethereum price could witness a stalled recovery momentum and struggle to hit a new All-time-high.
在今天的大幅上涨后，通过 ICO 获得 15 万枚 ETH 的鲸鱼又准备出售一部分 ETH：过去 40 分钟里他将 2.5 万枚 ETH ($65.63M) 转进了 Kraken。
到现在他通过 ICO 获得的 15 万枚 ETH 已经以 $2,527 的均价出售了 9 万枚 ($227.45M)：
一、2019 年 7 月以 $218 的价格出售 5,000 ETH ($1.09M)；… https://t.co/fsr487zjLd pic.twitter.com/K9qVxaEOso— 余烬 (@EmberCN) November 6, 2024
ETH Chart Analysis Shows Porlong Consolidation Within Triangle
Over the past three months, the Ethereum price prediction has traded sideways, resonating within a symmetrical triangle pattern. The price action strictly resonated within two converging trendlines, indicating a lack of dominance from buyers or sellers.
With a massive green candle today, the ETH price is at $2,661, still consolidating within the triangle and 3% away from a major breakout. If the sellers continue to defend this resistance, the Ether price will revert again and prolong its sideways trend.
Therefore, a potential breakout from overhead resistance is necessary for buyers to regain control over the asset. If the ETH price surpasses the dynamic with the daily candle closing, the bullish momentum will accelerate to drive a surge above $3,500.
Frequently Asked Questions (FAQs)
Ethereum’s price recovery has been limited due to persistent selling by crypto whales
Following Trump’s election as the 47th U.S. President, the crypto market saw a rally, with Bitcoin hitting $75,400 and Ethereum gaining 9.89%, trading at $2,647
The symmetrical triangle pattern indicates consolidation, with ETH price oscillating between two converging trendlines. An upside breakout from this pattern is essential for buyers to regain control and push ETH towards the $3,500 mark or higher.
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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