Ethereum has been bullish since the pullback to $1,900 earlier this week which had been triggered by the saga surrounding the ouster of the founder and the CEO of Binance, Changpeng Zhao. Most cryptos rolled back as investors reacted to the developments at the largest crypto exchange by volume.
Bitcoin price has since recovered from the dip to $35,650 and is trading at $37,843 at the time of writing. The second-largest crypto Ethereum, up 2% in the last 24 hours is trading at $2,104 considering the cumulative 7.1% increase in one week.
Ethereum Price On The Bullish Offensive Bolstered By Whales On A Buying Spree
Ethereum was able to uphold support at $1,930 backed by immense interest in the leading smart contracts token from whales. According to crypto analyst @ali_charts who shared the IOMAP chart from IntoTheBlock, “Ethereum overcame key resistance zone between $1,982 and $2,044.” Approximately 1.67 million addresses purchased 38.7 million ETH.
The up leg will likely extend toward $2,500 due to the reducing resistance and a strong support zone between $1,982 and $2,044. Holding above this demand area could propel Ethereum price to rally to new yearly highs.
#Ethereum overcame a key resistance zone between $1,982 and $2,044. Here, 1.67 million wallets acquired 38.7 million $ETH.
With minimal resistance ahead and solid support below, remaining above this demand area could pave the way for #ETH to reach new yearly highs. pic.twitter.com/mrSKls9N4M
— Ali (@ali_charts) November 24, 2023
Data from the same blockchain analytics platform IntoTheBlock and shared on X (formerly Twitter) by @C_thumbs revealed that more than 500k ETH has been transferred from exchanges to non-custodial wallets in 30 days. This marked the highest level in three months, bringing total outflows in dollar value to $1 billion in only three weeks.
“On November 22nd alone, $ETH had a netflow of -148.5k ETH at an average price of $2011. The last time a large netflow like this occurred was on October 30th, after which the price increased 19%,” data by IntoTheBlock paints a bullish picture.
Ethereum has crossed the $2000 mark with a significant volume backing its movement.
Data from @IntoTheBlock shows that over 500k ETH has left exchanges for non-custodial wallets this month, which is the highest amount in 3 months. This brings the total outflows to $1 billion in… pic.twitter.com/nUY52QnM5m
— C_THUMBS || ₿ || (@C__thumbs) November 23, 2023
The support Ethereum price is receiving shows that it is profitable for investors and traders to take advantage of the dips, which are proving to be highly profitable.
Santiment, another leading blockchain data platform, reported on November 22 that approximately 200 largest Ethereum wallets currently hold a combined 62.76 million ETH with a dollar value of around $124.1 billion, with a third of these tokens accumulated in the last year since November 21. This cohort of holders accounts for at least 52% of Ethereum’s available supply.
🐋 Ethereum Whales on a buying spree! 💸@santimentfeed reports that the 200 largest Ethereum wallets now hold a combined 62.76M $ETH, currently worth $124.1B! They have accumulated 30.3% more coins since November 21, 2022 and now command 52% of Ethereum’s circulating supply! 📊
— OneArt (Crypto & NFT Wallet) (@art_wallet) November 22, 2023
Ethereum Price At A Crossroads
The four-hour chart shines a light on the current technical situation, where Ethereum price is facing resistance from a likely double-top pattern. Therefore, higher support, as established from the fundamental aspect of the market, is paramount for the continuation of the uptrend to $2,500.
Ethereum price chart | Tradingview
If Ethereum price bows to selling pressure due to the double-top pattern a swing low could follow to sweep liquidity possibly as far as $1,900 ahead of the next breakout.
However, the Relative Strength Index (RSI) reveals that buyers have the upper hand. With a strength of 66 and still trending north, a return to the overbought region is plausible and could invalidate the bearish theory for a quick rebound above $2,500.
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