Bitcoin continued to rise this morning (23) and reached a high of $99,588. Although selling pressure emerged and the price fell back to $98,500, overall, the market still has strong expectations that it will break through the $100,000 mark.
As the second largest cryptocurrency, Ethereum finally woke up yesterday (21st) after a long period of silence, and jumped sharply from around US$3,100 to a high of US$3,426. However, at the time of writing, it has fallen back to US$3,337, up 0.63% in the past 24 hours.
Investors continue to pay attention to Ethereum. Is it about to usher in a new rising cycle after a long period of silence? The following is a summary of the recent analysts' views and the movements of whales for readers.
Analysts: Ethereum has formed strong support at 3,000 dollars.
Regarding this surge, cryptocurrency analyst Biraajmaan Tamuly commented that Ethereum has regained the 50-day moving average on the 4-hour candlestick chart, indicating a recovery of bullish sentiment towards Ethereum.
Additionally, besides the bullish breakout in technical analysis, Ethereum's trend is also accompanied by a confirmed triple bottom pattern that coincides with the daily order block, further strengthening Ethereum's bullish trend.
Currently, after breaking the resistance, Ethereum's 50-day moving average is crossing above the 200-day moving average, forming a golden crossover point, which usually represents a long-term bullish signal. Analyst Rekt Capital also commented on this.
If the breakout is confirmed, Ethereum will retest the resistance level of 3,700 dollars.
IntoTheBlock: If Bitcoin consolidates at its current high, Ethereum will rise.
Meanwhile, IntoTheBlock also stated on Twitter that generally, after Bitcoin experiences a significant rise, Ethereum is the first cryptocurrency to benefit from the rotation of the bull market. Therefore, if Bitcoin consolidates at its current high, Ethereum is likely to experience a strong rise.
At the same time, IntoTheBlock reminds investors to pay attention to five data points to monitor whether Ethereum will experience unusual movements.
Total on-chain transactions: An increase in transaction volume may indicate a change in market demand for ETH.
Whale holdings: When whales buy and hold, it may indicate that Ethereum is likely to rise.
Number of short-term holder addresses: An increase in the number of short-term holders represents rising speculative sentiment.
Holding time before investors trade ETH: Tests whether long-term holders will exert selling pressure on the market.
Exchange ETH inventory: If a large amount of ETH flows into exchanges, it indicates that the market may face selling pressure.
Whales transferred 6,404 ETH to Binance.
However, according to on-chain data analyst Yu Jin's monitoring yesterday, a giant Ethereum staking whale redeemed 6,404 ETH from staking and transferred it to Binance, with a total value of 21 million dollars.
This week, the whale has transferred 14,268 ETH to Binance, but the average price at which this whale bought ETH was 3,245 dollars. If he sold these ETH before this surge, he would face a loss. (However, some netizens commented that only after these whales cut losses can ETH rise healthily.)
Additionally, according to Whale Alert's alert this morning, 143,012 ETH (473,934,082 dollars) were transferred from an unknown wallet to Coinbase, suggesting that whales have not yet transitioned from a selling state to reaccumulating.
The total open contracts for Ethereum across the network have reached 20 billion dollars.
Another noteworthy data point is that, according to Coinglass data, the open contract volume for Ethereum across the network has reached 20 billion dollars, hitting a historical high. This also means that Ethereum may experience greater volatility in the near future.
