Bitcoin continued to rise this morning (the 23rd), with the highest price climbing to $99,588. Although selling pressure emerged afterward, causing the price to fall back to around $98,500, overall, market expectations for Bitcoin to break the $100,000 barrier remain very strong.
As the second largest cryptocurrency, Ethereum finally experienced a rebound after being quiet for quite some time, surging from around $3,100 to a peak of $3,426 on the 21st, but the current price has fallen back to $3,337, up 0.63% over the past 24 hours.
As Ethereum recovers from its slump, investors are continuously watching whether it is about to enter a new upward cycle. Below is a summary of recent analysts' views and whale movements to help readers better understand market trends.
Analyst: Ethereum has formed strong support at $3,000
Cryptocurrency analyst Biraajmaan Tamuly commented that Ethereum's recent rebound has been quite strong, especially on the 4-hour candlestick chart, regaining the 50-day moving average, indicating a recovery of bullish sentiment in the market for Ethereum.
In addition to the technical breakout, Ethereum's current trend is accompanied by a confirmed triple bottom pattern, which overlaps with the daily order block, further consolidating the bullish trend.
After breaking through significant resistance, the 50-day moving average has begun to cross above the 200-day moving average, forming a classic 'golden cross' signal. Generally, this is seen as a long-term bullish signal. Analyst Rekt Capital also expressed the same view, believing this trend may indicate further increases for Ethereum.
If the breakout is confirmed, Ethereum will retest the resistance level of $3,700.
IntoTheBlock: If Bitcoin consolidates at its current high, Ethereum will rise.
Meanwhile, IntoTheBlock recently posted on Twitter that generally speaking, after significant gains in Bitcoin, Ethereum is the cryptocurrency that benefits first from the rotation out of the bull market. Therefore, if Bitcoin consolidates at its current high, Ethereum is likely to see a strong increase.
At the same time, IntoTheBlock also reminds investors to pay attention to five data points to monitor whether Ethereum will experience abnormal 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 suggest that Ethereum will rise.
Number of short-term holder addresses: An increase in the number of short-term holders represents rising speculative sentiment.
Holding period before investors trade ETH: Testing whether long-term holders will exert selling pressure on the market.
Exchange ETH reserves: If a large amount of ETH flows into exchanges, it indicates that the market may face selling pressure.
Whale transfers 6,404 ETH to Binance
However, according to on-chain data analyst Yu Jin's monitoring yesterday, a staking whale redeemed 6,404 ETH from staking yesterday and transferred it to Binance, with a total value of $21 million.
This week, the whale has transferred 14,268 ETH to Binance, but the average price at which this whale bought ETH was $3,245. If he had sold these ETH before this surge, he would have faced a loss. (However, some netizens commented that only after these whales cut their losses can ETH rise healthily.)
Additionally, according to Whale Alert's alert this morning, 143,012 ETH ($473,934,082) were transferred from an unknown wallet to Coinbase, suggesting that whales have not yet transitioned from a state of selling to accumulating again.
Ethereum's total open contracts across the network reach $20 billion
Another noteworthy data point is that, according to Coinglass, the open contract volume of Ethereum across the network has now reached $20 billion, setting a new historical high. This also means that Ethereum may experience greater volatility in the near future.
