Bitcoin continued to climb this morning (23rd), reaching a high of $99,588. Although it subsequently fell back to around $98,500 due to selling pressure, market expectations for it to break the $100,000 barrier remain high.
Meanwhile, the long-silent Ethereum has made a strong rebound this week (21st), jumping from around $3,100 to $3,426. At the time of writing, the price of Ethereum has slightly pulled back to $3,337, showing a 0.63% increase in nearly 24 hours.
The largest price increase of BTC in this round may occur two weeks before Trump takes office on January 20, which will be the craziest moment in the crypto circle. Trump is expected to list BTC as a national strategic reserve; he mentioned this idea at the BTC conference, and his family is also involved in blockchain projects, showing a very friendly attitude towards the crypto circle.
History is always astonishingly similar. Last year's market began to rise in October, peaking in mid-January during the ETF frenzy; in 2021, the crypto market also started in October, soaring to the first peak in mid-January and reaching new highs again in March. This year's driving factor is the Ethereum Cancun upgrade, and next year there will be the Prague upgrade, both timelines are remarkably similar.
As Ethereum gradually strengthens, market investors are starting to pay attention to whether it will initiate a new round of upward cycles. Below are recent analyst opinions and whale movements summarized.
Ethereum's $3,000 support is solid, bullish signals are emerging
Cryptocurrency analyst Biraajmaan Tamuly pointed out that Ethereum has regained the 50-day moving average on the 4-hour K-line chart, indicating a recovery of bullish sentiment towards Ethereum in the market. Additionally, the triple bottom pattern formed by Ethereum coincides with the daily order block, further strengthening its upward trend. Furthermore, the 50-day moving average has crossed above the 200-day moving average, forming a 'golden cross', which is a typical long-term bullish signal.
Analyst Rekt Capital predicts that if the breakout is confirmed, Ethereum is expected to retest the resistance level of $3,700.
Bull Market Rotation: Bitcoin consolidation may assist Ethereum's rise
Data agency IntoTheBlock stated that after a rise in Bitcoin, Ethereum is often the first crypto asset to benefit. If Bitcoin consolidates at a high level, Ethereum may experience a strong rebound. They recommend paying attention to the following key indicators:
Total number of on-chain transactions: An increase in transaction volume may indicate rising demand;
Whale holdings: Whale buying may signal a price increase;
Number of short-term holder addresses: An increase represents a rise in speculative sentiment;
Long-term holder movements: Monitoring if there will be selling pressure on the market;
Exchange ETH inventory: Large inflows may indicate selling risks.
Whale Movements: Selling Pressure Still Exists
On-chain data shows that a whale recently redeemed 6,404 ETH (worth about $21 million) from staking and transferred it to Binance. Over the past two days, the whale has transferred a total of 14,268 ETH (approximately $45.39 million). Some analysts believe that these sell-offs may be due to loss liquidation, with an average price lower than when he withdrew the funds from Binance.
Additionally, according to Whale Alert alerts, this morning, 143,012 ETH (approximately $474 million) was transferred from an unknown wallet to Coinbase. This indicates that the market still faces selling pressure, but it may also be clearing floating capital for the next round of increases.
That's all for today's article. Currently in a bull market, the atmosphere is dynamic, and we share passwords every day. If you're not sure what to do in a bull market, feel free to follow us for spot trading passwords and layout strategies, which can be shared for free.
