Ethereum's price has yet to touch its all-time highs during the current bull market cycle, with some whales betting that it can continue to outperform Bitcoin over the next few weeks as its moves continue to gain momentum.
Ethereum (ETH) price reached $3,607 early today, up 3.5% in 24 hours and 15% over the past week, as investors turned their attention to it and several whales (large investors) made large purchases in recent days, amid a 37% rise in its value in a month and 78% over the year, which enabled it to outperform Bitcoin (BTC) over the past week. Although its year-to-date gains remain well below the average of other major cryptocurrencies, its gains could accelerate in the coming months.
Whales Turn Attention to Ethereum as Its Price Soars 15% in a Week, Outperforming Bitcoin
Analysts have noted that after a few weeks of relatively weak performance, Ethereum has joined the current bull market cycle, rising 51% from its one-month low of $2,373 on the day of the US election. In contrast, Bitcoin, which has been the focus of much investor interest following the election, is up 40% from where it was on November 5.
Perhaps the main difference between them is that BTC has reached unprecedented levels in recent days and weeks, while ETH is still 26% below its all-time high recorded in November 2021, which means that the latter is still undervalued and therefore may currently have a greater chance of rising compared to Bitcoin. Many whales seem to agree with this view, as evidenced by recent transfer data.
This is even more evident when observing Ethereum’s daily trading volumes, which currently stand at $46 billion, an increase of more than 400% compared to what they were days before the US elections, reflecting the high demand for it, in addition to its price chart showing strong momentum today, as the Relative Strength Index (RSI) reading (in purple) - in particular - rose to approach 70, indicating that it is exposed to buying pressure.
This is also indicated by the 30-day moving average (orange), which has been holding above its 200-day moving average (blue) for several weeks now. This divergence usually indicates that the coin is going through an overbought wave, but it remains in oversold areas and undervalued for a long time, which could enable it to achieve additional gains soon. The price may go through a correction wave in the coming days, but the possibility of reaching the $4,000 mark by the end of December seems more likely.