Is Ethereum poised for a breakout after surpassing $3,400? A summary of analysts' views and ETH whale dynamics

Analysts indicate that Ethereum has formed strong support at the $3,000 level. If Bitcoin consolidates at its current high, a rise for Ethereum could be imminent, but whales seem to be offloading. (Background: Bitcoin hits $99,000! Analysts predict it could double again, and Ethereum is rallying Layer 2.) (Additional Background: Solana has broken Ethereum's usage record on Nansen for the first time in four years, with daily net inflows remaining top.) Bitcoin reached a high of $99,588 early this morning (23rd), although selling pressure caused it to retreat to around $98,500. Overall, the market's expectation for Bitcoin to break the $100,000 barrier remains strong. After a long period of dormancy, Ethereum finally awakened on the 21st, surging from around $3,100 to a high of $3,426, but has since retreated to $3,337, marking a 0.63% increase in nearly 24 hours. Investors continue to watch whether Ethereum is about to enter a new upward cycle following its long slumber. Below, we summarize recent analysts' views and whale activities. Ethereum's trend. Source: OKX Analysts: Ethereum has formed strong support at $3,000 Regarding this rally, cryptocurrency analyst Biraajmaan Tamuly commented that Ethereum has regained its footing above 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 accompanied by a confirmed triple bottom pattern, which overlaps with the daily order block, further strengthening Ethereum's bullish trend. Ethereum's 4-hour candlestick trend Currently, after breaking resistance, Ethereum's 50-day moving average is crossing above the 200-day moving average, forming a golden cross, which usually represents a long-term bullish signal. Analyst Rekt Capital also stated: If the breakout is confirmed, Ethereum will retest the resistance level at $3,700. IntoTheBlock: If Bitcoin consolidates at its current high, Ethereum will rise Meanwhile, IntoTheBlock recently tweeted that typically, after a significant rise in Bitcoin, Ethereum is one of the first assets to benefit from profit rotations following Bitcoin's move. Currently, Ethereum's on-chain activity shows evenly spaced potential resistance levels, but in… pic.twitter.com/amkbZmtEyo — IntoTheBlock (@intotheblock) November 21, 2024 At the same time, IntoTheBlock reminded investors to monitor five data points to track whether Ethereum will see abnormal movements: Total number of 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 Ethereum will rise; Number of short-term holder addresses: An increase in short-term holders indicates rising speculative sentiment; The holding period of investors before trading ETH: Testing whether long-term holders will cause selling pressure on the market; Exchange ETH reserves: If a large amount of ETH flows into exchanges, it indicates the market may face selling pressure. Whales transferred 6,404 ETH to Binance However, according to on-chain data analyst Ember, 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, although 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. (But some netizens commented that these whales need to offload before ETH can rise healthily.) This staking whale continued to redeem 6,404 ETH ($21.01M) from staking and transferred it to Binance 50 minutes ago. In the last two days, he has transferred 14,268 ETH ($45.39M) to Binance, with an average price of $3,181, which is lower than the price at which he withdrew from Binance nine months ago (indicating a loss). https://t.co/LrJqv8lnjy This article is sponsored by #Bitget｜@Bitget_zh https://t.co/wvXtGkvg2l pic.twitter.com/PyWDUJccPk — Ember (@EmberCN) November 22, 2024 Additionally, according to Whale Alert's alert this morning, 143,012 ETH ($473,934,082) were transferred from an unknown wallet to Coinbase, indicating that whales have not yet shifted from a selling state to accumulating again? 143,012 #ETH (473,934,082 USD) transferred from unknown wallet to #Coinbase https://t.co/E8inb5XDZp — Whale Alert (@whale_alert) November 22, 2024 Ethereum's total open contracts on the network reached $20 billion Another noteworthy statistic is that according to Coinglass data, Ethereum's total open contracts on the network have reached $20 billion, setting a historical high. This also means that Ethereum may experience greater volatility soon. Ethereum's total open contracts on the network Related reports Vitalik: Solana's demand for decentralization is much lower than ETH, Ethereum is the only one comparable to Bitcoin Ethereum's funding rate surges to 8-month high, raising alarms? Four key data points reveal the current demand for ETH An 86.7% win rate whale 'positions in ETH' $5.42 million! Is Ethereum poised for a historical high? "Is Ethereum poised for a breakout after surpassing $3,400? A summary of analysts' views and ETH whale dynamics" This article was first published on BlockT...