Ethereum is targeting $3,911! 🚀 After an impressive performance, ETH is now forming a bullish pattern and has rebounded from a key support level above $3,542. Currently, the price of ETH is around $3,595. 📈
Whales on the Ethereum network are also very active! 🐋 Recently, Jeffrey Wilcke, one of the founders of Ethereum, deposited 20,000 ETH worth more than $72 million to Kraken. Shortly after, Winslow Strong also followed suit by depositing 9,380 ETH to Coinbase, worth around $33.7 million. 💰
Institutional demand is also starting to increase, with US spot Ether ETFs showing signs of increasing demand. 📊 In the past two weeks, one whale even spent $64 million to buy almost 20,000 ETH from Bybit.
Technically, there is a high chance for Ethereum to continue bullish in the near term. 🎯 On the four-hour time frame, ETH is trying to reach $3,911, which is in line with the Fibonacci Extension level. If there is a bearish sentiment, ETH will find strong support above $3,285.
Ethereum volatility is expected to continue until the end of the year, and ETH Open Interest (OI) has already hit a new record above $24 billion. 😲 According to market analysis, if ETH reaches $4,000, around $850 million will be liquidated from the market.
So, all eyes are on Ethereum and its future moves! 🌟
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