Coinspeaker Ethereum (ETH) Attempts Bullish Recovery as BlackRock’s ETHA Continues with Ether Accumulation
After an impressive 30 percent surge last week, Ethereum price ETH $3 097 24h volatility: 2.3% Market cap: $373.49 B Vol. 24h: $36.15 B has been trapped in a correction in the past four days. The leading altcoin, with a market cap of about $373 billion and a daily average traded volume of around $36 billion, dropped over 3 percent in the last 24 hours to trade slightly above $3,100 on Friday, November 15, 2024, during the mid-London session.
In the four-hour time frame, Ether price, against the US dollar, has been forming a falling wedge, signaling an end to the second phase of the Elliott Wave Theory. From a technical analysis standpoint, Ether price only needs to consistently close above the short-term resistance level around $3,156 to validate a rally beyond $4k ahead.
The most important chart for Ether now is the ETH/BTC in the daily time frame, which has been retesting a crucial support level of around 0.0347.
The ETH/BTC pair has been forming a potential reversal pattern in the daily time frame, coupled with a rising divergence of the Relative Strength Index (RSI). If the Bitcoin dominance retraces from the current resistance range between 60 and 61 percent, Ether price will rebound towards its ATH, and potentially trigger the much-anticipated altseason.
In case of sustained selloff in the near term, Ether price could find a robust support level around $2,950.
Ethereum Whales Unwavered
According to on-chain data analysis provided by market intelligence firm Santiment, the Ethereum whales purchased more than 430K Ether, worth over $1 billion. In the past 24 hours, the overall supply of Ether on centralized exchanges declined by more than 13K, thus solidifying the rising demand from whale investors.
The United States spot Ethereum Exchange-Traded Funds (ETFs) have been the largest buyers of Ether in the last three weeks. According to the latest market data, the US spot Ether ETF issuers have accumulated more than $740 million in the past three weeks.
On Thursday, only BlackRock’s ETHA and Invesco’s QETH registered a net cash inflow of about $18.87 million and $929K respectively.
Grayscale’s ETHE registered the highest cash outflow of about $22 million, thus the daily total net inflow for the US spot Ether ETTs was about $3.24 million on Thursday.
Market Picture
The Ethereum network remains a favorite among institutional investors seeking to tokenize real-world assets including stocks, bonds, and real estate, among others. Additionally, the Ethereum network remains the largest DeFi ecosystem, with a total value locked or about $57 billion and a stablecoins market cap of over $93 billion, despite the emergence of other layer one (L1) chains led by Solana (SOL).
The Ethereum’s layer two scaling solutions have helped it actively compete with other blockchains, due to the low cost, vibrant online community, and reputable security.
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Ethereum (ETH) Attempts Bullish Recovery as BlackRock’s ETHA Continues with Ether Accumulation
