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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 29, 2024 04:55 UTC
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Ethereum Price Targets $3,911 Multi-Year High as Whale Activity Surges
Ethereum price forms bullish pennant, rebounds from key support, and aims for multi-year high.
Whale activity surges as large ETH deposits are made to exchanges, while institutional interest in US spot ETH ETFs grows.
Technical analysis suggests bullish momentum, with potential for further price increase.
Ethereum (ETH) has captured the spotlight after forming a bullish pennant on its hourly chart. Following an impressive performance on Wednesday, the second-largest cryptocurrency by market cap rebounded from a critical support level above $3,542 in the last 24 hours. By early Friday in the Asian session, ETH was trading around $3,595, with a fully diluted valuation of approximately $432 billion.
As Bitcoin pushes closer to its highly anticipated $100k milestone, Ethereum is also gearing up for significant gains. The broader altcoin market is heating up, with Bitcoin dominance showing signs of a reversal.
Ethereum’s Whales on the Move
Ethereum’s network has seen a surge in whale activity, alongside a noticeable rise in stablecoin balances. On-chain data reveals two significant whale transactions in the past 24 hours:
- Ethereum Co-Founder Jeffrey Wilcke: Wilcke moved 20,000 ETH (worth over $72 million) to Kraken on Thursday.
- Institutional Sale by Winslow Strong: Winslow Strong, director of the Qualia Research Institute, transferred 9,380 ETH (valued at $33.7 million) to Coinbase, according to data from Spot on Chain.
Despite these large sales, institutional interest remains strong. U.S. spot Ether ETFs are gaining traction, and another whale has spent $64 million over the past two weeks to accumulate nearly 20,000 ETH from Bybit, signaling robust demand.
Ethereum Technical Analysis
From a technical standpoint, Ethereum’s price has a higher chance of continuing with bullish momentum in the near future. In the four-hour time frame, Ether’s price is aiming at reaching $3,911, which coincides with the 2.618 Fibonacci Extension.
In case of bearish sentiment, Ether price will find a robust support level above $3,285, after rebounding from the same level three times in the past week.
With Ethereum showing bullish momentum and whales making strategic moves, read Ethereum price prediction to stay ahead of the market trends!
Growing Market Interest
Ethereum’s momentum is expected to continue as November draws to a close. Open Interest (OI) for ETH futures has surged to an all-time high of over $24 billion, reflecting growing demand and heightened trading activity.
According to data from Coinglass, if ETH hits $4,000, approximately $850 million in market positions could be liquidated, underscoring the high stakes for traders.
FAQs
Ethereum’s bullish momentum is driven by whale activity, rising institutional demand, and Bitcoin’s rally, signaling potential new highs.
Ethereum’s Open Interest hitting a new high signals strong market demand, with potential for significant price movement and FOMO-driven trades.
According to our Ethereum price prediction. The largest altcoin’s price could propel to a maximum of $6,925 by the end of 2025. ETH is expected to cross the $15,575.21 mark by 2030.
It’s going to be an exciting end of the year for crypto! Stay tuned.
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