contributor
Posted:
- Ethereum mirrors its 2019 pattern.
- Largest holders of ETH have steadily accumulated more since 2019.
Ethereum [ETH] remained the second-largest cryptocurrency, with market sentiment shifting from bearish to bullish as 2024 nears its end.
The price action of Ethereum was mirroring the 2019 pattern on the ETH/USD pair, where an ascending wedge was formed.
The higher lows of this cycle’s wedge were ten times larger than those seen in 2019.
Back in 2019, Ethereum’s price dropped below its ascending wedge before the first Federal Reserve rate cut, a situation similar to what is happening in 2024.
Source: TradingView
After the rate cut in 2019, ETH/USD and ETH/BTC both bottomed, forming a strong confluence.
The current pattern is expected to replicate this success, with the price likely to break below the wedge, capturing liquidity before reversing to the upside in late Q4 2024 or early Q1 2025.
However, if the price stays below the ascending wedge for an extended period, further analysis may be necessary to adjust strategies or minimize potential losses.
Whales continue to accumulate
Whales are playing a significant role in supporting this expected upward movement. Ethereum’s largest holders have been steadily accumulating more ETH since 2019, and this trend intensified after the Shanghai upgrade in early 2023.
As of press time, whales controlled over 43% of Ethereum’s circulating supply, closing in on the 48% held by retail investors.
This accumulation indicates that these major players expect Ethereum’s price to move higher over time.
Source: IntoTheBlock
ETH exchange netflows
Looking at Ethereum’s exchange netflows, data showed that the negative netflow on derivative exchanges have surpassed 40,000 ETH.
This suggested that more ETH was being withdrawn from these exchanges and transferred to cold wallets, indicating reduced selling pressure.
Traders may be preparing for long-term gains, suggesting that the current decline in Ethereum’s price is a temporary correction, potentially setting the stage for a significant upward movement.
Source: CryptoQuant
Read Ethereum’s [ETH] Price Prediction 2024–2025
Ethereum ETF update
Despite some negative net-flows in Ethereum ETFs, there are positive signs. ETH ETFs, including Fidelity’s saw inflows over the past 24 hours. Grayscale’s ETHE experienced the largest and the only outflow.
However, the overall positive sentiment surrounding ETFs may eventually support Ethereum’s future price growth.
Source: Spot On Chain
contributor
Posted:
- Ethereum mirrors its 2019 pattern.
- Largest holders of ETH have steadily accumulated more since 2019.
Ethereum [ETH] remained the second-largest cryptocurrency, with market sentiment shifting from bearish to bullish as 2024 nears its end.
The price action of Ethereum was mirroring the 2019 pattern on the ETH/USD pair, where an ascending wedge was formed.
The higher lows of this cycle’s wedge were ten times larger than those seen in 2019.
Back in 2019, Ethereum’s price dropped below its ascending wedge before the first Federal Reserve rate cut, a situation similar to what is happening in 2024.
Source: TradingView
After the rate cut in 2019, ETH/USD and ETH/BTC both bottomed, forming a strong confluence.
The current pattern is expected to replicate this success, with the price likely to break below the wedge, capturing liquidity before reversing to the upside in late Q4 2024 or early Q1 2025.
However, if the price stays below the ascending wedge for an extended period, further analysis may be necessary to adjust strategies or minimize potential losses.
Whales continue to accumulate
Whales are playing a significant role in supporting this expected upward movement. Ethereum’s largest holders have been steadily accumulating more ETH since 2019, and this trend intensified after the Shanghai upgrade in early 2023.
As of press time, whales controlled over 43% of Ethereum’s circulating supply, closing in on the 48% held by retail investors.
This accumulation indicates that these major players expect Ethereum’s price to move higher over time.
Source: IntoTheBlock
ETH exchange netflows
Looking at Ethereum’s exchange netflows, data showed that the negative netflow on derivative exchanges have surpassed 40,000 ETH.
This suggested that more ETH was being withdrawn from these exchanges and transferred to cold wallets, indicating reduced selling pressure.
Traders may be preparing for long-term gains, suggesting that the current decline in Ethereum’s price is a temporary correction, potentially setting the stage for a significant upward movement.
Source: CryptoQuant
Read Ethereum’s [ETH] Price Prediction 2024–2025
Ethereum ETF update
Despite some negative net-flows in Ethereum ETFs, there are positive signs. ETH ETFs, including Fidelity’s saw inflows over the past 24 hours. Grayscale’s ETHE experienced the largest and the only outflow.
However, the overall positive sentiment surrounding ETFs may eventually support Ethereum’s future price growth.
Source: Spot On Chain
Tech to Force This was beautiful Admin. Thank you for your reflections.
clomid rx for men how to get clomid tablets can i get cheap clomiphene without prescription how to buy generic clomid without dr prescription buy generic clomiphene no prescription where buy generic clomiphene no prescription where can i buy cheap clomid pill
I’ll certainly return to read more.
This is a keynote which is in to my heart… Diverse thanks! Faithfully where can I upon the connection details an eye to questions?
order zithromax 500mg online cheap – buy ofloxacin 200mg without prescription order metronidazole 200mg
how to buy domperidone – buy tetracycline 500mg generic order flexeril 15mg sale
order amoxil online cheap – valsartan 160mg price buy generic ipratropium for sale
buy azithromycin tablets – purchase zithromax sale buy nebivolol sale
order augmentin 625mg – https://atbioinfo.com/ buy generic ampicillin over the counter
order generic esomeprazole – nexium to us buy esomeprazole 40mg pills
warfarin 2mg pills – anticoagulant losartan over the counter
buy meloxicam 15mg generic – tenderness buy cheap mobic
where can i buy prednisone – apreplson.com buy deltasone 10mg for sale
ed remedies – https://fastedtotake.com/ buy ed pills medication
order amoxil sale – amoxicillin oral amoxicillin buy online
buy fluconazole no prescription – https://gpdifluca.com/# order fluconazole 100mg generic
buy cenforce pill – site order cenforce 50mg pill
how long does cialis last in your system – fast ciltad what is cialis used to treat
india pharmacy cialis – strong tadafl cialis super active plus reviews
zantac sale – https://aranitidine.com/# buy zantac 300mg pills
do need prescription order viagra – https://strongvpls.com/ buy viagra from canada online
This is the big-hearted of scribble literary works I truly appreciate. buy cheap generic azithromycin
I couldn’t hold back commenting. Warmly written! https://gnolvade.com/
More articles like this would pretence of the blogosphere richer. https://ursxdol.com/propecia-tablets-online/
Thanks on sharing. It’s top quality. https://prohnrg.com/product/cytotec-online/
More posts like this would make the online time more useful. https://aranitidine.com/fr/modalert-en-france/