- ETH bulls show up strong aided by robust demand from whales.
- Evaluating ETH’s next major price target. Can it soar to $2,900?
Ethereum [ETH] was finally showing recovery signs after its struggles to secure a bullish footing. An overall reflection of the improving market sentiment, but there is one particular factor that might have given ETH bulls their latest burst of energy.
There has been strong correlation between Bitcoin dominance and ETH price downside for months. This has been the case this year for the most part, with the BTC.D chart soaring to a YTD high of 58.59%.
ETH is once again regaining bullish momentum at around the same time that BTC.D has started to tank. This suggests that liquidity flows are starting to favor altcoins and Ethereum is benefitting from this.
The latest rally saw bulls dominate with a 16% upside in the last 7 days. This is after weeks of struggling to exit its local bottom range.
Our metrics assessment revealed that whales have been actively front-running the latest rally. Their balances have been growing since the start of September.
According to historical concentration data, ETH whale had 58.12 million ETH in their addresses as of 1st September. Their balances had grown to 58.48 million coins as per the latest data on 23rd September.
The whale address balances therefore grew by roughly 360,000 coins in about three weeks. This was equivalent to $949.68 million worth of ETH by present market value.
For more perspective, large holder inflows registered growth in the last few days. For example, inflows spiked from 101,740 coins on 14th September to 675,000 coins as of 19th September.
The latest spike saw ETH large holder inflows soar from below 96,000 ETH on 22 September to over 515,000 ETH on 23rd September. In contrast, large holder outflows registered their highest spike this month between 18th and 19th September when they bounced from 150,340 coins to almost 590,000 coins.
Outflows were at 241,000 coins as of 23rd September. Hence, address inflows (demand) was higher than sell pressure.
Can ETH sustain this new-found bullish momentum?
Ethereum’s current bullish run, especially its rapid uptick within a few days, could be viewed as a sign of recovery. In which case, many traders may expect it to continue rallying. However, a continuous rally may not be realistic.
Short-term momentum may push the cryptocurrency closer to the $2,800, $2,900 price range. This range has previously acted as a support and resistance zone. It may thus yield some resistance if the price pushes into the same range.
Read Ethereum’s [ETH] Price Prediction 2024–2025
ETH’s RSI was at 60.03 at press time, which means it was not yet overbought.
Once ETH pushes into the aforementioned zone, there will be a higher likelihood of profit-taking and therefore, more sell pressure.
I am truly thankful to the owner of this web site who has shared this fantastic piece of writing at at this place.
can you buy cheap clomid without a prescription where to get cheap clomiphene pill can i purchase cheap clomid for sale how to buy cheap clomid without prescription can you get clomiphene without rx get clomiphene without insurance where can i get cheap clomid
I am in fact enchant‚e ‘ to glance at this blog posts which consists of tons of worthwhile facts, thanks object of providing such data.
I couldn’t hold back commenting. Well written!
buy azithromycin for sale – order ciprofloxacin 500 mg generic buy flagyl sale
order semaglutide online – purchase periactin for sale periactin us
domperidone tablet – order domperidone 10mg online cheap buy cyclobenzaprine online
order inderal generic – inderal online methotrexate cost
purchase amoxil pills – order valsartan 80mg buy generic combivent
cheap azithromycin 500mg – buy nebivolol 20mg without prescription bystolic 20mg pills
buy cheap generic clavulanate – atbioinfo ampicillin usa
buy esomeprazole 20mg sale – https://anexamate.com/ order esomeprazole 40mg for sale
buy warfarin for sale – https://coumamide.com/ buy losartan 25mg pill
order meloxicam 15mg sale – mobo sin purchase meloxicam generic
prednisone 20mg cost – https://apreplson.com/ buy prednisone 10mg sale
best over the counter ed pills – fastedtotake.com cheap ed pills
buy amoxicillin pill – buy amoxil for sale buy amoxicillin pills for sale
fluconazole 200mg without prescription – https://gpdifluca.com/# cost diflucan 100mg
order cenforce 100mg – cenforce where to buy buy cenforce 50mg for sale
where to get free samples of cialis – on this site how to take liquid tadalafil
whats the max safe dose of tadalafil xtenda for a healthy man – https://strongtadafl.com/# cialis manufacturer coupon free trial
zantac 150mg over the counter – https://aranitidine.com/# ranitidine 300mg price
viagra pfizer 100 mg online – https://strongvpls.com/ street value viagra 100mg
This website positively has all of the information and facts I needed there this thesis and didn’t positive who to ask. clomid libido
More posts like this would prosper the blogosphere more useful. how to get amoxicillin without a prescription
This is the kind of glad I enjoy reading. https://ursxdol.com/cenforce-100-200-mg-ed/
This website exceedingly has all of the tidings and facts I needed there this participant and didn’t comprehend who to ask. https://prohnrg.com/product/acyclovir-pills/
More posts like this would make the online play more useful. click
Thanks on putting this up. It’s understandably done. https://ondactone.com/product/domperidone/
I couldn’t hold back commenting. Warmly written!
https://doxycyclinege.com/pro/ondansetron/
Greetings! Utter productive recommendation within this article! It’s the scarcely changes which will espy the largest changes. Thanks a portion in the direction of sharing! http://www.underworldralinwood.ca/forums/member.php?action=profile&uid=487600
order forxiga 10 mg sale – site buy forxiga 10 mg
With thanks. Loads of erudition! http://sols9.com/batheo/Forum/User-Xhbojy