Bitcoin continued to rise this morning (23rd), with the highest price reaching $99,588 at one point. Although selling pressure subsequently emerged in the market, causing the price to fall back to around $98,500, the market's expectation for Bitcoin to break through the $100,000 mark remains very strong.
As the second largest cryptocurrency, Ethereum has also finally seen a rebound after a considerable period of stagnation, surging from around $3,100 to a high of $3,426 on the previous (21st) day, but the current price has fallen back to $3,337, up 0.63% in the past 24 hours.
With Ethereum recovering from its slump, investors continue to focus on whether it is about to enter a new upward cycle. We have compiled the views of recent analysts and the movements of whales to help readers better understand the market trend.
Analyst: Ethereum has formed strong support at $3,000
Cryptocurrency analyst Biraajmaan Tamuly commented that Ethereum's recent rebound has been quite strong, particularly on the 4-hour chart, where it has regained the 50-day moving average, indicating a recovery in the market's bullish sentiment towards Ethereum.
In addition to the technical breakout, Ethereum's current trend is also accompanied by a confirmed triple bottom pattern, and this pattern coincides with the daily order block, further consolidating the bullish trend.
After breaking through the important resistance, the 50-day moving average has begun to cross above the 200-day moving average, forming a classic "golden cross" signal. This is usually seen as a long-term bullish signal. Analyst Rekt Capital also expressed the same view, believing that this trend may indicate that Ethereum is likely to rise further.
If the breakout is confirmed, Ethereum will retest the $3,700 resistance level.
IntoTheBlock: If Bitcoin consolidates at current highs, Ethereum will rise
Meanwhile, IntoTheBlock has also recently posted on Twitter that typically, after Bitcoin has seen a significant rise, Ethereum is the first cryptocurrency to benefit from the rotation of the bull market sectors, so if Bitcoin consolidates at current highs, Ethereum is likely to see a strong rise.
IntoTheBlock also reminds investors to pay attention to five data points to monitor whether Ethereum is likely to see volatility:
- Total on-chain transactions: If the number of transactions increases, it may indicate a change in market demand for ETH;
- Whale holdings: When whales buy and hold, it may suggest that Ethereum is likely to rise;
- Number of short-term holder addresses: An increase in the number of short-term holders indicates a rise in speculative sentiment;
- Time held by investors before trading ETH: Testing whether long-term holders will put selling pressure on the market;
- ETH balance on exchanges: If a large amount of ETH flows into exchanges, it may indicate that the market is facing selling pressure.
Whales transferred 6,404 ETH to Binance
However, according to on-chain data analyst Yu Jing, an Ethereum staking whale redeemed 6,404 ETH from staking and transferred them to Binance yesterday, with a total value of $21 million.
This week, this whale has already transferred 14,268 ETH to Binance, but if he sold these ETH before this wave of increases, he would still face losses. (However, some netizens have commented that these whales need to take profits for Ethereum to have a healthy rise.)
Additionally, according to a Whale Alert alert this morning, 143,012 ETH ($473,934,082) was transferred from an unknown wallet to Coinbase, suggesting that whales may still not have shifted from a selling state to re-accumulating?
Ethereum's total open interest reaches $20 billion
Another noteworthy data point is that according to Coinglass data, Ethereum's total open interest on the network has now reached $20 billion, a new all-time high. This also means that Ethereum may see greater volatility in the near future.
