The cryptocurrency market has witnessed remarkable development recently, with Ethereum (ETH) reaching a new yearly high, surpassing the $2,350 price level for the first time since May 2022. This increase marks a new peak for the year 2023 and represents the maximum of 19 months for the asset. ETH is currently trading at $2,363.51, a significant increase of 5.55% in the last 24 hours, as per data from CoinMarketCap.
This Ethereum rally comes at a time when Bitcoin, the largest cryptocurrency by market value, is showing signs of slowing down, leading investors to focus on other cryptocurrencies, including ETH. The accumulation of ETH by whales, large holders of cryptocurrencies, has been a key factor behind this increase. Recent reports from cryptocurrency analytics firms such as Santiment Feed and Lookonchain indicate a significant increase in accumulation activity from these large investors.
Ethereum price in December 2023. Reproduction: Trading View.
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Specifically, Lookonchain highlighted three whales who have accumulated nearly 82,000 ETH since September 2021. This accumulation trend suggests growing interest and confidence in Ethereum’s long-term potential.
Accumulation by Ethereum whales signals growing confidence in the asset
Furthermore, industry analysts including “Duo Nine” and Ali Martinez predict a promising future for ETH. While “Duo Nine” points to a potential rise to $3,000, Martinez suggests that the $2,000 level could serve as strong support. Recently, a significant amount of holders have purchased at this level and are likely to maintain their positions.
Ethereum’s four-hour price chart suggests a consistent uptrend. However, it is important to note that a possible break below its recent low of around $2,233.35 could indicate a change in trend or the start of a new chart pattern formation.
Despite this recent rally, Ethereum is still 51.47% below its all-time high of $4,878.26. Historically, cryptocurrency rallies excluding Bitcoin have been challenging to sustain over the long term. However, Ethereum’s recent rise to new yearly highs reflects growing optimism in cryptocurrency markets following a prolonged bear market period.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/ethereum-alcanca-nova-maxima-de-19-meses-impulsionado-por-acumulo-de-baleias/
