Whale transactions in the market’s second-largest cryptocurrency, Ethereum (ETH), have been surging in recent days, suggesting that an imminent rally is looming on the horizon.
After an upward trajectory in recent weeks, Ethereum managed to break the US$4,000 barrier this month, setting a new milestone for itself in the cryptocurrency market. This turnaround not only returned Ethereum to the important $4,000 zone but also paved the way for expectations that the main altcoin could be on its way to establishing a new all-time high.
The highest price paid for Ethereum (ETH) is $4,878.26, which was recorded on November 10, 2021. The current price is 27.36% lower than the historical peak.
However, Ethereum was unable to remain above the US$4,000 zone and has seen a significant drop in recent days. At the time of publication, the price of Ethereum was quoted at US$3,545.31, down 0.1% in the last 24 hours. In the same period, the cryptocurrency recorded a trading volume of US$12,555,278,075.
Renowned cryptocurrency analyst Ali Martinez noted that even with the recent drop in prices, transactions by large holders of the Ethereum token are seeing an increase on the network. Analysis shared on March 29 suggested a potential rally on the horizon for the market’s largest altcoin.
Despite the Ethereum price correction seen in recent weeks, $ETH whale transactions are increasing – a bullish indicator for future ETH price movements!” the cryptocurrency expert wrote.
Despite the #Ethereum price correction seen over the past few weeks, $ETH whale transactions are on the rise — a bullish indicator for future #ETH price movements! pic.twitter.com/urMBA8ofAS
— Ali (@ali_charts) March 29, 2024
Ethereum Heads for $4,000 as Regulatory Challenges Intensify
As the cryptocurrency market recovers, Ethereum’s (ETH) potential to reach the $4,000 mark again, even in the face of growing regulatory challenges, appears increasingly closer. Captain Faibik, a keen observer of the crypto market, shed light on this possibility in a detailed analysis of ETH’s price trajectory, highlighting a bullish path forward for the world’s second-largest cryptocurrency.
According to Faibik, Ethereum appears to be preparing for a significant recovery, pointing to a return to its previous value of $4,000. The analyst’s analysis is based on technical patterns observed on ETH’s four-hour charts, where a bullish breakout through a falling wedge pattern signals the end of a consolidation phase and the beginning of an upward movement.
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 or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/transacoes-de-baleias-ethereum-aumentando-alta-eminente/
