Ethereum price has surged breaking key resistance levels. Strong whale activity and bullish momentum suggest a potential rally for ETH.
Ethereum Price Rises Above $3100, Fueling Speculation of $4000 Rally Ahead
Ethereum price has broken past $3,100, marking its highest level in 14 weeks and sparking renewed market optimism. This price increase highlights Ethereum’s consistent growth, reinforcing its position as the second-largest crypto asset by market cap.

Key santiment data shows a significant surge in whale transactions, with notable activity from high-value accounts. Recently, these transactions reached 8,482, the highest since August 4th, indicating strong interest from large stakeholders. This whale movement is often a precursor to increased price action and market momentum.

Ethereum’s transaction volume also hit an impressive $10.4 billion, the highest since August, signaling robust network activity. This trend suggests rising confidence in Ethereum’s potential to continue its upward trajectory, with speculation pointing towards a possible rally to $4,000. Market observers anticipate that if Bitcoin continues its current bull run, some profits may flow into Ethereum. Such a shift could drive Ethereum closer to its all-time high as investor interest strengthens and network activity remains healthy.
Source: x formally twitter
ETH Price Soars Amid Market Surge
Ethereum price spiked significantly this week, marking a sharp rise alongside Bitcoin’s new all-time high. Bitcoin surpassed $80,000, leading to heightened interest across the crypto market. Following the market trend, the latest ETH price rose over 28% within a week, trading at around $3,146 as of Monday.

With the current bullish trend, the Ethereum price could hit $4,000, potentially surging by 27%. Ethereum’s price shows promising momentum, recently breaking through the $3,150 level. A steady climb above this mark indicates strong support, positioning Ethereum for further gains. The Relative Strength Index (RSI) on the daily chart reflects an overbought condition, currently at 72, well above the neutral 70 level.
Source: Trading View
Ethereum’s price momentum indicates strong support and potential for further gains. With whale activity rising, bullish sentiment remains high. The $4,000 target appears reachable if current trends persist.

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The Ethereum price is currently defending key support levels around $2,400, with analysts giving 2.5x targets while predicting a mega rally.

All eyes are currently on the world’s largest altcoin Ethereum (ETH) as it strongly defends the crucial support levels of $2,400. The Ethereum price reversed its trajectory shooting past $2,500 over the weekend with analysts stating that ETH has taken the perfect support and is gearing up for a nearly 2.5x rally to $6,000 ahead. Read till last line.

Ethereum Price Rally to $6,000 Ahead?
Crypto analyst Ali Martinez identified an attractive risk-to-reward setup for Ethereum (ETH) while suggesting a promising long position for the altcoin. Martinez disclosed his trade approach, noting that he’s placed a stop-loss below $1,880 while setting an ambitious price target of $6,000. Martinez believes that the current Ethereum price structure provides a compelling opportunity for investors looking to capitalize on the altcoin’s potential upward momentum in the near term.

Source: Trading View
However, for the ETH price to confirm a rally to $6,000, it first needs to clear the crucial resistance of $2,680. Breaking past this sloping trendline can give bulls the upper hand.
While Ethereum has been underperforming Bitcoin for a very long period of time, institutions continue to remain bullish on the altcoin. Last week, Swiss banking giant UBS rolled out its first Ethereum-based tokenized investment fund unit in Singapore.
At one end, the Bitcoin dominance has climbed to 60.5% while the Ethereum dominance has slipped to 13%, down from 18% earlier this year. It will be interesting to see how further will the Ethereum price continue to lag behind Bitcoin, or reverse the trajectory and begin the altseason soon. Last week, legendary trader Peter Brandt predicted the ETH price crash to $1,550 levels.

Is Ethereum the Next Amazon?
A research analyst at crypto asset manager 21Shares believes that Ethereum’s potential remains largely untapped while comparing the blockchain to the Amazon of the early 1990s. Leena ElDeeb, Research Analyst at 21Shares, said: Ethereum is “complex, akin to Amazon in the 1990s — promising vast potential but less straightforward in its use cases”.
Federico Brokate, vice president and head of the US business unit at 21Shares, stated that Amazon started just as a small online bookstore. However, it later transitioned into becoming a global e-commerce conglomerate and a cloud computing giant.
Similarly, Ethereum had a humble beginning in 2015 as a blockchain network supporting smart contracts. However, it now supports decentralized finance (DeFi) applications worth more than $140 billion. Brokate said:

“Just as Amazon evolved beyond books to redefine entire industries, Ethereum may also surprise us with revolutionary use cases that we can’t fully envision today.”

Although ETH’s market cap of $320 billion represents just 6.25% of Amazon’s $2 trillion valuation, Brokate highlights a significant advantage for Ethereum compared to Amazon in the 1990s. This includes the extensive pool of talent dedicated to enhancing the network’s utility. “Amazon has grown to employ over 1.5 million people worldwide — growth we may see paralleled in the Ethereum ecosystem,” he added.

Even though the Ethereum price has been testing investors’ patience currently, it could bounce back to new highs once it comes out of the bearish grip. ElDeeb said that the inflows into spot Ethereum ETFs will also continue to rise as the ETH price gains strong bullish momentum.

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$ETH

Ethereum price faces $3,000 breakout challenges as whale selling prolongs consolidation. On-chain data and technical indicators hint at a potential further decline.
The crypto market entered November on a slightly bearish note as Bitcoin plunged below $70,000. Some analysts believe this downturn is a temporary selling pressure ahead of the U.S. presidential election. However, ongoing ETH whale selling casts doubt on Ethereum price recovery, raising concerns about a potential failure to break through the $3,000 level. Currently, the ETH price trades at $2,459 with an intraday loss of 1.38%. According to Coingecko, Ethereum’s market cap is at $297.4 Billion, and the 24-hour trading volume is at 12.34 Billion. Here’s What To Know read till last word.

Will Whale Selling Prevent Ethereum Price from $3,000 Breakout?
According to onchain data highlighted by EmberCN, a crypto whale that withdrew 96,638.9 ETH from Coinbase at $1,567 in September 2022 resurfaced after 40 days. Earlier today, this large holder transferred 15,000 ETH ( worth approximately $36.7M) to the crypto exchange Kraken.
Over the past eight months, the associated wallet has transferred a total of 85,000 ETH (worth around $251.04M) to Kraken, realizing a profit of up to $117.81M. However, the whale still holds 11,638.9 ETH ($28.55M), indicating the risk of further selling.
Source: whale sell
Moreover, a Cosmos Network wallet (0xE8…57d3) transferred 3,500 ETH, valued at around $8.72 million, to Coinbase Prime at 0:50 UTC+8 today. According to Arkham intelligence data, this wallet still holds a substantial 20,087 ETH worth about $49.85 million, acquired from its ICO allocation in 2017.
Typical whale/institution selling coincides with major market tops and is often a precursor of a fresh correction trendline. This selling pressure hints that the Ethereum price could witness a stalled recovery momentum and may struggle to break the $3,000 level.

ETH Chart Signals Potential 12% Drop Before Major Support Retest
Over the past three months, the Ethereum price prediction has showcased a sideways trend resonating strictly between the $2800 and $2150 levels. The daily chart showing price swings on either side indicates a lack of conviction from buyers and sellers.

Amid the market uncertainty and overhead supply, the ETH price plunged from $2,722 to $2,470 in the last four days, registering a 9.1% drop. If the large holders’ selling continues, the Ether price could plunge another 12% down to seek support at $2,150. A bearish alignment between the crucial daily EMAs (20, 30, 100, and 200) signals the possibility of prolonged correction.
Source: Trading View
On the contrary note, if the upcoming U.S. election renews the bullish momentum in the crypto market, the Ethereum#Ethereum price could rebound from $2400. The aforementioned level coinciding with a long-coming support trendline could drive the ETH price to break the $2,800 range barrier.

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