Ethereum: Will Rising Whale Interest Drive ETH’s Growth?
Ethereum (ETH) has experienced a surge in whale interest lately, according to on-chain data. To start with, on-chain insight platform, Spot On Chain, revealed that a loyal ETH whale has re-accumulated the coin.
According to Spot On Chain, this time, the whale accumulated $15.9 million worth of ETH at $1.826. Moments later, the whale made a profit of $5.48 million after sending some of the coins to Binance.
🚨 Smart whale 0xb15 re-accumulated 8,698 $ETH ($15.9M) from #Binance at $1,826 ~1hr ago.
– He just deposited $ETH to #Binance near the local peak and realized $5.48M in his last trade.
– Overall, he is very good at buying low and selling high $ETH, having realized a total… https://t.co/wdBFar6qVW pic.twitter.com/h2gyCFW0qn
— Spot On Chain (@spotonchain) November 3, 2023
Lookonchain, another analyst, also mentioned another whale exchange Tether [USDT] for 8,698 ETH on the Binance exchange. A few hours later, he withdrew it from the exchange.
Usually, withdrawing a crypto from an exchange means that market participants are planning to keep it for the long term. Also, it could be an indication that the asset has a massive potential to be profitable.
The smart whale bought $ETH again!
The whale deposited 31.8M $USDT to #Binance and withdrew 8,698 $ETH($15.94M) 3 hours ago.https://t.co/heBjvbk1Oihttps://t.co/hDNN69qn3h pic.twitter.com/n0SmpqMsVI
— Lookonchain (@lookonchain) November 4, 2023
No Resistance Stopping ETH Yet
Recently, ETH has been hovering around the $1,700 to $1,900 range with many hoping that it breaks the $2,000 psychological area. However, the technical outlook showed that ETH may have the potential to reach the landmark.
But that would only happen if the trend at press time, solidifies. At the time of writing, the 4-hour chart revealed that there is no resistance halting ETH’s uptrend to $1,837 after support appeared at $1,790.
Also, the Relative Strength Index (RSI) was 58.72. The RSI reading means that there has been an increase in buying pressure, especially as the RSI was 44.48 on November 3. As it stands, there’s a strong chance for ETH to hit $1,850.
Should the momentum continue to increase, it’s only a matter of time before ETH hits $1,900. But that would only happen if market players decide not to take out the unrealized gains. However, the Directional Movement Index (DMI) showed that ETH has only a slight chance of hitting $1,900.
At press time, the +DMI was 21.60 (green) and the -DMI (red) was 15.53. Additionally, the Average Directional Index (ADX) was down to 18.49. With the ADX (yellow) less than 25, it means the upward direction was in a weak state. Thus, if bulls’ target is to hit $2,000, then the buying pressure needs to be much more than it currently is.
In another development, the blockchain analytic platform IntoTheBlock noted that $210 million worth of ETH left Centralized Exchanges (CEXes). This value was the highest registered since August.
This week, $210M worth of ETH left CEXs, the largest 7-day net outflows since August. pic.twitter.com/frYWasXvwZ
— IntoTheBlock (@intotheblock) November 3, 2023
With the outflows surging, it is likely that ETH may not face any significant selling pressure soon. So, there is a chance that the altcoin price will hit $2,000.
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