The cryptocurrency market is waiting for an opportunity to gain new momentum. On-chain analytics platform Lookonchain reports that whales are attacking the leading altcoin Ethereum. In this environment, crypto analyst Sahana Vibhute says that a good uptrend is fast approaching very soon. According to the analyst, the setup in the technical picture could open the door above $2,400.
Whales store ETH during price drops!
As you follow from Kriptokoin.com, the market is confusing investors with back and forth movements. However, on-chain data shows that whales replenish their tanks during dips. We witness one of these in the leading altcoin Ethereum. On-chain analytics platform Lookonchain reported that two new whales purchased 21,076 ETH from Bitfinex. This amount corresponds to $41.23 million based on the price at the time of purchase. In this context, Lookonchain shared the following:
2 new wallets just withdrawn 21,076 ETH ($41.23 million) from Bitfinex.
2 fresh wallets withdrew 21,076 $ETH ($41.23M) from #Bitfinex just now.https://t.co/6eVMFB5yyMhttps://t.co/r6etEvYiaK pic.twitter.com/MQahH5lAk1
— Lookonchain (@lookonchain) November 18, 2023
Meanwhile, other whales, sensing the scent, also attacked. This time, another whale withdrew 7,324 ETH from Binance, worth $14.3 million. Again, Lookonchain shared this situation with the following post:
This whale is currently long on ETH again! The whale withdrew 7,324 ETH ($14.3 million) from Binance. He deposited 7,324 ETH ($14.3 million) into Compound and borrowed 9 million USDT. He then deposited 9 million USDT to Binance to buy more ETH.
This whale is long $ETH again just now!
The whale withdrew 7,324 $ETH($14.3M) from $Binance.
Deposited 7,324 $ETH($14.3M) to #Compound and borrowed 9M $USDT.
Then deposited 9M $USDT to #Binance to buy more $ETH.https://t.co/ueXUiCokc2 pic.twitter.com/rcEUJq2J6b
— Lookonchain (@lookonchain) November 18, 2023
Gloden Cross on ETH: Is a rally to $2,400 on the horizon for the altcoin?
Ethereum faced a direct rejection at the major resistance. So, it is struggling to clear the April 2023 highs. Since then, the price has been continuing a steep downward trend. It is also crushing buying pressure that has been trying to rise for some time. However, the trend has now changed in favor of bearishness. Therefore, it is believed that the altcoin price will fall harder and break through the emergency support. It is possible that the ETH price will rise again along with some other altcoins. Technical data points to a correction. But the famous ‘Golden Cross’ is about to happen. Therefore, there is a high probability that ETH will rise.
As you can see from the chart above, the ETH price looks set to make a new rise as the ‘Golden Cross’ approaches. The 50-day MA and the 200-day MA will have a major impact on the altcoin price. However, it may show an upward trend only in the short term. It is possible for the price to regain levels above $2,100. Beyond this, the bulls are expected to weaken. The decline in volume and the price falling below $2,000 confirm the bearish claim.
Additionally, the RSI is also in a downtrend, indicating that the price is under bearish influence. Therefore, it is possible that the ‘Golden Cross’ will increase the price. But from a longer perspective, the trend will remain gentle towards the south. While some believe that the altcoin price may experience a March-2020-like crash, others assume it will fall below $1,000. However, in the short term, Ethereum is confident of climbing above $2,000 and marking new highs for 2023.
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