Ethereum price has been on the edge lately with recent Fidelity Digital Assets deposit of $103.55 million worth of ETH into Coinbase speculating sell-off concerns. The transactions, executed through Cumberland, have drawn attention from analysts, with some predicting a new all-time high (ATH) for Ethereum price despite this move.

This comes amid Fidelity reiterating its position on Ethereum’s fundamentals in the future, thus paving way for a possible ETH price rally to ATH in 2025.

Fidelity’s $103M ETH Transfer Raises Investor Optimism

In two transactions, Fidelity has transferred a total 31,249 ETH to Coinbase which is equal to $103.55 million. The last transaction of 11,250 ETH which was worth $36.9 million occurred only after the announcement.

These changes are being made by the crypto arm of the asset management firm while Ethereum continues to hold ground amidst bearish trends. This comes after Fidelity’s Look Ahead report highlighted on the strong fundamentals of Ethereum, a factor that is positive for the Ethereum price.

The report also points out that Solana is rapidly expanding, however, Ethereum remains more attractive to developers, has a higher TVL, and more stablecoins.

Ethereum Price Eyes New All Time High

The current price action of Ethereum suggests that the market is at the beginning of the uptrend, since the price has been making higher highs and higher lows on the long-term chart. As per the analysts, there are major support and resistance levels that could be the key to determining the price of Ethereum in the coming months.

Ethereum price has retraced from the recent high of $3926 and is currently trading around the support area of $3280 to $3183. This pullback is viewed as a correctional move before the bulls can be expected to come into play again. Crypto analysts have suggested that the ETH/USD pair must hold between $3.5k and $4k to ensure the continuation of the uptrend.

Some key ETH price resistances have been identified at $3,926, $4,614, and a possible Ethereum price breakout to $5,100 to $6,450.If bears take control of market, the crypto analyst has laid down potential support levels at $2,937 and $2,400.

Institutional Activity Fuels Long-Term Confidence

Concurrently, the institutional interest in Ethereum has been gradually increasing, which is supported by Fidelity’s transactions. The ability of Ethereum to be accessed via exchange-traded products is an edge it has over other blockchain networks such as Solana.

Still, Fidelity’s report points out that Solana has been growing since it offers relatively low costs and faster transaction times. However, it suggests that a significant part of Solana’s income is generated from memecoins, which may not be very effective during bear markets. On the other hand, Ethereum is believed to be less influenced by speculation, which makes it more suitable for investors with a longer horizon.

The report also highlights the upcoming Prague/Electra (Pectra) upgrade of Ethereum that focuses on increasing the platform’s scalability and user protection. Although the upgrade may not necessarily cause a rise in the ETH price in the short term, it will help improve the network’s capabilities.

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The second-largest crypto Ethereum saw a sharp selloff of more than 9% in the last 24 hours. ETH price tumbled to mid-November levels of $3,300 as traders took cues from robust US macroeconomic data, which shot down the Fed rate cut hopes.

Ethereum Price Led $700 Million in Net Crypto Liquidation

The broader crypto market and Bitcoin price saw major selloff, but ETH led the liquidation in the last 24 hours. Coinglass data reveals more than $152 million in ETH were liquidated, with $132 million in long positions. Whereas, BTC saw $128 million in liquidation.

The total crypto liquidation reaches $710 million in the last 24 hours. Notably, 237,476 traders were liquidated and the largest liquidation happened on leading crypto exchange Binance as someone sold ETH valued at $17.74 million. This is one of the largest in Ethereum history.

Whales and Institutions Offload ETH Holdings

Multiple ETH sell transactions were recorded over the last 24 hours as whales and institutional investors pared their holdings. Ethereum price fell after investors lost confidence about further rally as JOLTS job openings and ISM Services PMI data showed a strong US economy. This will cause the U.S. Federal Reserve to delay its rate cuts this year.

Whale Alert highlighted a 40,000 ETH transfer worth $140.44 million from Arbitrum to Binance. In addition, 18,172 ETH valued at $66 million transferred from Cumberland to Coinbase Institutional.

WisdomTree also deposited 11,733 ETH to Coinbase just before the crypto market crashed, reported Lookonchain.

Ethereum Foundation Makes First ETH Sale of 2025

The Ethereum Foundation just made its first ETH sale of the year. The foundation has transferred 100 ETH, valued at $336K, for 329,463 DAI. The foundation has sold nearly $12.96 million in ETH in 2024, which has limited the upside trajectory for Ethereum price.

Spot Ethereum ETFs Record Outflow

As institutional investors lost confidence, spot Ethereum ETFs saw a net outflow of $86.8 million on Tuesday.  Farside Investors data shows outflows mainly came from Fidelity’s FETH, Grayscale’s ETHE and ETH mini exchange-traded fund. The ETF flow is considered an indicator of strength in an asset and investors keep an eye on it to know the current sentiment.

What’s Next for Ethereum Price

Ethereum price currently trades at $3,329 and there are no signs of recovery yet. Experts have given $5000 and $10000 price targets for this year.

ETH derivatives data shows that open interest has dropped 7%. ETH Futures OI 9.04 million are now valued at $30.33 billion. Whereas, Options OI has increased as traders rearrange calls and puts.

Analyst IncomeSharks revealed quick scalp trade on the lower time frame. He suggests looking for a bounce and then closing long. Meanwhile, another analyst Crypto Tony said “As long as we hold $3200 on the daily closure I remain in my long.”

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Ethereum blockchain network is set to undergo a transformative upgrade called Pectra in the first quarter of 2025. The upgrade will enhance the platform’s scalability, user experience, and staking mechanisms, marking a new chapter in Ethereum evolution. The upgrade introduces Ethereum Improvement Proposals (EIPs) designed to address existing challenges and optimize the network’s performance.

Aave Founder Highlights Ethereum Pectra Upgrade as a Game-Changer

According to insights shared on social media, Aave co-founder Stani Kulechov emphasized the transformative potential of Ethereum Pectra upgrade. The development will enable Externally Owned Accounts (EOAs) to function like smart contracts. This is a leap forward in improving interaction with decentralized applications (dApps). Traditional EOAs, which function primarily as basic wallets, cannot execute complex logic or interact with dApps directly.

These changes are introduced to enhance scalability, streamline dApp interaction, and improve user security. Consequently, the enhancement positions Ethereum to offer a seamless experience to users, boosting adoption and ETH price.

In addition, the Ethereum Pectra upgrade includes the addition of “blob spaces,” a novel approach to managing data storage. This mechanism addresses current limitations on the Consensus Layer. It allows more efficient handling of data across the Ethereum mainnet and best Layer 2 networks. 

More so, the blob spaces adjust blob limits, ensuring that the network can scale efficiently without compromising performance. Lower transaction costs are another advantage expected from this feature. 

By reducing storage constraints, Ethereum Pectra ensures that more transactions can be processed with fewer bottlenecks, enhancing the appeal for users.

Moreover, most recently, a coinpress report highlighted what to expect from the Pectra and Fusaka upgrades. The report noted that Pectra’s implementation will lay the groundwork for Fusaka’s advanced Layer-2 rollup capabilities. These upgrades will strengthen Ethereum position in DeFi and NFT ecosystems, ensuring long-term growth in the blockchain landscape. 

Staking Enhancements Bring Flexibility and Speed

The upgrade will impact Ethereum’s staking mechanism, offering flexibility for validators. Validators will be able to stake amounts beyond the current 32 ETH cap, with the new limit set at 2048 ETH. This development allows for more efficient use of resources and greater scalability in staking operations.

Additionally, the validator activation process will become faster, reducing the time required for deposits to be recognized by the network. This change ensures that stakers can initiate their operations more quickly. It improves participation and boosts ETH price by encouraging broader staking activity.

However, crypto staking has faced challenges with the differing regulatory approaches worldwide. While the IRS asserts its stance on taxing staking rewards in the U.S., other jurisdictions like Hong Kong are adopting crypto tax exemptions to attract investment. These contrasting strategies highlight the debate on how to regulate and tax emerging crypto activities.

Broader Adoption And ETH Price Impact

As Ethereum Pectra prepares to roll out, its capabilities are drawing interest from institutional investors. The enhanced scalability, user interaction, and staking mechanisms will position Ethereum as a robust platform for enterprise solutions and dApps. These improvements are likely to boost the ETH price.

Additionally, recent analysis shows that Ethereum price could experience a significant surge driven by its robust ecosystem, institutional adoption, and the Ethereum 2.0 upgrades. Elliot Wave analysis suggests a wave 3 expansion, forecasting a climb to $7,000 as an interim target, with potential to reach $12,000 in January 2025. These projections align with experts’ bullish sentiments, emphasizing Ethereum’s role in DeFi and growing NFT markets as key drivers.

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Tron founder Justin Sun deposited an additional 29,153 ETH to crypto exchange HTX earlier today sparking concerns of an upcoming selloff. Interestingly, these deposits come just when the ETH price is facing some selling pressure correcting another 2% with bears trying to push it to $3,000 and below. Some market analysts expect a bottom formation at $2,800 before Ethereum bounces back again.

Justin Sun Deposits $96.7M in Ethereum to HTX

Tron founder Justin Sun has made substantial deposits to crypto exchange HTX moving another 29,153 ETH worth $96.7 million in the last 11 hours, as per the data from Spot On Chain. On-chain data shows that since November 10, the Tron founder has deposited a total of 227,000 ETH, worth approximately $807 million, to HTX at an average price of $3,556 per ETH. Sun had acquired a majority of these holdings earlier in 2024 at a cost basis of around $3,036 per ETH.

In addition, Justin Sun has initiated the unstaking of 96,580 ETH (valued at $322.7 million) from platforms such as Lido Finance and EtherFi. Analysts suggest these assets are likely intended for further deposits to HTX, indicating continued activity and liquidity management by the crypto magnate.

The recent Ethereum movement by Tron founder has sparked concerns of a major sell-off, however, Sun has denied these rumors calling it a routine part of Ethereum wallet transfers. Interestingly, this ETH movement by Sun coincides with the ETH price drop.

Where Is ETH Price Heading Next?

As we bid adieu to 2024, Ethereum and the broader crypto market have witnessed some selling pressure. ETH bulls have failed to take past the price above the crucial resistance of $3,500 opening the gates for an ETH price drop under $3,000, all the way to its next support of $2,800. As shown in the chart below, Ethereum could be forming an inverse head-and-shoulders pattern wherein it will take a support of $2,800 before reversing the trajectory.

Amid the latest move from Justin Sun’s exchange, popular analyst Charting Guy expects the ETH price to rally all the way to $7,080 by April 2025. Thus, a major rally for Ethereum could kickstart in the first quarter of 2025. Popular crypto analyst Crypto Rover expects the Ethereum rally to start from January 1, 2025, citing the peak of Bitcoin dominance based on historical trends.

As of press time, Ethereum price is trading 1.38% down at $3,340 with a market cap of $402 billion. As per the Coinglass data, the 24-hour liquidations have soared to $38.3 million with $27.52 million in long liquidations.

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Tron founder Justin Sun has denied reports of him selling Ethereum as on-chain data shows significant deposits to HTX over the last month. In his latest message, Sun said that all rumors of him offloading his ETH holdings are false. The announcement comes as the ETH price has bounced back 2% over $3,400 showing signs of bottom formation and further rally ahead.

Justin Sun Denies Ethereum Selloff From Holdings

Amid massive Ethereum movement from Justin Sun’s wallet, along with his redemptions of ETH from liquid staking platform, Lido Finance and EtherFi, and further deposits to crypto exchange HTX, there have been rumors of his selling his holdings. But the Tron founder has cleared the air finally.

Sun clarified that the recent activity involving ETH was merely a transfer between different wallets, not a liquidation. He reaffirmed his long-term bullish stance on the Ethereum ecosystem. The Tron founder wrote:

“The rumors circulating online about us liquidating ETH are false. This is simply a transfer of ETH between our different wallets. We remain long-term bullish on the Ethereum ecosystem”.

Since November 10, as ETH price surged following Donald Trump’s victory, Justin Sun has deposited a total of 108,919 ETH, valued at $400 million, into HTX, with an average price of $3,674 per ETH. Many of these deposits were made close to local price peaks.

ETH Price Bounce Back Eyeing Rally to $4,000

Ethereum price has witnessed a good bounce back surging 2% and moving back above $3,400 today. Comparing it to the 2020 price action, analysts predict that the ETH price is already showing signs of bottom formation and a strong rally ahead citing the ETH/BTC pair.

$ETH/BTC Bottom: 2020 vs 2024

Is this the Higher Low we all so desperately need? pic.twitter.com/CawTSaj6EQ

— CryptoBullet (@CryptoBullet1) December 23, 2024

With Bitcoin price falling further to the December lows of $92,403 earlier today, Ethereum is showing good signs of reversal ahead. As a result, the ETH/BTC pair has got a good pump from the bottom formation.

Popular crypto analyst Javon Marks noted that the Ethereum price chart is showing an ‘Adam & Eve Double Bottom Pattern,’ suggesting a potential major bullish reversal in the near term, which could drive prices back into the $4,000 range. The primary target for the next move is still above $4,800.

However, for $4,000 rally to happen, Ethereum first needs to smash past the resistance of $3,542 to confirm the start of the Ethereum Christmas rally to $5K. With Justin Sun selloff concerns behind us, the sentiment can turn bullish once again.

Crypto analyst Ali Martinez has highlighted the critical support level for Ethereum ($ETH) between $3,030 and $3,130, while the key resistance zone lies between $3,640 and $3,740. Martinez noted that a sustained close outside this range could determine the next direction for Ethereum’s price trend.

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Tron founder Justin Sun has continued with its ETH selling spree with the Ethereum price crashing 17% after facing rejection at $4,000 last week. In the past week, Justin Sun has sold another 50% of his ETH holdings, totaling $143 million. Market analysts predict that Ethereum’s price may dip below $3,000 once again before starting its next upward momentum.

Tron’s Justin Sun on ETH Selling Spree

Justin Sun is on a massive Ethereum selling spree since the coin resumed its upward journey after Donald Trump’s election win. This continued even until last week, when Tron founder offloaded $143 million worth of ETH causing Ethereum price to tank over 15% amid the crypto market crash.

Blockchain analytics firm Spot On Chain reported that Justin Sun redeemed 39,999 ETH (valued at $143 million) from liquid staking platforms Lido Finance and EtherFi. He subsequently deposited the entire amount into HTX.

Since November 10, as Ethereum price has trended upward, Sun has deposited a total of 108,919 ETH (worth $400 million) to HTX at an average price of $3,674. Notably, many of these deposits occurred near local price peaks.

Spot On Chain also revealed that Justin Sun currently has 42,904 ETH (valued at $139 million) in the process of unstaking from Lido Finance. The Tron founder might potentially send this funds to HTX later.

Ethereum Price Drop Below $3,000 Coming?

With Ethereum price losing its crucial support of $3,500, the market sentiment for the world’s largest altcoin has turned bearish. Last week, crypto market analysts turned bearish on Ethereum expecting the ETH price to drop $2,800 on selloff by whales.

Popular market analyst IncomeSharks stated that it was a “low-volume weekend,” for Ethereum following a volatile week for stocks. The analysts added that it won’t be the right time to sell.

The On-Balance Volume (OBV) indicator, a tool used to gauge buying and selling pressure, remains steady, oscillating within a channel. Recent Ethereum buyers are still in profit, providing some support for the market. However, the below chart shows that there’s still scope for Ethereum to take a dip to $3,000.

Prominent crypto analyst “I am Crypto Wolf” also highlighted a bullish outlook with a potential inverse head-and-shoulders (iHS) pattern. According to the analyst, Ethereum price chart is currently forming the “right shoulder” of the iHS continuation pattern.

This setup could provide the momentum needed to surpass the $4,000 resistance and aim for a $10,000 target by May. A breakout is anticipated by the end of January, though a retest of the $3,000 level remains a possibility before the rally takes off, he noted.

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In a recent analysis, crypto analyst Justin Bennett provided insights into how low the Ethereum price could drop by the end of December. This came as the analyst revealed that buyers need to step or ETH could enter next week with a bearish outlook.

How Low Ethereum Price Can Go By Year-End

In an X post, Justin Bennett suggested that the Ethereum price could drop to as low as $3,027 by year-end. While analyzing ETH’s daily chart, the analyst stated that ETH needs to flip $3,541 as support to turn bullish next week. If that doesn’t happen, he remarked there is a decent chance that Ethereum drops lower. The analyst’s accompanying chart showed that ETH could even drop to as low as $2,560 if it loses the $3,027 support level.

In an earlier X post, the crypto analyst stated that he is bullish on the Ethereum price based on the overall setup going into 2025. however, he believes that buyers still have work to do. He gave an example of how ETH needs to recover $3,540 on the weekly time frame to look bullish next week.

These buyers already look to be stepping in, as there has been an accumulation trend among ETH whales. coinpress reported that Ethereum whales are buying the dip as ETH eyes a quick rally to $4,000.

These whales have withdrawn 17,698 ETH worth $61.66 million from the crypto exchange Binance. Donald Trump’s World Liberty Financial has also gotten in on the act as the DeFi project accumulated more ETH on this dip.

Correction Might Be Over

In an X post, crypto analyst Titan of Crypto provided a more bullish outlook for the Ethereum price, stating that the correction might be over. The analyst made this statement based on his Ichimoku cloud analysis.

Titan of Crypto stated that Ethereum has retested both Tenkan and Kijun. He added that the worst-case scenario would be a retest of the Kumo Cloud SSB, Ichimoku’s strongest line.

According to a coinpress market analysis, this might indeed be the last dip before ETH hits five digits. There are predictions that the Ethereum price could hit $15,937 by May 2025.

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Ethereum whales have turned active once again as the ETH price dipped all the way to $3,100 levels. The massive withdrawals from the crypto exchange Binance show that big players are confident of ETH’s future rally despite recent volatility. This sets the stage for a quick bounce back to $4,000, which has served as a strong resistance. Analysts believe that once ETH crossed $4,000, new all-time highs past $5,000 will come in no time.

Ethereum Whales Turn Active Buying the Dips

Following yesterday’s crypto market crash, there’s a brief recovery amid significant Ethereum (ETH) accumulation by whales amid the current ETH price dips. Blockchain analytics platform Lookonchain reported that ten newly created wallets collectively withdrew 17,698 ETH, valued at approximately $61.66 million, from Binance.

The activity by Ethereum whales underscores renewed interest from large investors, who appear to be capitalizing on the market’s recovery momentum. On the other hand, Donald Trump’s DeFi Project World Liberty Financial has continued its ETH buying spree, spending a total of 2.5 million USDC stablecoin to acquire an additional 759 ETH.

To date, World Liberty has purchased 9,587 ETH, valued at $35 million, with $3,651 as an average acquisition price per ETH. Despite market fluctuations, the entity has reduced its unrealized loss on ETH holdings to $3.4 million, reflecting a narrowing deficit as prices recover.

The good thing is that spot Ethereum ETFs have also seen inflows resuming on Friday, as institutional players jumped in to buy the dips.

ETH Price Bounce Back to $4,000 Soon?

On Friday, the ETH price touched a low of $3098 before bouncing back once again amid Ethereum whale accumulation. As of press time, the Ethereum price is trading at $3,480 levels with its daily trading volume above $61 billion. As per the Coinglass data, the 24-hour liquidations have soared to $170 million amid the current price volatility.

For now, the immediate resistance is $3,500 for Ethereum, crossing which it could bounce to $4,000. Crypto market analysts remain bullish despite this current turbulence in ETH. Market analyst Crypto Patel expects ETH price to surge to $8,000-$10,000 level. He wrote:

“I’m buying every $ETH dip, no matter how much it drops. Just holding strong and stacking up. Ethereum hasn’t hit its new all-time high yet, but it’s only a matter of time. Staying patient and ready for the rise! Still telling you my ETH Target is $8000-$10k”.

Another crypto analyst venturefounder noted that Ethereum is still on track to new all-time highs in 2025, supported by whale buying. The analyst compared the current four-year cycle (2021–2024) to the previous one (2016–2020), highlighting striking similarities. According to the analysis, Ethereum’s performance in the year following a Bitcoin halving—such as 2017 and 2021—has historically marked significant growth phases. Previously, venturefounder gave an ETH price target of over $15,000 by May 2025.

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The Ethereum price is down over 6% in the last 24 hours, dropping to as low as $3,120 during this period. This price drop is due to several factors, including the Fed’s hawkish stance, which paints a bearish picture, not just for ETH but also for the broader crypto market.

Top Reasons Why The Ethereum Price Is Down

The Ethereum price has dropped to as low as $3,120, with several factors contributing to this price drop. These factors include the Fed’s hawkish stance, negative ETF flows, and a massive sell-off from ETH whales.

Fed’s Hawkish Stance

The Fed’s apparent hawkish stance is the primary reason why the Ethereum price has dropped significantly today. Despite the Federal Reserve announcing a 25 bps rate cut, Fed Chair Jerome Powell’s speech hinted that the US Central Bank is currently hawkish.

Powell also hinted that the Fed is likely to adopt a quantitative tightening approach from next year. There are estimates that there will be lower rate cuts next year, as the Fed has already made three cuts this year.

Cleveland Fed President Beth Hammack has also raised inflation concerns, which could strengthen the case for tightening policies, especially if future economic data come in hot.

Negative ETF Flows

The negative flows from the Spot ETH ETFs have also contributed to the Ethereum price drop. SosoValue data shows these ETFs recorded a negative daily inflow of $60.47 million yesterday.

Grayscale’s Ethereum Trust (ETHE) was mainly responsible for these outflows, with $58.13 leaving the fund. This negative outflow was the first in the last nineteen days and could indicate a change in sentiment among investors.

Negative ETF flows are typically bearish for the crypto, as outflows lead to significant selling pressure since these ETF issuers have to offload the assets under management to make redemptions.

ETH Whales Are Selling

ETH Whales are also selling, which is another reason the Ethereum price is down today. coinpress reported on a whale that sold 22,746 ETH ($7.7 million) and another whale sold 49,910 ETH ($170 million) in the last 24 hours.

The Ethereum Foundation has also contributed to this selling pressure. On-chain intelligence platform Lookonchain noted that the Ethereum price has dropped around 17% since the Foundation sold 100 ETH on December 17.

The Ethereum Foundation has sold 4,466 ETH ($12.6) million over the past year, just around every ETH local top.

A Positive For ETH

Despite today’s drop, some other whales are still accumulating, which is positive for the Ethereum price. coinpress reported that Donald Trump’s World Liberty Financial bought 759 ETH today, bringing its total holdings to 16,362 ETH (54.62 million).

Lookonchain also reported that Whales have started accumulating ETH as the market rebounds. The platform stated that four fresh wallets had withdrawn 8,440 ETH ($28.43 million) from Binance today.

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Amid the ongoing cryptocurrency market downturn, World Liberty Financial (WLFI), a decentralized finance project associated with President-elect Donald Trump, has increased its Ethereum (ETH) holdings.

Recent data from Etherscan reveals that the project has acquired over 1,481 ETH in a single day, continuing its strategy of buying during market dips.

Donald Trump’s World Liberty Financial Buys More ETH

World Liberty Financial has been actively purchasing ETH throughout December, using USD Coin (USDC) for the transactions. On Monday, the project added 759 ETH at an average price of $3,651, spending approximately $2.5 million.

As of now, WLFI’s Ethereum portfolio includes 16,362 ETH valued at $54.62 million, though market volatility has reduced its overall ETH gains.

Trump's World Liberty(@worldlibertyfi) spent 2.5M $USDC to buy 759 $ETH again 20 minutes ago.

So far, #WorldLiberty has bought a total of 9,587 $ETH($35M) at an average price of $3,651.

Their loss on $ETH has narrowed to $3.4M.https://t.co/h3YVUEyx6L pic.twitter.com/yAeUqGet1r

— Lookonchain (@lookonchain) December 20, 2024

Despite the broader decline in crypto prices, WLFI’s cumulative ETH purchases total $35 million, with an average cost per ETH at $3,651. However, due to the recent price slump, the project’s losses on Ethereum have narrowed to $3.4 million, down from prior estimates.

Diversified Holdings and Recent Purchases

WLFI’s cryptocurrency portfolio is not limited to Ethereum. The project also holds 103.15 Wrapped Bitcoin (WBTC) worth $9.83 million, 6,137 AAVE tokens valued at $1.84 million, and 78,387 Chainlink (LINK) tokens totaling $1.75 million.

Additionally, WLFI possesses holdings in less well-known tokens like ENA and ONDO, which are valued at $740,000 and $230,000, respectively.

The recent addition of 1,481 ETH at an average price of $3,374.79 brings the project’s total ETH purchases in December to over 9,500 ETH. WLFI also exchanged $10.4 million of Coinbase-backed cbBTC for Wrapped Bitcoin after Coinbase announced its plans to delist the asset.

Justin Sun’s Involvement Boosts Project

The project received a financial boost last month after Tron blockchain founder Justin Sun became its largest investor. Sun invested $30 million in WLFI tokens, bringing total token sales to $50 million. Before this, the project had sold less than a quarter of its $300 million WLFI token goal.

The involvement of prominent figures like Sun has drawn attention to the project. Blockchain analysts suggest the strategy of acquiring high-profile tokens like Ethereum and Bitcoin may enhance investor trust in WLFI. However, the project’s long-term success hinges on its ability to generate revenue and meet its token sale targets.

Whales start accumulating $ETH after the market rebounds!

In the past 30 minutes, 4 fresh wallets(probably belonging to the same whale) withdrew 8,440 $ETH($28.43M) from #Binance.

Address:
0xa7c8823c2d8CAF8C86F1F572Ac6902964c109bb4
0xf2500B6014dfe916B8e7706434e21B5FB2191A15… pic.twitter.com/qnMq2IEa2Z

— Lookonchain (@lookonchain) December 20, 2024

Concurrently, WLFI’s acquisitions come as Ethereum price hovers near the $3,300 mark, with analysts predicting further price movements in the lead-up to the holiday season. Experts suggest that whale accumulation, like today’s 8,440 $ETH($28.43M) whale move coupled with strong on-chain metrics, could drive ETH prices toward $5,000 by the end of December.

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Ethereum (ETH) price has crashed over 11% dropping under $3,300 in the last 24 hours amid selloff by the Ethereum whale entities as well as the Ethereum Foundation. With ETH falling under the crucial support of $3,500 today, there have been heavy liquidations of long positions with analysts expecting the next support around $2,800.

Ethereum Whales Selloff in Massive Quantity

Amid the broader crypto market crash, Ethereum whale entities have resolved to major selloff leading to negative sentiment around the asset. Blockchain analytics platform Lookonchain reported that one whale deposited 22,746 ETH, worth $77.7 million, to Binance earlier today and withdrew stablecoins in order to repay the debts on Aave and Spark.

Over the last two days, this same whale has deposited a total of 31,968 ETH, valued at $122.3 million, into Binance. In another instance, a separate whale transferred 49,910 ETH, worth $170 million, to Binance in the past eight hours and subsequently withdrew $137.8 million in stablecoins.

Thus, the ongoing turbulence in the crypto market has triggered large-scale liquidations in Ethereum with investors forced to pay their debts. Following the rejection at $4,000, the ETH price has corrected more than 17.5% as of the current price.

Just two days before when ETH was trading at $4,000, the Ethereum Foundation sold off another 100 ETH from its holdings. This shows a strategic sale by the Foundation at the top.

Data shows that over the past year, the Ethereum Foundation has executed 32 trades, selling a total of 4,466 ETH worth approximately $12.6 million. Notably, 15 of these trades were conducted at or near market peaks, as per the data from Arkham Intelligence.

Apart from Ethereum whale selloff, the spot Ethereum ETFs saw $60 million in outflows on Thursday after several days of consecutive inflows. Grayscale’s ETHE contributed to a majority of the outflows at $58 million.

Will ETH Price Crash to $2,800 Again?

Crypto market analysts have turned bearish on Ethereum expecting the ETH price to drop $2,800 and a bit below for re-accumulation. Popular crypto analyst Caleb Franzen shared an inverse head-and-shoulders pattern for Ethereum showing that it’s on a downward trajectory to hit another low of $3,000, and could bounce off from there to $4,000 levels.

“Now that we’re getting rejected at the YTD highs, all I see is the opportunity to produce the final phase of the inverse head & shoulders setup,” he noted.

This year in 2024, Ethereum has largely underperformed other altcoins testing investors’ patience. However, the Ethereum bulls believe that once ETH crosses $4,100, the surge to an all-time high will be very fast. Popular crypto analyst Ted Pillows noted:

“$4K seems like the new $1.4K for Ethereum. In the 2020-21 cycle, ETH got rejected from $1,400 several times before a successful breakout. Right now, the same thing is happening with the $4K level, but there’ll be a breakout soon. Once $ETH closes above $4.1K, a new ATH will happen in no time”.

Despite Ethereum whale selloff, the Ethereum options data from Deribit shows that not everything is bad for ETH at the moment. A total of 173,000 ETH options expired recently, carrying a notional value of $590 million. The options featured a Put/Call ratio of 0.5, indicating a higher volume of bullish call positions compared to bearish puts. The max pain price—a level where most options lose value—is at $3,750, reflecting a key area of interest for traders and market participants.

As of press time, the Ethereum price is trading 11.21% down at $3,264 levels with its market cap falling under $400 billion. As per the Coinglass data, the open interest dropped by 10.53% slipping under $25 billion. The 24-hour liquidation has also surged to $226 million of which $198 million is in long liquidation.

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Bitwise CIO Matt Hougan has commented on Ethereum’s evolving position in the blockchain ecosystem, predicting that the platform could outperform Solana in 2025. According to Hougan, Ethereum’s reputation as slow and expensive is becoming outdated as advancements in its ecosystem address these challenges.

Bitwise CIO Predicts Ethereum Layer-2 Growth Will Outpace Solana by 2025

According to a recent tweet by Bitwise CIO Matt Hougan, Ethereum Layer-2 networks are transforming the platform’s reputation and usability. Hougan noted that Ethereum’s advancements in scalability and user experience rival those of Solana, traditionally recognized for its ease of use.

Moreover, Hougan highlighted projects like Clanker and Virtuals, AI-driven applications thriving on Ethereum Base network. These developments demonstrate Ethereum’s ability to support innovative, user-friendly solutions while maintaining its robust infrastructure. This shift is pivotal for ETH as it aims to combine institutional-grade credibility with improved accessibility for everyday users.

Matt Hougan added, 

“If Ethereum can retain its institutional bona fides but level up ease-of-use, 2025 will be a good year indeed. It’s the Layer-2 network thesis playing out in real-time.”

Despite the competition between Ethereum and Solana blockchains, VanEck predicted new all-time highs for both assets by 2025. Ethereum is projected to surpass $6,000, driven by Layer-2 growth and staking integration, while Solana is forecast to exceed $500 due to its scalability and adoption in DeFi and NFTs. VanEck also expects Bitcoin to reach $180,000, fueled by U.S. adoption and corporate holdings.

Layer-2 Networks Propel Accessibility

Ethereum’s evolution is largely driven by its top Layer-2 solutions, such as Base, Optimism, and Arbitrum. These solutions address long-standing issues of scalability and high transaction costs. Bitwise CIO Matt Hougan emphasized the importance of these networks in making  Ethereum ecosystem competitive with platforms like Solana.

By leveraging Layer-2 technology, Ethereum provides a more seamless experience for developers and users. This advancement positions the platform as a hub for projects that require both scalability and affordability. Bitwise CIO predicts that this Layer-2-driven transformation will drive Ethereum’s growth in 2025.

Moreover, Ethereum’s infrastructure is favored for projects in artificial intelligence (AI) and decentralized finance (DeFi). With a growing number of applications leveraging its infrastructure, Ethereum continues to demonstrate its versatility. Bitwise CIO believes this adaptability strengthens Ethereum’s position as a leader in blockchain technology.

While Ethereum makes strides in accessibility and innovation, Solana recently overtook it as the leading ecosystem for new developers. According to Electric Capital, Solana experienced an 83% year-on-year growth in monthly active developers, ending Ethereum’s eight-year dominance in this metric.

Despite Solana’s achievements, Bitwise CIO Matt Hougan remains confident in Ethereum’s trajectory.

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Along with the Bitcoin price retracement, Ethereum (ETH) witnessed a more than 5% pullback to the $3,816 level. As Ethereum eyes fresh highs, a selloff by Ethereum Foundation triggered a negative sentiment in the market. On the other hand, Ethereum ETF inflows are making fresh records, with net inflows reaching closer to $2.5 billion.

ETH Price Faces Rejection At $4,000

Ethereum bulls failed to sustain above $4000 level for long, leading to a strong pullback amid the Bitcoin price drop under $104,000. While analysts predict further upside to new all-time highs around $5,000, the ETH price has faced multiple rejections around $4,000.

One of the major reasons is the negative sentiment due to continuous sell-off by the Ethereum Foundation. According to Arkham Intelligence, the Ethereum Foundation has sold another 100 ETH, valued at approximately $420,470. This latest transaction adds to a total of 4,466 ETH ($12.62 million) sold by the foundation so far in 2024.

This year’s activity reflects a steady divestment pattern from the Foundation, which actively manages its holdings to fund ecosystem development. In the past Ethereum co-founder Vitalik Buterin has also defended these actions from the Foundation.

Another major reason behind the recent sell-off is crypto traders turning cautious ahead of the FOMC meeting and Fed rate cut decision on Wednesday. The ETH price has been consolidating in the range between $3,600-$4,000 for the past few weeks. This means that Ethereum could see another 5% retracement before reversing its trajectory.

As of press time, the Ethereum price is down 4.38% at $3,843 levels, with its market cap at $462 billion. As per the Coinglass data, the 24-hour liquidations have shot up to $56 million with nearly $50 million in long liquidations.

As per the data from PeckShield Alert, an Ethereum address (0x746c…ee8c) that had taken a long position on ETH has been liquidated for 782.48 WETH, valued at approximately $3.02 million.

Popular crypto analyst Ali Martinez believes that once Ethereum surpasses $4,100, another 50% gain to $6,000 will come like a magnet.

Ethereum ETF Inflows Show Strength

Inflows into spot Ethereum ETFs have continued at a strong pace with BlackRock Ether ETF (ETHA) leading the pack crossing $3.3 billion in net inflows since inception. The spot Ethereum ETF has witnessed a staggering surge in net inflows since November. This surge highlights growing investor interest and confidence in Ethereum-based ETFs, particularly as institutional adoption continues to gain momentum.

On Tuesday, the Ethereum ETF inflows stood at $144 million with BlackRock’s ETHA alone contributing $134 million in inflows. Fidelity’s FETH saw $3.9 million in inflows while Grayscale’s mini-Ether ETF (ETH) saw $4.5 million in inflows.

The BlackRock iShares Ether ETF (ETHA) has experienced 13 straight days of inflows, totaling $1.5 billion, according to ETF Store President Nate Geraci. Since its launch in July, spot Ether ETFs have collectively seen $2.5 billion in inflows, despite a net outflow of $3.5 billion from the Grayscale ETH Trust during the same period.

Investors are hopeful for an ETH price surge following the massive inflows into ETFs. Analyst Venturefounder has identified a critical threshold in Ethereum’s journey, highlighting the 0.036 ETH/BTC ratio as a pivotal level. A bounce back from here sets the stage for the ETH price rally to continue.

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BlackRock Ethereum ETF witnessed massive inflows crossing the $3 billion milestone since inception, on Thursday. This comes amid continuous inflows in the last 10 trading sessions as Donald Trump’s crypto-friendly policy leads to a surge in institutional inflows. Crypto market analysts believe that this inflows can push ETH price to $15,000 within the next 6 to 8 months.

BlackRock Ethereum ETF Hits New Milestone

BlackRock’s iShares Ethereum ETF (ETHA) has witnessed inflows for 10 consecutive days, bringing its net inflows above $1.3 billion in this period. As per the data from Farside Investors, the total inflows into ETHA since inception reached nearly $3.2 billion since inception.

This surge in demand highlights the growing interest in Ethereum-based exchange-traded funds, which have collectively attracted more than $2 billion in inflows since their launch in July. This comes despite $3.5 billion in outflows from Grayscale Ethereum Trust (ETHE) during the same period.

On Thursday, December 12, the BlackRock Ethereum ETF saw an additional $202 million in inflows. The second-best inflows were in Grayscale mini Ether ETF (ETH) which saw more than $73 million in inflows. On the other hand, Fidelity’s FETH has also witnessed strong inflows nearing $1.4 billion since inception.

Furthermore, the BlackRock management team also has high hopes for its Ethereum ETF’s future performance. Jay Jacobs of BlackRock at ETFs said:

“We’re really just at the tip of the iceberg with Bitcoin and especially ethereum. Just a tiny fraction of our clients own ($IBIT and $ETHA) so that’s what we’re focused on (vs launching new alt coin ETFs)”.

ETH Price Mega Rally In Making?

ETH price bounced back to $4,000 on Thursday, however, it continues to face rejection at these levels. As of press time, price of Ethereum is trading 0.74% down at $3,913 with a market cap of $471 billion. Despite this, market analysts continue to be optimistic about Ethereum expecting a mega rally ahead.

Ethereum is poised to close another weekly green candle, provided its price stays above $3,712, according to prominent crypto analyst VentureFounder. The analyst’s long-term outlook places ETH price to reach a target of $15,937 by May 2025. In the short term, VentureFounder suggests Ethereum’s next three-week green candle could push the cryptocurrency to its previous all-time high of $4,900.

Thus, if inflows into BlackRock Ethereum ETF continue at the same pace, it can lead to further gains for ETH. However, the asset needed to first break past its crucial resistance from Ethereum price to target $5,000 and fresh all-time highs ahead.

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The BlackRock Ethereum ETF (ETHA) has been single-handedly dominating inflows into the US Ether ETF market crossing more than $2.6 billion in net inflows since inception. On Thursday, ETHA reported the highest-ever daily inflows at $292 million pushing the net inflows to more than $428 million. The ETH price is flirting around $3,900 levels looking for a potential breakout to all-time high levels of $5,000 and above.

BlackRock Ethereum ETF Hits New Milestone

BlackRock’s iShares Ether ETF (ETHA), witnessed the highest daily inflows since its inception on Thursday at $292 million. Over the past week, ETHA has been single-handedly driving the total inflows with itself clocking $800 million in inflows during the past five trading sessions. As of now, the BlackRock Ethereum ETF holds 837.5K ETH, worth $3.27 billion, solidifying its position as a dominant player in the market.

Since its July launch, BlackRock iShares Ethereum ETF alone has attracted $2.6 billion in total inflows, per data from Farside Investors. The growing momentum highlights increasing investor interest in Ethereum-focused financial products.

Following yesterday’s numbers, the net inflows across all US Ether ETFs also crossed $1 billion for the first time, now at $1.3 billion. Nate Geraci, President of ETF Store, said that the ETFs have achieved this milestone despite facing significant obstacles such as restrictions on staking capabilities, $3.5 billion outflows from Grayscale’s ETHE, absence of options trading for Ether ETFs, etc.

Spot eth ETFs now w/ over $1.3bil net inflows since July launch…

Have done this despite:

1) Nearly $3.5bil outflows from ETHE

2) No staking allowed

3) No options trading

4) No in-kind creation/redemption

5) Very limited access to major wirehouses (plus Vanguard)

Not bad.

— Nate Geraci (@NateGeraci) December 6, 2024

ETH Price Rally to $5,000 Soon?

Despite 9% gains on the weekly chart, the Ethereum price is currently confronting a major resistance at $3928, crossing which it can set the eyes on $5,000. Renowned crypto analyst Venturefounder points out that ETH is approaching a breakout from a three-year-long triangle consolidation pattern.

According to the analyst, Ethereum could also exit a seven-year trading range, setting the stage for a rapid surge reminiscent of its explosive rally during the 2016-2017 period. This historical pattern saw ETH achieve unprecedented highs in a short time frame. As a result, Venturefounder predicts Ethereum could reach a new all-time high, targeting $15,937 by May 2025.

While BlackRock Ethereum ETF inflows surge, the selling pressure from Ethereum whales has continued amid the recent ETH price surge. As per blockchain analytics platform Spot on Chain, a giant Ethereum whale has deposited its remaining 60,079 ETH, worth approximately $234 million, to the crypto exchange Bitfinex after nearly six years of holding.

The whale originally withdrew 87,085 ETH from Bitfinex in January 2019 when Ethereum was trading at just $153, amounting to a value of $13.4 million. In 2020, the whale transferred 600 ETH to Tornado Cash for privacy purposes.

In a strategic move, the whale began redepositing ETH to Bitfinex in November 2023 and December 2024, totaling 86,484 ETH at an average price of $3,331.

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Tron founder Justin Sun has continued with offloading its massive stash of ETH holdings as the Ethereum price surges to crucial breakout levels of $3,800. Earlier today, Sun offloaded a total of 20,000 ETH worth more than $76 million to the crypto exchange HTX. Other Ethereum whale entities have also started dumping the altcoin in heavy quantities. ETH price is showing a strong recovery gaining 5.5% in the last 24 hours, surging all the way past $3,920 levels with daily trading volumes surging 51% to more than $76 million.

Ethereum Whales and Justin Dump ETH in Big Numbers

The Ethereum whale activity has picked up once again as ETH gives a multi-year breakout above $38000 while moving closer to $4,000. Tron founder Justin Sun made another substantial Ethereum deposit, adding 20,000 ETH worth more than $76 million, to the crypto exchange HTX on Thursday, as per data by blockchain analytics platform Spot On Chain.

Sun has been actively moving Ethereum into centralized exchanges since the cryptocurrency began its rebound in early November. In total, he has deposited 41,630 ETH, worth $145.9 million, including 39,000 ETH, worth $137 million, to HTX and 2,630 ETH, worth $8.76 million to Poloniex. The average purchase price for these deposits is estimated at $3,505 per ETH.

Apart from Justin Sun, Whale Alert also pointed out that 9,011 ETH, valued at approximately $35.34 million, was transferred from an unknown wallet to Coinbase. Such large movements of Ethereum often spark speculation about potential market impacts. Some traders anticipate that increased sell pressure on the exchange could lead to price reversal soon.

Where is ETH Heading Next – $3000 or $5000?

According to 10x Research, Ethereum is testing the upper boundary of a massive triangle formation, signaling a potential breakout. Analysts remain bullish, suggesting that a successful breach at this level could propel Ether to $4,092—the highest price recorded in 2024—and possibly challenge its all-time high of $4,812.

As of press time, the ETH price is trading 5.5% up at $3,923 with a market cap of $472 billion and daily trading volume surging 51% to $65 billion. As per the Coinglass data, the ETH open interest has surged by 9.34% while the 24-hour liquidations have surged to $89 million with $60 million in short liquidations and $29 million in long liquidations. It will be crucial to keep a close watch on Ethereum whale dumping as the ETH price has faced five big rejections at $3,928 in the past.

On the other hand, analyst Ali Martinez stated that Ethereum’s network activity continues to surge, with over 134,000 new addresses created daily. This consistent growth reflects increasing interest and adoption of the Ethereum blockchain. The steady addition of new users underscores Ethereum’s robust network activity.

Moreover, inflows into spot Ethereum ETF have continued at a strong pace. On Wednesday, December 4, the total inflows stood at $167.7 million of which, BlackRock’s ETHA contributed $124.5 million while Fidelity’s FETH contributed $40.7 million.

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Ethereum’s native crypto ETH is yet to participate in the altcoin market rally while peers like XRP, Cardano (ADA), BNB, have witnessed strong gains. The ETH price is holding firm at around $3,700 as investors predicted an immediate rally to $4,000 as Ethereum ETF inflows have surged once again.

ETH Price Surge to $4,000 Soon?

While Ethereum has not witnessed a rally this altcoin season in comparison to peers like XRP, ADA, and BNB, the bulls have defended the strong ETH support levels.

Crypto analyst IncomeSharks noted that Ethereum’s daily support remains intact, reinforcing confidence in holding positions entered earlier. “I wouldn’t chase ETH at this level, but for now, daily support is holding,” noted the analyst.

The analyst emphasized a commitment to on-chain utility plays and set a downside threshold at $3,200, indicating that a drop below this level would trigger an Ethereum sell-off. On the upside, IncomeSharks maintains a target of $4,000 or higher for Ethereum in the near term.

On the multi-year chart, ETH price has also formed a giant cup-and-handle pattern since November 2021. However, Ethereum first needs to confirm its breakout above $3,800, which will set the stage for explosive growth ahead. Analysts estimate a price target of $7,346 based on the pattern’s historical reliability in forecasting significant gains.

As of press time, ETH price is trading 2.15% up at $3688.51 with a market cap of $444 billion. Ethereum’s on-chain volume surged to $183.7 billion in November, marking its highest monthly total since early 2021 and a 9% increase over the previous yearly peak in March.

This growth highlights a significant capital rotation into on-chain activities, driven partly by a revival in Ethereum-based NFT trading. Ethereum-based NFT marketplaces recorded their highest volumes since June.

Spot Ethereum ETF Inflows Surge Again

The inflows into spot Ethereum ETF remain strong showing a surge again on Tuesday, December 3. After Monday’s $24 million in inflows, the net inflows on Tuesday surged to $132 million led by Fidelity’s FETH and BlackRock’s ETHA.

FETH recorded net inflows of $73.7 million while ETHA saw inflows of more than $65.3 million. The positive factor was that the outflows from Grayscale’s ETHE dropped significantly to $6.4 million, from more than $44.3 million, the day before., per the data from Farside Investors.

The BlackRock Ethereum ETF has already crossed $2.2 billion in inflows since inception while Fidelity’s FETH is just short of hitting the $1 billion milestone. Last Friday, the daily inflows in Ether ETFs also surpassed that of Bitcoin ETF daily inflows. This has become catalyst for a recent jump in ETH price.

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The Ethereum Foundation once again caused a stir across the broader market on Friday, revealing that it is investing tens of millions into zkVMs (zero knowledge virtual machines). Justin Drake, a renowned researcher at the organization, revealed this investment strategy. Notably, this investment plan outlined three vital entities that remain poised to leverage the opportunity, per the researcher’s announcement.

Ethereum Foundation Putting Millions Into zkVMs

As per an X post by Justin Drake as of November 29, “The EF is investing tens of millions into zkVMs.” Further, the announcement revealed three key entities that remain poised to leverage this massive investment.

According to Drake, zkevm.org, a zkRISC-V formal verification platform, remains primed to receive support from the Ethereum Foundation’s investment. Simultaneously, Poseidon cryptanalysis and ethproofs.org, other zkVMs, are also poised to leverage this investment.

The Ethereum Foundation’s investments offer support to various components of zkVMs, spanning from formal verification to cryptographic analysis. Overall, the investment talks garnered significant attention as they further underscore ongoing efforts that aim to streamline the Ethereum ecosystem.

What’s Next For ETH Price?

On the other hand, Ethereum co-founder Jeffrey Wilcke’s trades ignited concerns across the broader market. Notably, the co-founder deposited 20,000 ETH to Kraken on November 28, raising severe concerns surrounding the crypto’s price movement ahead.

Intriguingly, Wilcke has been recorded offloading 44,300 tokens at an average price of $3,342 in 2024, solidifying market concerns for one of the leading crypto by market cap.

Against the backdrop of Ethereum Foundation investments and other developments, ETH price slipped more than 1% intraday and is trading at $3,552. Its 24-hour low and high were $3,531.87 and $3,642.19, respectively. Notably, the recent waning movement falls in line with selloff by whales. Notably, the weekly chart for the crypto shows a 5% pump, followed by a monthly upswing of 33%.

Intriguingly, a recent ETH price analysis by coinpress Media further indicated that the crypto eyes a $4000 target amid this bull cycle. This bullish projection also comes riding the back of strong market potential and ecosystem upgrades.

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The Ethereum (ETH) price has taken a strong lead gaining 5% over the last 24 hours and crossing past $3,500 levels while Bitcoin consolidates around $98,500. The attention shifts to ETH as BTC faces stiff resistance at the $100K milestone.

Following ETH’s gains, other altcoins like Ripple’s XRP, Cardano (ADA), Avalanche (AVAX), have reversed their trajectory for strong gains. The ETH/BTC pair will be crucial to monitor to decide the future course of action ahead.

Ethereum Futures Open Interest Hits Fresh All-Time High

Velte Lunde, Head of Research at K33, reports that the open interest in CME’s ether futures has nearly doubled since the recent election, reaching all-time highs. For the past few days, Ether futures premiums have even surpassed those of Bitcoin. This marks a significant shift in market dynamics.

Ethereum has largely underperformed the rest of the altcoin space during the crypto market rally following Donald Trump’s victory. After surging to $3,400 earlier this month, the ETH price retraced to taking support at $3,000 levels, amid Ethereum whale dumping.

However, it bounced back from those lows jumping 14% over the past week with surging Ethereum futures open interest. Popular on-chain analyst Maartum also reported that Ether has experienced a notable change, with a net inflow of more than 10,000 ETH. A total of 115,000 ETH was deposited, while 105,000 ETH was withdrawn.

This is a much healthier and positive shift after months of net outflows. If this trend continues, it could reduce the overall availability of ETH in the market, potentially impacting price dynamics, noted the analyst.

ETH Price to Hit $10,000?

The ETH Price is showing major strength on the technical chart, overcoming the resistance of $3,375. Crypto analysts and participants consider $4,000 as the first target for Ethereum. Meanwhile, notable analysts have also shared targets of $6,500 by the end of Q2 2025.

As per the Coinglass data, the Ether open interests surged by 5.74% to $21.73 billion. Also, the 24-hour liquidations have shot up to $47.5 million of which $24.47 million are in short liquidations and $23 million in long liquidations.

Also, crypto analyst Michael van de Poppe noted that ETH price is yet to break upwards, highlighting the need for the cryptocurrency to surpass a critical resistance level. According to him, ETH/BTC must break the 0.036 mark and convert it into support before a potential upward move. Once this happens, Ethereum price rally to $10K will kickstart soon.

#Ethereum didn't break upwards yet.

It needs to break 0.036 BTC and flip that level for support.

Once that happens, I'm assuming that the #Altcoins will go way higher. pic.twitter.com/A8R2HKj1qw

— Michaël van de Poppe (@CryptoMichNL) November 25, 2024

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Ethereum price is setting the stage for a potential rally toward $4,000 after solidifying support around the $3,000 level. The cryptocurrency has seen increased buying activity in this range, alongside a bullish breakout and imminent technical indicators, suggesting further upward momentum. As Ethereum consolidates its position, market participants anticipate a continuation of this positive trend fueled by strong demand and on-chain dynamics.

Ethereum Forms a Golden Cross Amid Major Breakout, What’s Next?

Ethereum is approaching a “golden cross,” a technical pattern where the 50-day moving average crosses above the 200-day moving average. Historically, this pattern has been linked to strong price rallies, often exceeding 100%. Analysts are expecting this indicator to push ETH price toward the $4,000 mark.

According to price analysis, ETH price is breaking above the 50-day, 100-day, and 200-day EMAs. More so, the 24-hour ETH chart shows the 50-day EMA is trending upwards toward the 200-day EMA, indicating an imminent Golden Cross. Sustaining price above the 200-day EMA strengthens the bullish case. 

Concurrently, investors are keeping track of key ETH indicators as market experts hint toward an ETH rally to $10K.

In addition, Ethereum has broken out of a bull flag pattern on the weekly chart, a development known to precede price rallies. This breakout positions the crypto to retest resistance at $3,700. Analysts Rekt Capital suggest that maintaining support above $3,200 will be critical for sustaining this momentum.

$ETH

Ethereum is currently breaking out from its short-term Bull Flag

Confirmed breakout would see ETH revisit the ~$3700 resistance above#ETH #Crypto #Ethereum pic.twitter.com/iBbUeYxmnM

— Rekt Capital (@rektcapital) November 21, 2024

Moreover, whale activity around Ethereum has significantly increased over the past week. An Ethereum whale wallet recently acquired 27,000 ETH, equivalent to $88.9 million, signaling confidence in the bullish outlook. This aligns with a broader trend of accumulating ETH within the $3,000 to $3,250 range. On-chain data from IntoTheBlock reveals that over 50% accumulation by large ETH holders. 

Layer 2 Tokens Ride the Bullish Rally

In addition, the recent rally has positively impacted Layer 2 tokens, driving notable gains across this segment. According to reports, tokens such as OP, METIS, and ARB have experienced increases of 25%, 10.62%, and 14.5%, respectively, in the past 24 hours. These gains are attributed to the growing adoption of Layer 2 solutions that aim to enhance Ethereum’s scalability.

The enthusiasm surrounding Layer 2 technologies mirrors the optimism in the broader market. At press time, the cryptocurrency was trading at $3,321, up 7% in the last 24 hours. The cryptocurrency’s market cap reached $400 billion, with the 24-hour trading volume surging 60% to $46.26 billion. 

With the imminent golden cross and continued bullish momentum, the crypto path toward $4,000 appears increasingly viable. Similarly, this aligns with an earlier ETH price prediction of $5000 this November.

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