Ah, Ethereum’s native token, Ether (ETH), the lone wolf in the top 10 cryptocurrency pack, currently flaunting a rather dismal negative return over the past 30 days. Quite the party trick, isn’t it?
With crowd sentiment plummeting faster than a lead balloon, this altcoin is practically begging for a bullish revival. And lo and behold, on-chain data suggests it might just be around the corner—if only it could find a corner to hide in! 😅
Ethereum addresses add 330,000 Ether in 2 weeks
MAXPAIN, our resident crypto oracle, has pointed out that Ether addresses holding between 1,000 to 10,000 ETH have managed to accumulate a staggering 330,000 ETH since January 7, valued at over $1.08 billion. Talk about a shopping spree!
Now, if we rewind to April 2024, we find that the same group of addresses hoarded over 620,000 ETH. And what happened next? A delightful 66% upswing! Who knew hoarding could be so profitable?
Our crypto trader friend also noted a delightful uptick in daily active addresses, with network growth rising to 180,000. Could this imply fresh capital inflow, or just a bunch of bored investors looking for something to do?
On the flip side, Percival, a verified on-chain analyst on CryptoQuant, has shed light on the rather disheartening decline in ETH spot market transactions. From a whopping $52 billion in January 2021 to a mere $8 billion in 2025—a staggering 84% reduction! It’s like watching a balloon deflate at a children’s party.
“This means that the demand for Ethereum in this bull market is considerably lower.”
So, while the whales are busy adding ETH to their wallets, retail interest seems to have taken a vacation—perhaps to a tropical island far away from the crypto chaos.
Will an inverse head-and-shoulders pattern send ETH to $5,000?
As the market collectively yawns at Ether’s lackluster performance, multiple traders are eyeing the current market setup as a potential bullish opportunity. Because who doesn’t love a good gamble?
Jelle, a long-term crypto investor, has identified the formation of an inverse head-and-shoulders pattern within another bullish setup of ascending triangles on the weekly chart. Sounds fancy, doesn’t it? The probability of a bullish breakout improves significantly with the price converging within a couple of bullish confluences. It’s like a crypto love story waiting to unfold!
In fact, Alec, a derivative trader, has noted that Ether is developing a tightening on both the 30-minute low time frame (LTF) and 1-day high time frame (HTF). With liquidity present on both sides of the spectrum, he mused,
“A larger move is on the horizon for ETH. Take the liquidity and run the opposite way? But which way??”
Lastly, Cold Blooded Shiller, a markets analyst, weighed in on the dismissive nature of the industry towards Ethereum right now, quipping,
“$5k $ETH by March, and this will be the saltiest space on Earth.”
While $5,000 is indeed a tantalizing target for Ether, its immediate hurdle remains at the $4,100 level. Since 2024, Ethereum has managed to break above a descending trendline on two separate occasions, but alas, the overhead resistance at $4,100 has proven to be a formidable foe.
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2025-01-23 01:36