Ethereum’s breakout odds – Here’s what traders can look out for!

Combined books for ETH showed an overall positive trend in price action
Whale activity on Ethereum network has grown lately too

As a seasoned crypto investor with a knack for deciphering market trends and patterns, I find myself quite intrigued by the recent developments in Ethereum (ETH). The combined books showing an overall positive trend and the surge in whale activity on the network are certainly noteworthy indicators.

At present, Ethereum (ETH) appears to be gaining traction in the market, supported by substantial buy orders and indications of increasing demand from investors.

Indeed, the latest findings show a total bidding activity of approximately $27.173 million alongside a query volume of around $60.615 million. This suggests that demand is on the rise, pointing towards an increasing trend.

Currently, ETH is trading at $2,683. If the purchasing trend continues over subsequent sessions, we might see Ethereum reaching a higher resistance point. On the other hand, significant selling could potentially pull ETH nearer to its support level around $2,300.

Ethereum’s breakout odds – Here’s what traders can look out for!

ETH price action and prediction

In the past few months, Ethereum’s price has not demonstrated considerable power, yet it seemed on the verge of a major breakthrough.

If ETH manages to break through the significant resistance point around $2,800, it might indicate a steep upward trend potentially taking ETH to $4,000.

The combination of this market’s solid base and gradual increase in prices hints that Ethereum might be ready for an upward trend shortly.

On the other hand, the market for Ethereum can be quite volatile, with some experts predicting a potential dip might happen first before a stronger upward trend takes shape.

Ethereum’s breakout odds – Here’s what traders can look out for!

Predictions about price are still conservative, since Ethereum might drop to around $2500 first, creating a more solid base for an eventual surge.

Investors who follow the dollar-cost averaging approach may find these price points advantageous for establishing long-term investments.

Whale activity and crypto breadth

Beyond just considering the general market mood, it’s worth noting that the activity of large Ethereum holders (whales) has significantly increased, reaching a six-week peak. This surge in whale activity occurred when Ethereum dropped to around $2,380.

Historically, when such large amounts of whale activity occur, it’s typically a sign that significant investors are amassing assets. If these whales persist in buying Ethereum (ETH) in expectation of future profits, this pattern could potentially lead to a price increase or recovery.

Nevertheless, the influence on price from whale activity hinges upon whether Ethereum continues to maintain its sustained buying interest for a prolonged period.

A significant advance or victory in the cryptocurrency sector could spark increased curiosity and participation throughout the market, possibly leading to a rise in the prices of alternative coins as well.

1) It’s clear now that the crypto market hit its lowest point in early September, as indicated by the expanding technical depth across a broad range of top 200 cryptocurrencies. Over the last two months, both our custom advance-decline line and other breadth indicators within the crypto space have been climbing, while asset prices have fluctuated.

Experts following Ethereum’s (ETH) market trends believe it will excel more than Bitcoin (BTC) moving forward, contrary to the recent trend where Bitcoin has surpassed Ethereum’s performance.

A surge in Ethereum (ETH) could bring it closer to matching the performance of Bitcoin, the top cryptocurrency. But investors need to watch key price points like support and resistance levels, since the market’s actions will hinge on whether ETH can maintain its present upward momentum.

2024-10-31 13:12

ETH price action and prediction

Whale activity and crypto breadth

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