The post Ethereum whale activity hits record highs: ETH’s 20% rally explained! appeared on BitcoinEthereumNews.com.

Ethereum sees a 20% price increase driven by whale accumulation and exchange outflows. Whale activity suggests growing bullish sentiment and reduced supply on exchanges. Ethereum [ETH] has surged by 20% over the past week, fueled by significant outflows from exchanges and rising whale accumulation, reflecting growing confidence in the asset. Despite the bullish momentum, recent minor corrections have put ETH at a critical juncture, testing key support and resistance levels. As the market waits for clarity, these levels will play a crucial role in determining the next direction for Ethereum’s price. Ethereum exchange flows Ethereum saw significant outflows around 26th October, with large-scale withdrawals from exchanges signaling increased confidence among holders. Source: Glassnode These outflows have dominated the trend, especially over the past week, aligning with ETH’s price rally as whales accumulate and reduce supply on exchanges. While minor inflows around the 7th and 10th of November suggest some profit-taking, the overall sentiment remains bullish. However, any sustained shift towards inflows could challenge ETH’s support levels, introducing potential volatility. Whale activity driving ETH’s bullish momentum Whale transactions surged in late October and early November, correlating with ETH’s 20% price rally, suggesting that large holders have been pivotal in pushing prices higher. Source: Santiment Historically, spikes in whale activity often precede major price movements, reinforcing the idea that whales are both an indicator and a catalyst for ETH’s price action. However, as ETH reaches critical resistance levels, whale transactions have tapered off, possibly signaling profit-taking or caution at elevated prices. Continued whale engagement will be crucial in maintaining upward momentum. A sustained decline in whale activity could indicate a potential correction or increased volatility. Ethereum’s path to an ATH Source: Santiment Ethereum’s recent rally and strong whale accumulation raise the possibility of revisiting or surpassing its ATH. The RSI at 67…

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Filed under: News - @ November 14, 2024 4:21 pm