The post Ethereum Price Eyes $3,911 Amid Increased Whale Deposits and Institutional Demand appeared on BitcoinEthereumNews.com.

After an impressive performance on Wednesday, Ethereum (ETH) price has been forming a bullish pennant in the hourly time frame. The large-cap altcoin, with a fully diluted valuation of about $432 billion, rebounded from a crucial support level above $3,542 in the past 24 hours to trade about $3,595 on Friday during the early Asian session. With Bitcoin bulls having resumed the initial rally towards $100k, Ether’s price has been preparing to print a multi-year high. Furthermore, the altseason has been revving up as Bitcoin dominance signals an imminent reversal from the rising trend. Ethereum’s Whales on the Move The Ethereum network has registered a plethora of whale activities in the recent past, amid a notable spike in the stablecoin balance. From the sales perspective, on-chain data shows that two major Ether whales have offloaded in the past 24 hours.  After Jeffrey Wilcke, the cofounder of Ethereum, deposited 20k Ether, worth over $72 million into Kraken on Thursday, another whale has followed suit. According to on-chain data analysis by Spot on Chain, Winslow Strong, the director of the Qualia Research Institute, deposited 9,380 ETH, worth about $33.7 million, to the Coinbase exchange earlier today.  However, the US spot Ether ETFs have begun showing signs of rising demand from institutional investors. Meanwhile, a major whale has spent $64 million to purchase nearly 20k Ether in the past two weeks from Bybit exchange. Midterm Target If $ETH continue to mirror its previous cycle, Ethereum could reach unheard of levels! Factor in the Ethereum ETFs and growing institutional interest and this chart seems more and more likely 🚀 Chart: TATrader_Alan pic.twitter.com/TD87KmJTQ3 — CryptosRus (@CryptosR_Us) November 29, 2024 From a technical standpoint, Ethereum’s price has a higher chance of continuing with bullish momentum in the near future. In the four-hour time frame, Ether’s price…

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Filed under: News - @ November 29, 2024 5:08 am