What’s Next for ETH’s Price?
The post What’s Next for ETH’s Price? appeared on BitcoinEthereumNews.com.
Este artículo también está disponible en español. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, seems to be drawing attention as analysts observe market metrics that indicates the possible next move for ETH. Recent data from CryptoQuant has highlighted patterns in accumulation and exchange-traded fund (ETF) inflows, providing a detailed look at Ethereum’s potential trajectory as it underperforms relative to Bitcoin in the current cycle. Related Reading Analyzing Trends in Accumulation and ETF Inflows In a series of posts shared on social media platform X, CryptoQuant analysts dissected Ethereum’s key metrics. One of the standout observations was Ethereum’s balance in accumulation addresses. These addresses now hold approximately 19.5 million ETH, valued at around $78 billion. Ethereum balance on accumulation addresses. | Source: TradingView For comparison, Bitcoin accumulation addresses hold about 2.8 million BTC, worth $280 billion. While the dollar value of Bitcoin held is four times larger than Ethereum, this aligns with their relative market capitalizations, offering insights into investor behaviour. Another critical metric spotlighted was the steady inflow into Ethereum-focused ETFs over the past months. Notable spikes were recorded on several key dates, including $1.1 billion on November 11 and $839 million on December 4, 2024. According to the CryptoQuant analysts, these consistent inflows are a strong indicator of institutional buying interest, reinforcing Ethereum’s growing appeal among large-scale investors. The Ethereum ETF has seen steady inflows in recent months. Key spikes on: Nov 11, 2024: $1,100MNov 21, 2024: $754MNov 25, 2024: $629MNov 27, 2024: $883MDec 4, 2024: $839M These inflows reflect strong buying pressure. pic.twitter.com/OIwWNmRPYB — CryptoQuant.com (@cryptoquant_com) December 10, 2024 Despite the strong ETF demand, Ethereum’s price movements have been less dramatic compared to Bitcoin’s performance in this cycle. Historically, Ethereum’s price peaks have trailed Bitcoin’s, as seen during the 2021 bull run. At that time, Bitcoin hit…
Filed under: News - @ December 11, 2024 6:14 am