Ethereum

Convergence

Divergence

<p>During the recovery of the altcoin market, Ethereum, the second-largest cryptocurrency globally, has surged by 4%, pushing the ETH price beyond the $2,000 mark once again.</p> 
<h3 id="ethereum-whale-accumulation-continues">Ethereum Whale Accumulation Continues</h3> 
<p>On-chain data provider Santiment said that as the Ethereum network growth shoots, the largest wallet addresses have accumulated more than 30% of the total ETH supply over the last year.</p> 
<p>In a recent development in the Ethereum space, the top 200 Ethereum wallets collectively possess 62.76 million ETH, valued at approximately $124.1 billion. Notably, these wallets <a href="https://coingape.com/ethereum-crosses-2000-amid-increasing-whale-accumulations/" target="_blank" rel="noopener">have accrued</a> 30.3% more coins since November 21, 2022. Furthermore, a surge in Ethereum wallet activity was observed, with a remarkable 94.7 thousand new ETH wallets created yesterday—the most substantial increase since July.</p> 
<figure id="attachment_165618" aria-describedby="caption-attachment-165618" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-165618" src="https://coingape.com/wp-content/uploads/2023/11/Ethereum-Whale-Accumulation.jpeg" alt="" width="1753" height="1026" srcset="https://coingape.com/wp-content/uploads/2023/11/Ethereum-Whale-Accumulation.jpeg 1753w, https://coingape.com/wp-content/uploads/2023/11/Ethereum-Whale-Accumulation-300x176.jpeg 300w, https://coingape.com/wp-content/uploads/2023/11/Ethereum-Whale-Accumulation-1224x716.jpeg 1224w, https://coingape.com/wp-content/uploads/2023/11/Ethereum-Whale-Accumulation-768x449.jpeg 768w, https://coingape.com/wp-content/uploads/2023/11/Ethereum-Whale-Accumulation-1536x899.jpeg 1536w, https://coingape.com/wp-content/uploads/2023/11/Ethereum-Whale-Accumulation-150x88.jpeg 150w" sizes="(max-width: 1753px) 100vw, 1753px">
 <figcaption id="caption-attachment-165618" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1727034190137557111" target="_blank">Santiment</a>
 </figcaption>
</figure> 
<p>On the other hand, the demand for Ethereum derivatives is also on the rise. Maarten Regterschot, an analyst contributing to CryptoQuant, has highlighted a noteworthy trend in the Ethereum (ETH) market. His analysis points to a pattern of “systemic buying” in Ethereum futures, characterized by a substantial rise in open interest. Notably, Ethereum futures have experienced an influx of $700 million, suggesting a deliberate accumulation of assets over a specific timeframe.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Someone(s) are TWAP-buying on Ethereum futures </p> 
 <p>This linear growth in open interest indicates systematic buying over a certain period. There is $700 million added so far. <a href="https://t.co/GCXK8u5yLL">pic.twitter.com/GCXK8u5yLL</a></p> 
 <p>— Maartunn (@JA_Maartun) <a href="https://twitter.com/JA_Maartun/status/1727361184595398772?ref_src=twsrc%5Etfw">November 22, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h3 id="eth-exchange-supply-declines">ETH Exchange Supply Declines</h3> 
<p>Santiment data reveals that the supply of ETH tokens on exchanges has decreased by nearly 20% over the last six months. This decline in ETH supply on exchanges is at its lowest point in half a year, indicating a positive outlook for potential price increases in the altcoin. The reduced selling pressure on ETH suggests favorable conditions for upward movements.</p> 
<figure id="attachment_165620" aria-describedby="caption-attachment-165620" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-165620" src="https://coingape.com/wp-content/uploads/2023/11/Ethereum-ETH-Exchange-Supply.png" alt="" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2023/11/Ethereum-ETH-Exchange-Supply.png 3840w, https://coingape.com/wp-content/uploads/2023/11/Ethereum-ETH-Exchange-Supply-300x102.png 300w, https://coingape.com/wp-content/uploads/2023/11/Ethereum-ETH-Exchange-Supply-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2023/11/Ethereum-ETH-Exchange-Supply-768x260.png 768w, https://coingape.com/wp-content/uploads/2023/11/Ethereum-ETH-Exchange-Supply-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2023/11/Ethereum-ETH-Exchange-Supply-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2023/11/Ethereum-ETH-Exchange-Supply-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-165620" class="wp-caption-text">
  Courtesy: Santiment
 </figcaption>
</figure> 
<p>Concurrently, there is an uptick in activity from ETH wallets, a metric that gauges the demand for Ethereum among market participants and overall network engagement. Increased activity and the creation of new wallets during a price uptrend are often viewed as bullish indicators for the asset.</p> 
<h3 id="eth-price-to-3-000">ETH Price to $3,000?</h3> 
<p>Ethereum’s price has gained momentum, <a href="https://coingape.com/markets/ethereum-price-prediction-eth-resilient-above-2k-after-fed-minutes-is-the-bull-run-intact/" target="_blank" rel="noopener">surpassing the $2,000</a> support level and instilling confidence in traders with a bullish outlook. The recent rise from $1,930 signals a positive trajectory, hinting at a potential breakout towards the coveted $3,000 mark.</p> 
<p><img decoding="async" class="aligncenter size-full wp-image-165572" src="https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-22_19-02-21.png" alt="Ethereum price prediction chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-22_19-02-21.png 2710w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-22_19-02-21-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-22_19-02-21-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-22_19-02-21-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-22_19-02-21-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-22_19-02-21-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/ETHUSD_2023-11-22_19-02-21-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"></p> 
<p>Supporting the optimistic sentiment are golden cross patterns, with the 50-day Exponential Moving Average (EMA) crossing above both the 100-day EMA and the 200-EMA around two weeks ago. To sustain the uptrend, Ethereum’s price faces crucial challenges at $2,130, where weakening resistance needs to be overcome, and $2,000, which must hold as a robust support level.</p> 
<p>The successful breach of the $2,130 hurdle is pivotal for signaling increasing momentum and ensuring the continuation of the upward trend. Such a move could also negate the sell signal indicated by the Moving Average Convergence Divergence (MACD) indicator, potentially leading to another bullish breakout.</p> 
<p>The post <a rel="nofollow" href="https://coingape.com/ethereum-eth-price-back-above-2000-amid-whale-accumulation/">Ethereum Whale Accumulation Pushes ETH Price Above $2,000</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.</p>

Ethereum Whale Accumulation Pushes ETH Price Above $2,000

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