Ethereum

Based

Rally

Value

<img decoding="async" width="1200" height="789" src="https://coingape.com/wp-content/uploads/2024/03/ethereum-new_11zon-e1713515823217.jpg" class="attachment-full size-full wp-post-image" alt="Ethereum price rally ETH analyst" style="float:right; margin:0 0 10px 10px;">
After facing some selling pressure last week, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">Ethereum (ETH) price</a> seems to be stabilizing around $3,700. On the other hand, the Ethereum on-chain indicators continue to show strength hinting at buying pressure on the upside. 
<h3 id="surge-in-ethereum-whale-addresses">Surge in Ethereum Whale Addresses</h3> 
Crypto analyst Ali Martinez has highlighted a significant rise in the number of Ethereum addresses holding 10,000 or more ETH, which has increased by 3% over the past three weeks. This uptick signals a notable spike in buying pressure for Ethereum. 
<figure id="attachment_201409" aria-describedby="caption-attachment-201409" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-201409" src="https://coingape.com/wp-content/uploads/2024/06/Ethereum-whale-addresses.jpeg" alt="" width="1199" height="675" srcset="https://coingape.com/wp-content/uploads/2024/06/Ethereum-whale-addresses.jpeg 1199w, https://coingape.com/wp-content/uploads/2024/06/Ethereum-whale-addresses-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/Ethereum-whale-addresses-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/Ethereum-whale-addresses-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/06/Ethereum-whale-addresses-150x84.jpeg 150w" sizes="(max-width: 1199px) 100vw, 1199px">
 <figcaption id="caption-attachment-201409" class="wp-caption-text">
 Courtesy: <a href="https://x.com/ali_charts/status/1799908829221749005/photo/1" target="_blank" rel="noopener">Ali Martinez</a>
 </figcaption>
</figure> 
On-chain data from Santiment reveals that enthusiasm for Ethereum surged following the SEC’s approval of <a href="https://coingape.com/vaneck-exec-reveals-next-move-in-spot-ethereum-etf-s-1-approval-by-sec/" target="_blank" rel="noopener">Ethereum ETFs</a>. Despite this initial excitement, social sentiment has now stabilized, which is considered an ideal state ahead of the commencement of trading for these new Ethereum financial products. 
<img decoding="async" class="aligncenter size-full wp-image-201410" src="https://coingape.com/wp-content/uploads/2024/06/Ethereum-Social-Volume.png" alt="" width="2848" height="1350" srcset="https://coingape.com/wp-content/uploads/2024/06/Ethereum-Social-Volume.png 2848w, https://coingape.com/wp-content/uploads/2024/06/Ethereum-Social-Volume-300x142.png 300w, https://coingape.com/wp-content/uploads/2024/06/Ethereum-Social-Volume-1224x580.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Ethereum-Social-Volume-768x364.png 768w, https://coingape.com/wp-content/uploads/2024/06/Ethereum-Social-Volume-1536x728.png 1536w, https://coingape.com/wp-content/uploads/2024/06/Ethereum-Social-Volume-2048x971.png 2048w, https://coingape.com/wp-content/uploads/2024/06/Ethereum-Social-Volume-150x71.png 150w" sizes="(max-width: 2848px) 100vw, 2848px"> 
<h3 id="eth-price-action-ahead">ETH Price Action Ahead</h3> 
On the other hand, some market analysts believe that the ETH price is forming chart patterns similar to that in 2021, after which it rallied by a staggering 83%. In a recent analysis, noted analyst Caled Frazen drew attention to the striking similarities between Ethereum’s current price action and its performance in 2021. 
While cautioning against expecting an exact repetition of historical patterns (“history rhymes, but it doesn’t repeat”), Frazen emphasized the significance of the observed parallels. Frazen noted that in the 2021 cycle, the “red zone” served as a crucial level. Although it wasn’t flawless support, it proved significant enough. Following a failed breakdown, Ethereum witnessed a remarkable rally of +83% within 50 days. 
<figure id="attachment_201412" aria-describedby="caption-attachment-201412" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-201412" src="https://coingape.com/wp-content/uploads/2024/06/ETH-Price-Action.jpeg" alt="" width="3414" height="3976" srcset="https://coingape.com/wp-content/uploads/2024/06/ETH-Price-Action.jpeg 3414w, https://coingape.com/wp-content/uploads/2024/06/ETH-Price-Action-258x300.jpeg 258w, https://coingape.com/wp-content/uploads/2024/06/ETH-Price-Action-1051x1224.jpeg 1051w, https://coingape.com/wp-content/uploads/2024/06/ETH-Price-Action-768x894.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/ETH-Price-Action-1319x1536.jpeg 1319w, https://coingape.com/wp-content/uploads/2024/06/ETH-Price-Action-1759x2048.jpeg 1759w, https://coingape.com/wp-content/uploads/2024/06/ETH-Price-Action-150x175.jpeg 150w" sizes="(max-width: 3414px) 100vw, 3414px">
 <figcaption id="caption-attachment-201412" class="wp-caption-text">
 Courtesy: <a href="https://x.com/CalebFranzen/status/1799534083170595186" target="_blank" rel="noopener">Caleb Franzen</a>
 </figcaption>
</figure> 
Based on the Coinglass chart depicted above, Ethereum (ETH) open interest witnessed a decline from $16.97 billion recorded on June 6 to reach $16.35 billion as of the latest update on June 9, marking a decrease of $620 million. 
Despite <a href="https://coingape.com/trending/what-will-happen-if-vanecks-ethereum-price-prediction-of-22000-comes-true/" target="_blank" rel="noopener">ETH’s price</a> experiencing a 7.38% dip from its weekly peak on June 6, the reduction in open interest was comparatively moderate, contracting by only 3.65%—almost half of the price decline. 
A deceleration in open interest reduction relative to price decline amid a market downturn can potentially be interpreted as a bullish recovery signal for two significant reasons. 
<figure id="attachment_201420" aria-describedby="caption-attachment-201420" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-201420" src="https://coingape.com/wp-content/uploads/2024/06/ETH-Futures-Open-Interest.png" alt="" width="2604" height="814" srcset="https://coingape.com/wp-content/uploads/2024/06/ETH-Futures-Open-Interest.png 2604w, https://coingape.com/wp-content/uploads/2024/06/ETH-Futures-Open-Interest-300x94.png 300w, https://coingape.com/wp-content/uploads/2024/06/ETH-Futures-Open-Interest-1224x383.png 1224w, https://coingape.com/wp-content/uploads/2024/06/ETH-Futures-Open-Interest-768x240.png 768w, https://coingape.com/wp-content/uploads/2024/06/ETH-Futures-Open-Interest-1536x480.png 1536w, https://coingape.com/wp-content/uploads/2024/06/ETH-Futures-Open-Interest-2048x640.png 2048w, https://coingape.com/wp-content/uploads/2024/06/ETH-Futures-Open-Interest-150x47.png 150w" sizes="(max-width: 2604px) 100vw, 2604px">
 <figcaption id="caption-attachment-201420" class="wp-caption-text">
 Courtesy: Coinglass
 </figcaption>
</figure> 
In the event that Ethereum ($ETH) breaches the support threshold at $3650, there’s a possibility of a downturn toward $3152, marking the previous Fair Value Gap (FVG). 
Should Ethereum manage to hold steady at the $3650 mark, it could signal a potential upward trajectory towards $4000. Furthermore, surpassing the resistance barrier at $4000 might instigate a robust bullish surge targeting the $6000-$7000 range. 
The post <a href="https://coingape.com/ethereum-mega-whale-addresses-surge-in-three-weeks-83-eth-price-rally-likely/">Ethereum Mega-Whale Addresses Surge In Three Weeks, 83% ETH Price Rally Likely</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Mega-Whale Addresses Surge In Three Weeks, 83% ETH Price Rally Likely

Table of Contents

Coingape News Media

Other articles published on Jun 10, 2024

Bitcoin Drops Below $70,000 and Affects High-Risk Loans in Aave

Top 4 Heavyweight Events This Week That Could Impact Bitcoin

Iggy Azalea’s MOTHER memecoin surges 30% on mobile company announcement

Altcoins Display Acute Strength: Mantra (OM) Price Reaches Highs While Oasis (ROSE) Record Huge G...

BlockDAG's Lunar-Keynote Propels Blockchain Evolution: Potential Gains For Polygon (MATIC) And Av...

Which Meme Coin Can Give 100x Returns In 2024

Join our free newsletter for daily crypto updates!