As Whales Make Intriguing Moves, Will Ethereum (ETH) Set New Records This Week?

On Nov 20, 2023

The crypto market has been on a rollercoaster lately, with big names like Ethereum (ETH) reclaiming the $2,000 mark, a solid 4% gain over the last 24 hours. It seems like there is a major shift happening in the ETH market, keeping traders and crypto fans on the edge of their seats.

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The Ethereum (ETH) market is seeing a fascinating shift, with big players, or ‘whales’, quietly stocking up on ETH. Analyst Ali Martinez noted this trend, backed by Whale Alert’s spotting of massive ETH transfers from Bitfinex, suggesting these whales are moving ETH to cold storage for the long haul. Meanwhile, other whales seem to be cashing out, with substantial amounts of ETH being transferred to other major exchanges like Coinbase for potential sale.

A closer look reveals these whales are playing a strategic game: one, in particular, sold 12,048 ETH to clear debts, after using it as collateral to borrow more ETH. Another interesting move involved this whale using 7,324 ETH as collateral to borrow million USDT, likely to buy more ETH. Such actions signal a strong belief in the ETH price’s growth and a bullish trend in the market.

Thus, whales are not just accumulating ETH, but are also making calculated moves to expand their holdings, betting on future price hikes. However, there’s a catch – if these whales start selling in large numbers, it could lead to a market pullback. So, the crypto community is keeping a watchful eye, ready for any sudden shifts.

Ethereum (ETH) is currently demonstrating a complex interplay of technical signals, trading between a critical support level at $1,907 and a resistance level at $2,030.

The asset’s recent movements suggest a tussle between bullish and bearish sentiments; on the bullish side, ETH has been consistently maintaining above the 1-month and 13-week highs of $2,136, indicating sustained interest and optimism among investors.

Source: TradingView

However, the proximity to the 52-week high of $2,138 could act as a psychological barrier. The MACD indicators show stalling at $1,971 and $2,172, suggesting that the current trend could be losing momentum.

Ethereum (ETH) Bullish Scenario

If Ethereum (ETH) manages to break past the resistance at $2,030, the next significant milestone would be $2,070. A successful breach of this barrier could pave the way for testing $2,138. This upward trajectory aligns with the actions of ETH whales, who have been strategically accumulating and holding onto their assets, as noted in the previous analysis. Their continued accumulation and withdrawal to cold storage, coupled with strategic borrowing for further purchases, could fuel a positive sentiment, driving the price towards these higher resistance levels.

Ethereum (ETH) Bearish Scenario

Conversely, should Ethereum (ETH) break below the first support point of $1,907, it might seek lower grounds towards $1,868, and possibly even $1,826. Such a downturn might be triggered by large-scale selling from the whales, as they could decide to cash in on their profits, leading to increased supply on the market. This potential sell-off, if aligned with the MACD indicators stalling, could indicate a shift in market sentiment, moving the price towards these lower support levels.

Ethereum (ETH) is really keeping the crypto world on its toes these days. The big-time holders, the ‘whales’, are making some interesting moves, scooping up more ETH and locking it away for what looks like the long term. This kind of action speaks volumes – it’s like they’re betting big on the altcoin king’s future and everyone’s watching to see if they’re right. It’s a bit of a high-stakes game; these whales have the clout to push the Ethereum (ETH) value up if they keep holding, or send it spiraling if they suddenly decide to sell.

On the technical side of things, ETH is dancing on a tightrope, hovering between key support and resistance levels. If it manages to leap over that resistance line, it could be a sign that the whales’ bullish bets are paying off. But, if it dips below that crucial support level, we might be seeing the start of a downturn, possibly kicked off by these same whales cashing out.

It’s like a game of chess with the Ethereum (ETH) value in the balance, and everyone from seasoned traders to casual crypto fans is glued to the board, waiting for the next big move.

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