For the first time since the Ethereum (ETH) Shanghai upgrade earlier this year, Ether’s price has closed above $2,000 following the recent Bitcoin (BTC) breakout towards $38,000. However, Ethereum’s price has encountered significant resistance at around $2,136, casting doubts on the sustainability of the uptrend. Despite this, crypto experts remain optimistic about the recent rally, anticipating further gains as some investors grow impatient.
Ethereum Whales Accelerate Profit-Taking:
A recent on-chain analysis conducted by Lookonchain reveals that prominent Ethereum whales have been accelerating their profit-taking activities recently, potentially signaling an impending correction. Notably, one Ethereum whale transferred approximately 26.4k Ether, valued at roughly $54 million, to Bitfinex after being dormant for the past three years. Another Ethereum whale moved approximately 30k Ether, worth about $65 million, to Binance, resulting in a staggering loss of around $183 million.
In contrast, a savvy Ether whale deposited 25.7k Ether, equivalent to about $50 million, to Binance on November 09, securing a profit of approximately $1.5 million. Lookonchain’s analysis highlights that Ether whales who have refrained from taking profits face unrealized losses.
Recently, the Ethereum network received a boost in credibility when BlackRock, a leading fund manager with over $9 trillion in assets under management (AUM), filed for a spot Ether ETF application. While the initial frenzy may have subsided, the filing by BlackRock could pave the way for more hedge fund managers to follow suit and compete in offering spot Ether ETFs. This development can potentially trigger further upside momentum in the near term.
In summary, Ethereum’s price surge past $2,000 has been notable, but resistance at $2,136 looms large. Ethereum whales taking profits may hint at a potential correction while filing a spot Ether ETF by BlackRock could bolster Ethereum’s position in the market. Crypto enthusiasts eagerly await further developments in this exciting and dynamic space.
Was this writing helpful?
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.