Ethereum Price Defies Whale Sell-Off as ETH Breaks Out of 90-Day Correction
- Patricia ArquetteOriginal
- 2024-11-09 07:20:23224browse
The crypto witnessed an accelerated bullish momentum following Donald Trump's victory in in the 2024 presidential election.
The crypto market witnessed an accelerated bullish momentum following Donald Trump’s victory in the 2024 presidential election. Bitcoin, the pioneer digital asset reached a new all time high, fueling a recovery in the altcoin market.
However, despite aggressive whale selling, the Ethereum price maintained its upward trajectory and breached a key resistance of the 6-months correction trend.
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By press time, ETH price had traded at $2,931, with an intraday gain of 1.28%. According to Coingecko, the asset market cap holds at $351.2 with a 24-hour trading volume of $35.17
Ethereum Price Defies Whale Sell-off as ETH Breaks Out of 90-Day Correction
In the past five months, the Ethereum price prediction witnessed a steady correction from $3,975 to $2,150, accounting for a 46% loss. An analysis of daily chat shows this retracement resonated strictly within the two covering trendlines of a falling wedge pattern.
Generally, this pattern reflects a temporary correction in an established uptrend which allows buyers to recuperate the exhausted bullish momentum. Amid the September U.S. Fed rate cut, the ETH price downtrend shifted to accumulation sideways trend above $2,200 level.
Donald trump’s Victory in 2024 presidential election gave the necessary push to the renew crypto market recovery. Thus, the Ethereum price rallied from the $2,400 to $2,914— a 21.7% surge— in the last four days.
This recovery gave a decesve breakout from the resistance trendline of falling wedge pattern. If the breakout sustains, the buyers could drive a 40% surge to hit $4,000.
ETH Holds Firm Amid Whale Profit-Taking
Along with key breakout, the ETH price recovery showcased higher strength as it defied the active selling pressure from whale. According to Lookonchain, a major crypto whale, holding 398,891 ETH valued at $1.14 billion, sold 29,897 ETH for $84.87 million USDC after recently rally.
The whale had initially acquired the ETH at an average cost of $3.50 per coin, turning the sale into a staggering 810x profit, equating to $84.7 million in realized gains. While large holders selling typically trigger market volatility and bolster a fresh correction trend, this whale still hold 368,992 $ETH ( worth approximately $1.07B).
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