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Ethereum Price Eyes ATH as Whale Buying Resumes

Patricia Arquette

Nov 11, 2024 am 07:02 AM

ethereum Whales Buying ATH Price

The crypto witnessed an unusual spike in buying on Sunday morning as Bitcoin price rallied to a new ATH above $80,000.

Ethereum Price Eyes ATH as Whale Buying Resumes

Cryptocurrency showed an unusual buying activity on Sunday morning as Bitcoin price rallied to a new all-time high (ATH) above $80,000. The bullish momentum quickly spread to the altcoin market as the second-largest cryptocurrency, ETH, continued to trade above the $3000 price level. The Ethereum price recovery, backed by whale accumulation, now eyes the current ATH of $4,981.

At press time, ETH price was trading at $3,228, with an intraday gain of 3.2%. The asset market cap stood at $389.4 Billion, with a 24-hour trading volume of $42.1 Billion, according to Coingecko.

Ethereum Price Targets ATH as Whale Buying Resumes

The cryptocurrency market kicked off an accelerated bullish momentum in November following Donald Trump's victory in the 2024 presidential election. The pioneer digital asset, Bitcoin, leveraged the broader market sentiment to reach a new high of $80,000 today.

Onchain data showed the BTC price recovery was further supported by whale accumulation, indicating the large investor confidence in a prolonged uptrend. However, smart money investors shifted their focus not only on accumulating Bitcoin ($BTC) but also on Ethereum ($ETH).

Earlier today, four whale wallets withdrew 12,499 ETH (worth approximately $40 million) from the crypto exchange Binance, according to Lookonchain data. This large-scale withdrawal pointed toward a potential surge in Ethereum price, as the accumulation phase among whales often precedes major market moves.

Whales are not only accumulating $BTC but also $ETH!

Today, 4 fresh wallets withdrew 12,499 $ETH($40M) from #Binance.

Address:

https://t.co/SQuMHXIHB9

https://t.co/5i2dQycE6J

https://t.co/0Uxu9f146A

https://t.co/LcipzWKOcJ

https://t.co/rmmywMcE6C pic.twitter.com/GCPyZ4abdG

— Lookonchain (@lookonchain) November 10, 2024

ETH Price Rally Completes Major Correction Trend

After the Bitcoin rally, the Ethereum price prediction highlighted a six-day recovery from $2,380 to $3,220—a 36% surge. This sharp upswing, backed by increasing volume, saw a decisive breakout from ETH's 3-month accumulation and falling wedge pattern.

Since late May, this chart setup drove a steady correction trend within two converging trendlines, with the recent breakout indicating a significant shift in trend. The Ether buyers reclaimed the daily EMAs (20, 50, 100, and 200), further bolstering the bullish sentiment in the market.

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