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Ethereum (ETH) reaches $2,109, attracting attention in the dynamic world of digital currencies. It is up 4% during the last 24 hours. As per LookOnChain, a cryptocurrency market “giant whale,” has been taking deliberate activities that have investors interested. The whale borrowed 2 million DAI and bought 953 ETH at $2,098, a 3.24% gain. Since September 19, the whale has carefully purchased ETH from Binance and DEXs. ETH was purchased for 40,858 ($74.8M) at an average price of $1,831.
Giant Whale Executes Strategic Move, Borrows 4M DAI
A recent transaction involved borrowing 4 million DAI and using 2 million USDC to buy 985 ETH at $2,031. The total ETH held is 37,005 ($66.9M) at an average price of $1,808. The whale’s moves show a planned approach to market swings.
Ethereum’s price is consolidating without a clear trend, but a detailed daily chart analysis implies a likely decrease, especially if touched by Bitcoin. Researchers created a brief Ethereum price projection based on the cryptocurrency market. A Bitcoin spot ETF expected to be approved in January 2024 has prompted FOMO (Fear of Missing Out) among market players, contributing to the positive outlook and 2023 bull run. Earlier, a fake Bitcoin ETF approval news pumped the market momentarily.
However, the holiday season is expected to reduce market liquidity, which could lead to price manipulation. Bitcoin’s slowing rise and various hints of a need to sell have added ambiguity to the market. Since altcoins like Ethereum are closely tied to Bitcoin, every little change in Bitcoin’s price is expected to lower their value.
Ethereum Stocks at a Discount Between $1,750 and $1,850, Analysts Suggest Caution
Ethereum’s multi-month trend on the weekly chart has formed an ascending triangle, showing investor optimism. The price stands between $2,141, the second quarter high, and $1,933, the weekly support level. Ethereum may fall if Bitcoin’s trend continues to weaken, possibly revisiting key support levels. If the price retests the monthly open level at $1,814 and falls below the monthly low at $1,782, it might correct 9% to 12%.
The daily chart highlights minor important levels, with Monday’s range from $2,071 to $1,985. Bitcoin bears could favour a sharp drop in the next days, possibly sweeping the Monday low. Stocks can be bought at a discount between $1,750 and $1,850.
Investors should be aware of market changes because the cryptocurrency market is volatile and influenced by several factors. The market is complicated by the huge whales’ moves and Bitcoin and Ethereum’s dynamic interaction.