- Ethereum’s price has increased to $3,120, motivated by increased whale transactions and a spike in market activity.
- Whale activity is at its highest level since August, signaling strong interest and potential for continued price growth.
- Ethereum’s On-Balance Volume spike indicates more buying power and suggests the price could keep rising with sustained momentum.
The price of Ethereum rose, reaching $3,120 at the moment, due to a rise in whale activity and transaction volumes. Due to this expansion, Ethereum has reached a 14-week high, igniting interest among key players once again.
Important market movements have been noted by prominent analysts Santiment and IncomeSharks, who attribute Ethereum’s momentum to more whale transactions and spikes in transaction volume. Furthermore, Ethereum is anticipated to rise as a result of Bitcoin’s expansion during the current bull run, maybe reaching an all-time high.
Whale Activity Signals Increased Market Interest
Ethereum’s transaction volume just reached $10.4 billion, the highest level since early August, according to Santiment. This volume spike coincides with a notable rise in whale transactions or trades for more than $100,000. Ethereum had 8,482 whale transactions at the beginning of November, the most since August 4.
These whale activities play a major role in Ethereum’s upward movement, indicating stronger interest from large investors. Moreover, Ethereum’s price trajectory from mid-August to early November illustrates fluctuating but steadily increasing market interest.
On-Balance Volume (OBV) Indicates Strong Accumulation
IncomeSharks highlights Ethereum’s largest On-Balance Volume (OBV) spike since last year’s rally, suggesting potential for explosive price movement. OBV, a technical indicator reflecting cumulative buying and selling pressure, started below 9 million in October 2023. It then reached over 13 million by March 2024, indicating significant accumulation.
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However, from March through August, OBV trended downward, showing reduced investor interest. In early November, OBV surged again, rising from approximately 10.5 million to over 11.5 million, mirroring the earlier bullish trend and signaling renewed buying momentum.
Ethereum’s Price and Market Sentiment on the Rise
Market sentiment is clearly strong as Ethereum’s price rises above $3,100. Analysts expect Bitcoin’s continued growth to redistribute profits toward Ethereum, further boosting its position. Santiment and IncomeSharks report that the recent increase in whale transactions and OBV could foreshadow sustained growth for Ethereum. Consequently, this heightened market activity suggests Ethereum may continue its upward trajectory, driven by strong network activity and increased interest from key stakeholders.
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