\nEthereum price climbs above $2,100 backed by increased risk appetite among 200 largest whales who now hold over 50% of ETH\u2019s available supply.\t\t\t\t<\/p>\n
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Published 16 mins ago <\/p>\n
Ethereum has been bullish since the pullback to $1,900 earlier this week which had been triggered by the saga surrounding the ouster of the\u00a0founder and the CEO of Binance<\/span><\/a>, Changpeng Zhao. Most cryptos rolled back as investors reacted to the developments at the largest crypto exchange by volume.<\/p>\n <\/p>\n Bitcoin price<\/a><\/span>\u00a0has since recovered from the dip to $35,650 and is trading at $37,843 at the time of writing. The second-largest crypto Ethereum, up 2% in the last 24 hours is trading at $2,104 considering the cumulative 7.1% increase in one week.<\/p>\n Ethereum was able to uphold support at $1,930 backed by immense interest in the leading smart contracts token from whales. According to crypto analyst @ali_charts who shared the IOMAP chart from IntoTheBlock, \u201cEthereum overcame key resistance zone between $1,982 and $2,044.\u201d Approximately 1.67 million addresses purchased 38.7 million ETH.<\/p>\n The up leg will likely extend toward $2,500 due to the reducing resistance and a strong support zone between $1,982 and $2,044. Holding above this demand area could propel Ethereum price to rally to new yearly highs.<\/p>\n #Ethereum<\/a> overcame a key resistance zone between $1,982 and $2,044. Here, 1.67 million wallets acquired 38.7 million $ETH<\/a>.<\/p>\n With minimal resistance ahead and solid support below, remaining above this demand area could pave the way for #ETH<\/a> to reach new yearly highs. pic.twitter.com\/mrSKls9N4M<\/a><\/p>\n \u2014 Ali (@ali_charts) November 24, 2023<\/a><\/p>\n<\/blockquote>\n Data from the same blockchain analytics platform IntoTheBlock and shared on X (formerly Twitter) by @C_thumbs revealed that more than 500k ETH has been transferred from exchanges to non-custodial wallets in 30 days. This marked the highest level in three months, bringing total outflows in dollar value to $1 billion in only three weeks.<\/p>\n <\/p>\n \u201cOn November 22nd alone, $ETH had a netflow of -148.5k ETH at an average price of $2011. The last time a large netflow like this occurred was on October 30th, after which the price increased 19%,\u201d data by IntoTheBlock paints a bullish picture.<\/p>\n Ethereum has crossed the $2000 mark with a significant volume backing its movement. <\/p>\n Data from @IntoTheBlock<\/a> shows that over 500k ETH has left exchanges for non-custodial wallets this month, which is the highest amount in 3 months. This brings the total outflows to $1 billion in\u2026 pic.twitter.com\/nUY52QnM5m<\/a><\/p>\n \u2014 C_THUMBS || \u20bf || (@C__thumbs) November 23, 2023<\/a><\/p>\n<\/blockquote>\n The support\u00a0Ethereum price<\/span><\/a>\u00a0is receiving shows that it is profitable for investors and traders to take advantage of the dips, which are proving to be highly profitable.<\/p>\n Santiment, another leading blockchain data platform, reported on November 22 that approximately 200 largest Ethereum wallets currently hold a combined 62.76 million ETH with a dollar value of around $124.1 billion, with a third of these tokens accumulated in the last year since November 21. This cohort of holders accounts for at least 52% of Ethereum\u2019s available supply.<\/p>\n \ud83d\udc0b Ethereum Whales on a buying spree! \ud83d\udcb8@santimentfeed<\/a> reports that the 200 largest Ethereum wallets now hold a combined 62.76M $ETH<\/a>, currently worth $124.1B! They have accumulated 30.3% more coins since November 21, 2022 and now command 52% of Ethereum’s circulating supply! \ud83d\udcca<\/p>\n \u2014 OneArt (Crypto & NFT Wallet) (@art_wallet) November 22, 2023<\/a><\/p>\n<\/blockquote>\n The four-hour chart shines a light on the current technical situation, where\u00a0Ethereum price is facing resistance<\/span><\/a>\u00a0from a likely double-top pattern. Therefore, higher support, as established from the fundamental aspect of the market, is paramount for the continuation of the uptrend to $2,500.<\/p>\nEthereum Price On The Bullish Offensive Bolstered By Whales On A Buying Spree<\/h2>\n
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Ethereum Price At A Crossroads<\/h2>\n
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