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Ethereum's Breach of $4,000 Mark Presence of Whales
appeared to lead the top cryptocurrencies by market cap as they crossed the $4,000 mark. The Key Theses Ethereum was back above $4,000 after breaking out of a consolidation pattern. The bullish impulse coincided with an increase in the number of large Ether transactions. Network activity suggests whales may be positioning for higher highs. Ethereum hit the headlines again after rising more than 18% in the last four days to test the psychological level of $4,000. Ethereum breaks $4,000 The second-largest cryptocurrency by market cap has reached its uptrend after consolidating for more than three weeks. Ether…
Ethereum's Breach of $4,000 Mark Presence of Whales
appeared to lead the top cryptocurrencies by market cap as they crossed the $4,000 mark.
The central theses
- Ethereum lag wieder über 4.000 USD, nachdem es aus einem Konsolidierungsmuster ausgebrochen war.
- Der bullische Impuls fiel mit einem Anstieg der Anzahl großer Ether-Transaktionen zusammen.
- Die Netzwerkaktivität deutet darauf hin, dass sich Wale möglicherweise für höhere Hochs positionieren.
Ethereum hit the headlines again after rising more than 18% in the last four days to test the psychological level of $4,000.
Ethereum breaks $4,000
The second largest cryptocurrency by market capitalization has reached its uptrend after consolidating for more than three weeks.
Ether made a series of higher lows throughout the stagnation period, while the $3,350 level prevented further advance. Such market behavior led to the formation of an ascending triangle on ETH’s daily chart.
A sudden increase in buying pressure allowed Ethereum to break out of its consolidation pattern on August 31 and rise more than 18% in the last few days to reach a target of $4,000.
The Fibonacci retracement indicator, measured from the May 12 high of $4,372 to the June 22 low of $1,700, suggests that further buying pressure provides more room to push the asset higher. Further purchases around current price levels could result in ETH retesting its all-time high.
Whales are back
The presence of whales and institutional players on the network suggests that Ethereum could even target $5,000 if buy orders continue to pile up.
The number of large Ether transactions valued at $100,000 or more continues to rise. Around 13,770 large transactions were recorded on September 1st and this on-chain metric appears to be trending upwards.
Since whales have a disproportionate influence on prices due to their huge holdings, they can coordinate buying and selling activities to pump or dump tokens. This is the case that in recent years, every time the number of large Ether transactions increases, the price tends to follow.
As long as Ethereum can maintain its momentum and keep prices above $3,800, further gains are expected.