- Ethereum’s 2019 patterns are similar to those of 2019.
- Since 2019, the largest holders of ETH are steadily accumulating more.
Ethereum [ETH] As 2024 approaches its conclusion, the market’s sentiment has shifted from being bearish to one of bullishness.
Ethereum’s price mirrors the pattern of the ETH/USD currency pair in 2019, where an ascending wedge formed.
The lower lows in this cycle were 10 times greater than the ones seen in 2019.
In 2019, Ethereum’s price fell below the ascending wedge just before the Federal Reserve’s first rate cut. This is a similar situation to 2024.
Following the 2019 rate cut, ETH/USD as well as ETH/BTC have both reached their bottoms and formed a powerful confluence.
This pattern will likely repeat itself, as the price is predicted to fall below the wedge and capture liquidity, before turning upwards in Q4 or Q1 of 2025.
If, however, the price is below the rising wedge for a prolonged period, additional analysis could be required to change strategies or reduce potential losses.
The number of whales continues to increase
The whales have a major role to play in this upward trend. Ethereum’s biggest holders have steadily accumulated more ETH in 2019 and the trend increased after the Shanghai Accord. upgrade In early 2023.
At the time this article was published, over 43% (of Ethereum) was held by whales, a number that is rapidly catching up to 48%, which retail investors hold.
The accumulation of these players indicates they expect Ethereum’s value to increase over time.
Netflows in ETH currency
Data showed that Ethereum exchange’s negative netflows on derivatives exceeded 40,000 ETH.
The fact that more ETH is being withdrawn, and then transferred into cold wallets indicates a reduced pressure to sell.
Investors could be planning for long-term gain, because the recent decline in Ethereum’s value is just a correction. It may even set up a major upward trend.
Click Here to Read Ethereum’s [ETH] Price Prediction 2024–2025
Ethereum ETF Update
There are still positive signals despite the negative net flows of Ethereum ETFs. Fidelity and other ETH-ETFs have seen inflows during the last day. Grayscale ETHE saw the biggest and only outflow.
Ethereum’s price may rise in the future due to ETFs.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com