Ethereum Price Eyes $3,911 Amid Increased Whale Deposits and Institutional Demand
Ethereum (ETH) price has formed a bullish pennant on the hourly time frame following Wednesday’s impressive performance. The large-cap altcoin, which has a fully diluted valuation of around $432 billion, rebounded from key support above $3,542 over the past 24 hours to trade around $3,595 in early Asian trade on Friday.
As Bitcoin bulls resume the initial rally towards $100,000, the price of Ethereum is poised to hit new multi-year highs. Additionally, alt season has been accelerating as Bitcoin’s dominance heralds an imminent reversal in the uptrend.
Ethereum’s whales are on the move
The Ethereum network has seen significant whale activity in recent years as stablecoin balances have surged significantly. From a sales perspective, on-chain data shows that two major ether whales have sold off in the past 24 hours.
After Ethereum co-founder Jeffrey Wilcke deposited 20,000 Ethereum worth more than $72 million into Kraken on Thursday, another whale followed suit. Winslow Strong, director of the Qualia Institute, deposited 9,380 ETH, worth approximately $33.7 million, to the Coinbase exchange earlier today, according to on-chain data analysis by Spot on Chain.
However, the U.S. Spot Ether ETF has started to show signs of rising demand from institutional investors. At the same time, a major whale Spending $64 million in the past two weeks to purchase nearly 20k Ethereum from the Bybit exchange.
mid-term goals
From a technical perspective, there is a good chance that Ethereum price will continue its bullish momentum in the near future. On the four-hour time frame, Ethereum price target is reaching $3,911, which is in line with the 2.618 Fibonacci extension line.
Amid the bearish sentiment, Ethereum price will find strong support above $3,285 after bouncing off the same levels three times in the past week.
market pictures
As a bullish November draws to a close, Ethereum’s volatility is expected to continue in the remaining weeks of the year. Additionally, Ethereum’s open interest (OI) has surged to an all-time high of over $24 billion, indicating increased demand from FOMO traders.
According to market data analysis by Coinglass, if altcoin prices reach $4,000, the ETH market will liquidate approximately $850 million.
