After an impressive performance on Wednesday, Ethereum (ETH) price has been forming a bullish pennant in the hourly time frame. The large-cap altcoin, with a fully diluted valuation of about $432 billion, rebounded from a crucial support level above $3,542 in the past 24 hours to trade about $3,595 on Friday during the early Asian session.
With Bitcoin bulls having resumed the initial rally towards $100k, Ether’s price has been preparing to print a multi-year high. Furthermore, the altseason has been revving up as Bitcoin dominance signals an imminent reversal from the rising trend.
Ethereum’s Whales on the Move
The Ethereum network has registered a plethora of whale activities in the recent past, amid a notable spike in the stablecoin balance. From the sales perspective, on-chain data shows that two major Ether whales have offloaded in the past 24 hours.
After Jeffrey Wilcke, the cofounder of Ethereum, deposited 20k Ether, worth over $72 million into Kraken on Thursday, another whale has followed suit. According to on-chain data analysis by Spot on Chain, Winslow Strong, the director of the Qualia Research Institute, deposited 9,380 ETH, worth about $33.7 million, to the Coinbase exchange earlier today.
However, the US spot Ether ETFs have begun showing signs of rising demand from institutional investors. Meanwhile, a major whale has spent $64 million to purchase nearly 20k Ether in the past two weeks from Bybit exchange.
Midterm Target
From a technical standpoint, Ethereum’s price has a higher chance of continuing with bullish momentum in the near future. In the four-hour time frame, Ether’s price is aiming at reaching $3,911, which coincides with the 2.618 Fibonacci Extension.
In case of bearish sentiment, Ether price will find a robust support level above $3,285, after rebounding from the same level three times in the past week.
Market Picture
As the bullish November approaches the end, Ethereum’s volatility is expected to continue in the remaining weeks of the year. Moreover, Ethereum’s Open Interest (OI) has spiked to a new all-time high of above $24 billion, signaling heightened demand from FOMO traders.
According to market data analysis by Coinglass, around $850 million will be liquidated from the ETH market if the altcoin reaches $4k.
