Ethereum Whales Play a Role in the Repeating ETH Pattern of 2019. What’s Next
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- Ethereum is following a historical pattern observed in 2019.
- The largest holders of ETH continue to accumulate since 2019.
Ethereum [ETH] remains the second-largest cryptocurrency, with market sentiment shifting from bearish to bullish towards the end of 2024.
The price action of Ethereum reflects a similar pattern to that of 2019 on the ETH/USD pair, featuring the formation of an ascending wedge.
The higher lows observed in this cycle’s wedge are significantly larger than those seen in 2019.
Back in 2019, Ethereum’s price dipped below its ascending wedge before the Federal Reserve initiated its first rate cut; this mirrors a comparable situation unfolding in 2024.
Source: TradingView.
In the aftermath of the rate cut in 2019, both ETH/USD and ETH/BTC reached their lowest points, establishing a remarkable confluence.
This trend has a strong possibility of repeating itself successfully as prices may dip below the wedge before reversing upwards around late Q4 or early Q1 of next year. Should prices remain under pressure below the ascending wedge, it may necessitate strategic adjustments and loss mitigation efforts moving forward.
Whale accumulation trends
The actions of large investors (whales) are crucial for supporting anticipated upward price movements. Notably, Ethereum’s prominent holders have consistently accumulated additional ETH since 2019, particularly strengthening their position post-Shanghai upgrade earlier this year.
As indicated at publication time, these whales collectively hold over 43%, closely aligned with retail investors holding 48%.
This ongoing accumulation reveals confidence among these participants regarding Ethereum’s long-term value appreciation.
Source: IntoTheBlock.
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Recent netflows on exchanges for ETH
Main data indicates that there has been an outflow exceeding 40,000 ETH b>. This implies an increase in withdrawals with more funds transitioning into secure cold wallets.
>This recent decline witnessed within Ethereum might be viewed merely as a short-lived correction paving way for potential upward movements ahead.
Source: CryptoQuant.
Check out Ethereum’s [ETH] price forecast from *2024* to *2025*.
Current updates concerning Ethere m . h2 >
The overall negative perceptions affecting Ethereum ETFs experienced a shift recently with emerging optimistic tendencies noted. In less than [24] hours period witnessed increases toward inflows related particularly around Fidelity,
while Grayscale ETHE accounted predominantly fo r any substantial exits during this timeframe.The prevailing optimism surrounding ETF developments could potentially offer crucial backing for upcoming gains related specifically toward Ether.
“Source: Spot On Chain (19659026) P>
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