Key Takeaways
- Ethereum signals a major pullback at a significant resistance level of $37,00.
- Experts confirm the growing concern over the ETH/BTC pairing.
- Jaffrey Wilcke, the co-founder transferred 20,000 ETH ($72.5 Million) to Kraken which was followed by whale selling.
- Further rally of Ethereum is possible after the $3,700 resistance level.
Ethereum is facing a crucial resistance at $3,700. The value of the token has to break away from this level for further rally. The value of Ethereum was facing a significant surge above $3500 until the whale selling picked up. The offloading of the ETH to exchanges by whales has raised concerns among investors.
The investors are concerned about the profits before the price reaches $40,000. Adding fuel to the fire, the co-founder of Ethereum Jaffrey Wilcke has sold a massive 20,000 ETH, which is valued at $72.5 million. The future of the project is under speculation and surveillance.
Ethereum Price Breakput: Expert Observation and Analysis
According to the prominent crypto analyst Rekt Capital, the project is attempting to break the crucial resistance level of $37,000. He confirms that to proceed to this breakout level, Ethereum requires strong weekly closure.
The further upward momentum of the project is possible only after the price rallies to $40,000 and beyond. Rekt Capital observes that currency resistance of ETH indicates “picture-perfect rejection” from the resistance and the project is currently not ready for the breakout.
The critical resistance level in the ETH/BTC pairing is pointed out by the renowned analyst CrediBULL Crypto. The upward momentum of the ETH/BTC pair is on the way for its initial “trouble area”. The analysts observe that rejection at this point along with the potential 10% correction of Bitcoin could make Ethereum into a buying zone between $27,000 and $2,800.
CrediBULL Crypto emphasizes that short-term holders can choose to hold the ETH through this short-term volatility but it is mandatory to have a watch between the $2,700 and $2,800 range. This can help determine the potential entry opportunities.
Funding rates indicate the sentiments of the crypto market. The rise in the funding rates of the ETH can be considered a positive sign for Ethereum. As the price trajectory of Ethereum continues its upward momentum, investors get attracted to the project.
Ethereum and Whale Dumping: Data Analysis
The co-founder of Ethereum Jaffrey Wilcke has recently made headlines after transferring 20,000 ETH to the Kraken wallet. This movie was amid the Ethereum price rally of $35,000. In a single year, this accounts to be the fourth major ETH transfer event.
As of now, Jaffrey Wilcke has transferred 44,300 ETH which is valued at a whopping $148 million. The average price of the token comes up to $3,342 per token. The other co-founder of Ethereum, Vitalik Buterin can also be seen selling the coin lately.
Winslow Strong is the director of Qualia Research Institute. He has transferred 9,380 ETH which is worth $33.7 million to Coinbase a few hours before. After the price of ETH recovered in early November, Strong sold an accumulated 14,233 ETH which is worth $48.8 million.
Ethereum: Current Price Analysis
The trading volume of Ethereum is $30,116,743,211 for the past 24 hours. This indicates that the token has declined -37.70% compared to the previous day. The decrease showcases the recent fall in market activity. The market capitalization is $430,998,251,222. The circulating supply and total supply is 120,437,986. The fully diluted valuation of the token is $430,998,251,222.
The Ethereum tokens are available on centralized crypto exchanges. Binance is the most popular option with a trading volume of $1,745,796,038. The most active trading pair is ETH/USDT. You can also explore other popular options like WEEX and CoinW. Compare the options before combining the best exchange option.
Ethereum: Historical Price Analysis
The lowest recorded price of the Ethereum is $0.433. It was recorded on October 20, 2015. Compared to the current price of the token, it has increased by 825,977.02%. The token has increased by 6.00% in the past seven days outperforming the global cryptocurrency market. The 24-hour price of Ethereum ranges between $3,534.44 and $3,637.83. The seven-day price ranges between $3,284.25 and $3,666.19.
Final Thoughts
The current price of Ethereum is down by 1.27% down at $3,570. The trading volume has dropped by 32% moving under $30 billion. As per the analysis, the 24-hour liquidation of ETH has increased by $32 million. The long liquidation is $19 million and the short liquidation is $13 million. The whale dump and the subsequent ETH transfer by key figures are creating concerns among investors.
If you are interested in the project, it is highly recommended to have your facts checked before investing. The volatile nature of the crypto environment will have an impact on your investment.
