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Ethereum

$1,007,811,970 in Ether Shifted by Whales and Major Crypto Exchanges

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Over $1 billion worth of Ethereum has been transferred by anonymous whales and major digital exchanges, while the same amount of ETH has been burned.

Popular crypto tracking service Whale Alert, which shares the details of large cryptocurrency transfers, has tweeted that in the past 20 hours, an astounding amount of over $1 billion in Ethereum has been shifted.

The senders and recipients of these transfers were anonymous whales and large crypto exchanges.

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Whales shovel over 279,003 ETH

According to data shared by blockchain sleuth Whale Alert, well over 10 massive Ethereum transactions have been made, sending 279,003 ETH between anonymous wallets, while sometimes large Ethereum lumps were sent to and from major crypto exchanges.

The largest transfer carried 61,017 ETH (totaling 207,286,216 USD) from one anonymous wallet to another. Other transfers moved 20,000 ETH on average, with the smallest carrying from 3,000 to 5,000 Ethers.

A total of 12,697 ETH (44,939,362 USD) were sent from an unregistered wallet to the Huobi exchange. Someone also withdrew 33,333 ETH (the equivalent of 119,413,436 USD) from Binance to an anonymous crypto address.

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The total amount of Ethereum transferred constitutes $1,007,811,970 at the present exchange rate of $3,601 per Ether.

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Image via Twitter

Over $1 billion in ETH burned since EIP-1559 release

Data provided by the Watchtheburn website shows that, since Aug. 5 (the day when the EIP-1559 upgrade was released on Ethereum, also known as the London hard fork), 297,000 ETH have been burned on the network. That is over $1 billion coins, the same amount that has been transferred by whales mentioned in the first part of the article.

EthHub’s cofounder Anthony Sassano confirmed this on his Twitter page.

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The London hard fork has begun to make Ethereum deflationary as it implemented a mechanism for incinerating transaction fees on the network.

Recently, the CEO and CIO of Ark Investments, Cathie Wood, stated that the fund’s confidence in Ethereum has gone up dramatically. The rise in confidence in the second-biggest cryptocurrency, according to Wood, was triggered by the start of Ethereum’s transition process from the proof-of-work (PoW) algorithm to a proof-of-stake (PoS) one.

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Ark now intends to invest 60% of its reserves in Bitcoin and 40% in Ethereum.

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Ethereum

Ethereum Price On the Brink of Breakout! $11.3k Target Could be Imminent!

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The global crypto space is making some serious moves over the last week with 10.8% profits reaching a $2.50 trillion market cap. However, Bitcoin’s dominance has risen by 0.66% taking BTC price level to the $62,000 milestone on 15th October 2021. 

Besides, its counterpart Ethereum with top-notch performance surpassed the $3,800 price level with 7.74% gains over the last week. The altcoin on the other hand is showing the potential signs to go hand in hand with Bitcoin.

Analyst Predicts Ethereum to Surge Beyond $11k! 

Popular crypto analyst Micheal Van de Poppe made an exciting prediction for the altcoin. He said ETH/USDT trading pair is retesting at a very crucial resistance between $3.8k to $4k, break out could give a rapid boost to the price action. He added altcoin is partially reflecting the footsteps of Bitcoin as it has previously done in 2017. Hence, according to the analyst, the asset could range between $6k and $8.7k in the upcoming bull run.  

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He went on to say if the digital coin closes major Fibonacci levels of 3.618 and 4.618 then the asset could take an upswing varying between $11.3k and $14k. Further, addressing Bitcoin’s recent bull rally, he manifested that if it continues to rally by 20% more, then Ethereum could follow and leg up by 10%. On the contrary, the analyst mentioned a strong support area for the altcoin between $2.9k and $3.3k

Ethereum Breaks Double Top Pattern!

The second-largest crypto-asset experienced a phenomenal increase in the weekly trade volume of 7.03%. At present, the altcoin is in a strong consolidation phase around $3,863. There seems to be a lack of FOMO as the selling pressure is pretty dominant. In a one-hour chart, there are a considerable number of red candles.

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If the buyers come forward showing interest in the asset then the asset is anticipated to surpass a major resistance level of $4,042. On the flip side, the asset could fall well below $4,000. A comfortable support zone for the asset could be between $3,500 and $4,000.

On the other hand, the total value in the ETH 2.0 deposit contract recorded an ATH of over $30 trillion. As the upgrade is programmed to launch any time soon. This could act as a major catalyst in the coming days. Hence, the altcoin has the strong potential to reach new highs.

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Top Analyst Predicts 200% Boom for Ethereum Over Bitcoin – But Issues Warning to Crypto Traders Considering Altcoin Markets

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A widely followed crypto analyst sees a volatile Q4 ahead for altcoins but thinks Ethereum will end the cycle with a massive run against Bitcoin.

Crypto strategist Michaël van de Poppe tells his 443,3000 Twitter followers that it is within the realm of possibilities for Ethereum to rally 200% against Bitcoin (ETH/BTC) in the coming months.

However, he warns that BTC may take over the markets at the expense of altcoins until December. According to the trader, December is historically is the month to buy digital assets other than Bitcoin.

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“December is often the best period to buy altcoins.

If history repeats, we might be getting a run of 200% on ETH/BTC towards the ATH (all-time high) region from there, but first, a heavier correction while Bitcoin does well.”

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Source: Van de Poppe/Twitter

Although Van de Poppe is short-term bearish on altcoins, he believes the digital assets will eventually follow Bitcoin’s lead.

Taking a closer look at Bitcoin, Van de Poppe plots the price action of the top crypto asset for the coming weeks.

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“We still are not seeing too much strength on the altcoin market. So, it’s still not the right time to be in them, and I’m assuming we’re still going to see strength on Bitcoin for the coming weeks in the scenario that I’ve made here in which a test of $70,000 is most likely going to take place within a month from now before we get a final corrective move, retest of the range [$59,405-$61,213] that we’ve been cracking through before we’re going to test a new all-time high region and going to finalize this entire bull cycle.”

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Massive drop in Ethereum exchange reserves signals imminent supply shock, ETH eyes $8,000

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  • Over 400,000 ETH was pulled out of Coinbase, dropping exchange reserves and driving a supply crisis.
  • Average Ethereum gas fees stay above $20 due to an increase in pressure from smart contracts on the network’s blockchain. 
  • Analysts who are bullish on Ethereum expect ETH price to cross $5000 in an upward climb. 

Institutional investors are bullish on Ethereum with rising capital inflow. Ethereum reserves across exchanges have dropped as outflow increases. 

Coinbase notes massive Ethereum exchange outflow

Coinbase noted a withdrawal of 400,000 Ethereum tokens, and according to community-driven crypto platform CryptoQuant, it is likely that the outflow was institutional activity. Analysts expect a bullish impact on ETH prices. 

400,000 Ethereum tokens are the equivalent of $1.5 billion, withdrawn from the second-largest cryptocurrency exchange. The exchange outflow indicator is considered a sign of increased outflow and a supply shortage in Ethereum. 

Ethereum Exchange Outflow

Ethereum Exchange Outflow.

Ethereum has posted over nearly 20% gains in the past two weeks. 

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Interestingly, there is a spike in whale activity on the Ethereum network. Over $188 million worth of Ethereum was moved between two anonymous cryptocurrency wallets in a single transaction. 

A mysterious whale initiated the transaction, and it was sent to an unknown recipient. The details of the transaction are as follows:

Whale activity on the Ethereum Network

Whale activity on the Ethereum Network.

With news of Bitcoin ETF getting approval by the Securities & Exchange Commission next week, experts are awaiting Ethereum’s turn. Analysts are of the opinion that following Bitcoin ETF approval, capital inflow to Ethereum and altcoins will increase. 

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Pseudonymous cryptocurreny trader and analyst @jroberts3334 has set a target of $8000 for Ethereum for February 2022. 

Simon Dedick, Managing Partner of Moonrock Capital, is bullish on Ethereum; he tweeted:

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FXStreet analysts have evaluated the ETH price trend to analyze where altcoin is headed next. Analysts have set a target of $5200 for ETH price. 

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