A top crypto analyst and trader says Ethereum is setting up for a wild rally as he unveils his new price target for blockchain-based game Axie Infinity.
The pseudonymous analyst known as Pentoshi tells his 333,400 Twitter followers that he expects Ethereum (ETH) to go on a massive surge as it threatens to print a new higher high.
“ETH. On [the] verge of price discovery. [The] Next leg up should be one of the wildest yet. Looks great vs BTC as well.”
According to Pentoshi, Ethereum has no resistance in sight and could abruptly climb over 15% from its current price of $4,339.
“Have a feeling a lot of people are underexposed to ETH, myself included, but vacation has me being more conservative. But there is only clear skies ahead. Could see $5,000 rapidly if this breaks out.”
The crypto analyst is also looking at play-to-earn game Axie Infinity (AXS), which he notes has taken out its immediate resistance at $145.
“AXS looks ready to head for $200+ here. Price discovery awaits. Incredibly bullish market structure.”
Pentoshi is also tracking the performance of Cosmos, a protocol that aims to be the “internet of blockchains.” According to the crypto strategist, Cosmos could be poised to print a bullish higher low (HL) setup against Bitcoin.“ATOM. Added a little here. Will continue to add. Bottom in, in my opinion, and this is an HL forming.”
Ethereum Whale Loading Up on Six Altcoins Amid Bitcoin and Crypto Market Resurgence
A crypto whale known for its Ethereum (ETH) holdings is making a splash by buying big into six different altcoins.
The transaction tracker WhaleStats tweeted out that a whale known as “Light” just bought over $11 million of Wrapped BTC (WBTC), which is an Ethereum token designed to maintain a constant peg to the price of Bitcoin.
“ETH whale ‘Light’ just bought 200 WBTC ($11,352,400 USD).
Ranked #4 on WhaleStats.”
The wallet now has a total value of $5.7 billion, including 362 WBTC valued at $20.2 million. WBTC at time of writing is worth $57,084, the same as BTC.
Light also scooped up a heaping helping of decentralized blockchain indexer The Graph (GRT).
“ETH whale ‘Light’ just bought 2,000,000 GRT ($1,849,946 USD).”
The Graph is down 6.23% today to $0.93.
The feeding frenzy continued as the whale acquired more than $1.8 million worth of decentralized exchange (DEX) SushiSwap, whose native token SUSHI is currently trading at $7.50.
“ETH whale ‘Light’ just bought 250,000 SUSHI ($1,837,500 USD).”
Next up is ILV, the native token of the open-world role-playing game Illuvium that’s built on the Ethereum blockchain. The whale devoured a thousand ILV for more than $1.75 million.
“ETH whale ‘Light’ just bought 1,000 ILV ($1,753,260 USD).”
ILV is currently up 6.70% on the day and exchanging hands at $1,845.
The DEX feast also featured automated finance protocol Uniswap, with the whale shelling out $1.6 million on the UNI token.
“ETH whale ‘Light’ just bought 79,998 UNI ($1,603,965 USD).”
UNI is up 1.58% on the day to $20.52.
Last on the shopping list is Curve DAO(CRV), the token that powers the Curve Finance DEX. According to DeFILama, Curve has more total value locked up than any other DEX.
“ETH whale ‘Light’ just bought 250,000 CRV ($1,145,000 USD).”
The 86th-ranked crypto is down 2.83% today and priced at $4.67.
WhaleStats also provides insight into the most popular tokens among whales.
Of the top-10 tokens purchased over the past 24 hours, WhaleStats has ETH leading the list with 138 total purchased, followed by three different stablecoins: USDT, Circle’s USDC), and Binance USD (BUSD).
Top 3 Price Prediction Bitcoin, Ethereum, XRP: Leading cryptos take the back seat
- Bitcoin price may experience constricted trading conditions as capital enters the broader altcoin market.
- Ethereum price approaches new all-time highs.
- XRP extends bullish momentum to the fourth consecutive daily close above the open.
Bitcoin price is likely to face some underperformance against Ethereum, XRP, and the broader altcoin market. Ethereum price action pushes higher during the Tuesday trading session, making another attempt at new all-time highs. XRP price is close to recovering all of the losses it sustained on Black Friday.
Bitcoin price action to consolidate in the interim
Bitcoin price is currently in a horrible place from a technical analysis perspective. It is in its twelfth consecutive day trading inside the Cloud. The Cloud (red and green shaded areas) within the Ichimoku Kinko Hyo system is an area of indecision, volatility and frustration. It’s the place where trading accounts go to die. Traders should expect to see sideways activity followed by false breakouts until a clear breakout above or below the Cloud.
Altcoins should catch a bid throughout December, as Bitcoin trades mostly sideways. A trading range between $53,000 as support and $65,000 as resistance is expected. Any breakout above the Cloud will likely see Bitcoin push new all-time highs near the $77,000 value area.
Ethereum charges higher towards new all-time highs
Ethereum price has been somewhat of a surprise given the bearish sentiment and exiting the bear channel. Ethereum is currently just $200 shy of hitting the prior all-time high, showing resilience and outperformance of the broader cryptocurrency market. However, some warning signs should be observed.
ETH/USD Daily Ichimoku Chart
Ethereum is trading up against the upper trendline of a bear flag. At the same time, the Composite Index has printed a high above November 9th high while the corresponding price levels on those dates show lower highs. This creates a form of divergence known as hidden bearish divergence. It is a warning sign that the current swing higher may not be as honest of a move as it appears.
If Ethereum fails to close above the $4,600 value area on the daily chart, a pullback to $4,000 is likely.
XRP price up over 16% from Sunday lows, looks to extend higher
XRP price may be a barometer for how the rest of the altcoin market may behave in December. XRP’s daily Ichimoku chart forms a significant bear trap, which looks very similar to its peers’. Unlike Ethereum’s chart, which shows evidence of overbought conditions, XRP’s chart shows that a bullish extension is very likely to be sustained.
XRP’s behavior over the past two months has been one of epic frustration for bears. There have been nine occasions when XRP has fulfilled all the Ideal Bearish Ichimoku Breakout entry requirements. Unfortunately for the bears, all nine of those occasions have failed to generate any substantive or sustained selling pressure. This repeated failure has undoubtedly trapped a significant number of short-sellers – creating prime conditions for a short squeeze.
XRP/USDT Daily Ichimoku Chart
The critical price level for XRP to close above is the $1.15 value area. From there, XRP price would be positioned in a favorable bullish Ichimoku entry condition that positions XRP towards the $3.00 value area. Down-side risks remain limited to the $0.65 value area.
ETH/BTC Ready to Break Higher? Not So Fast, Some Analysts Say
A much-discussed chart among crypto traders in recent days has been the ethereum (ETH)/bitcoin (BTC) chart, with many claiming it looks primed for a sharp move higher. However, some are still betting on an opposite outcome, with investor demand also indicating stronger appetite for bitcoin.
The potential break-out for ETH has gotten a fresh round of attention following strong outperformance of ETH over BTC during the past week. At 11:57 UTC on Tuesday, ETH was up 11% over the past 7 days, while BTC was up 2.5% over the same time period.
The notable difference in performance came at a time when the stock market has tumbled over renewed coronavirus fears, with the US S&P 500 futures currently down by about 2.9% from its all-time high on Monday last week.
And as has been pointed out by many in recent weeks, bitcoin is still behaving more like a risk asset that fluctuates with the stock market, than a safe haven hedge like gold. This relationship has once again been demonstrated in recent days, some crypto traders have argued.
The ETH/BTC chart has also been pointed to by Raoul Pal, founder & CEO of Real Vision, who said recently that he sees it as “the most important chart in digital asset markets right now.”
“A break higher will lead to more risk seeking into year end,” Pal said, suggesting that we may be entering a new bullish period for altcoins.
However, as usual, not everyone agrees with the narrative that ethereum is about to break higher relative to bitcoin. According to the popular crypto trading educator and Crypto-TA.nl founder Crypto_Ed, the ETH/BTC chart is not breaking out yet, and instead may be looking at a move lower.
“I see many tweeting ETHBTC chart looks so good….. All I see is a rising wedge with bearish divergence and it looks more like it’s gonna break down,” he said, adding that the same also holds true when looking at the same chart with a longer time frame.
So many comments I should look at higher TF…
Well, that's what I taught ~2000 students in past years: "always start at the highest possible TF"
Daily TF: symmetrical triangle, usually in an ABCDE.
E doesn't need to go completely to the bottom but will do a pull back pic.twitter.com/ZpyeI3bGDo— Crypto_Ed_NL (@Crypto_Ed_NL) November 29, 2021
Similar takes were also shared by other traders.
Futs a bit heavy as well, tough conditions thought we were looking better earlier— Depression BTC (@depression2019) November 30, 2021
Growing capital flows
According to last week’s Digital Asset Fund Flows report from CoinShares, bitcoin appears to be enjoying greater momentum than ethereum in terms of capital flows into regulated investment vehicles.
As reported, last week, BTC saw the largest inflows in 5 weeks totaling USD 247m (compared with USD 114m a week earlier) following the launch of another investment product in Europe, they added. ETH saw inflows totaling USD 23m last week, compared with around USD 13m a week earlier.
3/ demand – we track weekly investment flows via our @CoinSharesCo report
in the last 11 weeks, we've seen $2.7B of inflows into bitcoin ETPs alone. demand continues unabated, and w $5.5T of dry powder on the sidelines, there's plenty of capacityhttps://t.co/Ivu9apdYqv— Meltem Demir◎rs (@Melt_Dem) November 29, 2021
Moreover, Marcus Sotiriou, a sales trader at the UK-based digital asset broker GlobalBlock, is also demonstrating a bullish stance towards bitcoin.
“Bitcoin appears to be forming a falling wedge pattern which is historically bullish and has a higher probability of breaking to the upside than the downside,” the trader wrote in an emailed comment, adding:
“If the down trending line of resistance is broken, bitcoin may be on its way to retest the all-time-high as the technical target is around that region.”
At 11:57 UTC, BTC traded at USD 57,600, up 1.4% over the past 24 hours. At the same time, ETH stood at USD 4,581, up 6.3% over the same time period.