For the past few weeks, investors in the cryptocurrency markets have felt like they are riding a roller coaster. Ups and downs, constant fluctuations. But what about Ethereum (ETH)? The situation is different for Ether and the expected movement has not yet begun. However, early indicators suggest that it may be approaching.
Ethereum (ETH) Analysis
The king of altcoins has once again surpassed $1,900 and is struggling to surpass $37,000 BTC. At the beginning of the month, after a short consolidation phase, the price of ETH started to recover. On-chain data is increasing hopes for Ether. According to data from IntoTheBlock, ETH exchange net flows have been negative in the past seven days. This indicates that the assets sent to exchanges for sale are below the outflows.
Taking a closer look at the chart below, we can see that investors have moved 263,520 ETH from crypto exchange wallets to cold wallets between November 3 and November 9.
This movement to cold wallets indicates accumulation by long-term investors. This shows that while prices are starting to rise, some investors are collecting more ETH. The realized purchase is worth approximately half a billion dollars at the average price. Considering that the cumulative trading volume is around 50 billion, this is a very exciting accumulation.
ETH Price Predictions
On October 8, the size of open positions for ETH was $4.2 billion, and today it is over $5.42 billion. This increase of over $1 billion signifies more capital inflow for ETH. This highlights a stable price increase in the short and medium term.
Despite several attempts, ETH has not been able to sustain closings above $1,950. The first signal for a turnaround on the chart will be 4-hour closings above this range. After that, the reclaiming of the $2,000 and $2,200 levels will be necessary.
Just as BTC reversed rapid declines in May, it is likely that Ether will reverse the obstacles up to $3,000 in a similar manner. For this to happen, accumulation must continue and BTC price must consolidate above $36,000.
