Ether: A dead cat bounce or Bull Run?

The king of altcoin is now moving inside a bullish trend, thus the most recent spike may only be the start of a big rise.

Written by: Olumide Adesina • Monday, May 6, 2024 • 1 min read

• Last updated: Monday, May 6, 2024

Ethereum profited from the shift in market mood over the past few hours, as seen by the green turn on its daily chart. The king of altcoin is now moving inside a bullish trend, thus the most recent spike may only be the start of a big rise.

The optimistic move on Ethereum
ETH’s price increased by 3% for the day; as of this writing, its market capitalization was more than $383 billion, within striking distance of $3.2K
It is noted that breaking 3132.80$ will end the negative scenario and allow the price to try to establish a bullish wave that its targets begin by testing 3360.31$ areas. Breaking 3095.00$ will make it easier to reach the indicated target.
It’s interesting to note that ETH may get better in the coming days. According to Santiment’s research, the network expansion of ETH increased within the past several days. The token’s active withdrawal rate increased last week, meaning more addresses were made to transfer the token.
Furthermore, the amount of Ethereum held by the top addresses increased little, indicating strong buying pressure. Ethereum Whales have increased their holdings during the price decline. As of May 2, these whales’ total Ethereum holdings have increased by 6,000 ETH over the previous three days to reach 75.17 million ETH.
Ether’s future may be impacted by an uptick in whale purchases during its market decline. Whales’ big purchases give the market the much-needed liquidity that lets panic sellers complete trades without sharply dropping prices.
Ethereum’s recent behavior amid high volatility offers hope for the crypto long-term prospects based on recent accumulation by its whales. They are confident in the asset’s intrinsic value and potential for future growth, as seen by their measured accumulation of ETH despite market volatility.

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ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.