Ethereum

<p>Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, appears to be a perfect buying opportunity as whales and institutions are heavily accumulating. On November 1, 2024, a blockchain-based transaction tracker Lookonchain made a post on X (previously Twitter) that a smart trader had purchased a significant 7,483 ETH worth $18.8 million.</p>  
<h2 class="wp-block-heading" id="h-eth-accumulation-by-whales-and-traders-nbsp"><strong>ETH Accumulation By Whales and Traders&nbsp;</strong></h2>  
<p>One thing that captured everyone’s attention is the trader’s 100% win rate. Additionally, this purchase occurred when ETH was near the lower boundary of its bullish channel pattern.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/lookonchain/status/1852290816158630112
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</figure>  
<p>Lookonchain noted that this trader has traded ETH nearly 10 times between August 12 and September 28, 2024, achieving a total profit of over $2.14 million. Currently, this smart trader holds 10,216 ETH worth $25.6 million with an unrealized loss of $1.21 million.</p>  
<p>Additionally, another <a href="https://x.com/WuBlockchain/status/1852359708742725688" target="_blank" rel="noopener noreferrer nofollow">whale wallet</a> with the address “0xb9” has acquired a significant 19,772 ETH worth $50 million over the past 3 days. This address has accumulated a substantial 54,272 ETH valued at $137 million from Binance and Bybit since September 17, 2024.</p>  
<p>This continuous and significant accumulation of ETH hints at a bullish signal for token holders and suggests a potential upward rally in the coming days.</p>  
<h2 class="wp-block-heading" id="h-ethereum-technical-analysis-and-upcoming-level"><strong>Ethereum Technical Analysis and Upcoming Level</strong></h2>  
<p>According to expert technical analysis, <a href="https://coinpedia.org/news/whats-next-for-bitcoin-ethereum-and-solana-price-btc-eyes-65k-without-hitting-new-aths/" rel="noopener noreferrer nofollow">Ether</a> appears bullish and is poised for an 11% rally to reach the $2,815 level in the coming days. The primary reason for this bullish outlook is the price action pattern. On the daily chart, ETH has formed a bullish ascending price action pattern, with the current price positioned at the lower boundary of this pattern.</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/01210651/ETHUSDT_2024-11-01_21-06-34-1024x448.png" alt="" class="wp-image-375110">
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  Source: Trading View
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<p>Based on historical price momentum, whenever the price approaches the lower boundary of the pattern, it tends to encounter buying pressure, resulting in an upward rally. With a similar pattern forming this time, the crypto community expects a comparable upside rally in the coming days.</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>  
<p>As of now, ETH is trading near $2,545 and has experienced a price decline of 1% over the past 24 hours. During the same period, its trading volume soared by 7.5%, indicating heightened participation from traders and investors amid recent whale activity.</p>

Ethereum (ETH) Eyes 12% Rally as 100% Win-Rate Trader Goes Long

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