Ethereum

bullish

Stellar

Ethereum’s price has pulled back in recent days as some whales continue to sell their tokens. 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) retreated to $3,058 on Monday, Nov. 18, from this month’s high of $3,445. This retreat means that it has moved into a local technical correction after falling by 11% from its highest level this month. 
Ethereum’s price action happened as some whales continued selling their coins. Data by LlamaFeed shows that whales have moved ETH tokens worth over $300 million in the last 24 hours. The biggest whale movement <a href="https://etherscan.io/tx/0x3d3a72f49da05e500c36031d86e0515bb9fbc8582cde659c57195a8f36753ee2" target="_blank" rel="nofollow">moved 50,000 ETH</a> tokens valued at over $153 million to Kraken and paid a transaction fee of $12.80. 
Another notable whale moved<a href="https://etherscan.io/tx/0x36b272b67ba3c9adec0e092fc77571effe29b867e4c08418fa366b4a21fc32a8" target="_blank" rel="nofollow"> 15,579 tokens</a> worth $47.8 million to Coinbase. Moving tokens to exchanges is usually the first step that investors take when liquidating.&nbsp; 
Ethereum’s price also dropped as spot ETFs experienced outflows for two consecutive days. Outflows stood at $59.8 million on Friday, a big increase from $3.24 million a day earlier. Altogether, these ETFs have achieved <a href="https://sosovalue.com/assets/etf/us-eth-spot" target="_blank" rel="nofollow">inflows worth</a> $178 million compared to Bitcoin’s $27 billion. 
Meanwhile, the blockchain has continued to underperform other smaller networks in the DEX industry. The volume handled in its DEX networks dropped by 4.7% in the past 24 hours to $850 million. In contrast, Solana (<a rel="" href="https://crypto.news/price/solana/">SOL</a>) handled $5.92 billion, while Base, BSC, and Arbitrum handled $1.28 billion, $1.27 billion, and $992 million. 
 You might also like: <a rel="" href="https://crypto.news/xrp-price-surged-to-1-will-stellar-lumens-xlm-be-next/"> XRP price surged to $1: will Stellar Lumens XLM be next? </a> 
Still, some analysts are optimistic that Ethereum’s price may be about to bounce back in the longer term. One analyst expects that ETH’s price will ultimately jump to $10,000 in the long term, implying a 226% rally from the current level. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 https://twitter.com/IamCryptoWolf/status/1858215014391587079 
 </div>
</figure> 
Other analysts cited more catalysts like its deflationary nature and the potential for staking in ETFs now that Trump has won the election. 
<h2 class="wp-block-heading" id="ethereum-price-has-bullish-technicals">Ethereum price has bullish technicals</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/11/Ethereum-Price-1.png" alt="Ethereum price" class="wp-image-14311471">
 <figcaption class="wp-element-caption">
 ETH price chart | Source: <a href="https://crypto.news/price/ethereum/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
The daily chart shows that Ether has some bullish catalysts. It is about to form a golden cross pattern as the 200-day and 50-day Exponential Moving Averages are about to form a bullish crossover. 
The recent Ethereum price sell-off has also started to lose momentum at the 50% Fibonacci Retracement level. Therefore, there is a likelihood that the ETH token will bounce back in the coming days. If this happens, the initial target will be at $3,447, its highest level this month. A break above that level will point to more gains to the year-to-date high of $3,972. 
 You might also like: <a rel="" href="https://crypto.news/bit-digitals-q3-revenue-jumps-96-amid-hpc-strength/"> Bit Digital’s Q3 revenue jumps 96% amid HPC strength </a>

Ethereum price is on track to hit $10k, crypto analyst predicts

Table of Contents

crypto.news

Other articles published on Nov 18, 2024

Top Crypto Presale to Buy Today: November’s Best Coins for Big Returns

Crypto Casino Metawin Hacked for $4M+ Due to Withdrawal System Exploit

Casper Price Prediction: CSPR Soars 89% As Pepe Unchained Presale Rockets Toward $40 Million

FTX Sues Binance and CEO Changpeng Zhao for $1.8B Over Alleged Fraud

Meme Coins Surge as Bitcoin Smashes $93K—What Are You Missing on This Weekly Recap?

How El Salvador Became a Global Crypto Pioneer with Its Revolutionary CNAD Framework

Join our free newsletter for daily crypto updates!