Ethereum

bullish

Million

Change

Notable

<p>Tracking Ethereum’s price alongside daily percentage changes showed that over the year, ETH experienced significant volatility, with sharp spikes in both positive and negative daily changes.</p> 
<p>Notably, recent weeks showed increased positive momentum, suggesting heightened activity and optimism among traders.</p> 
<p>This pattern of sudden surges in positive daily changes, especially with recent peaks, indicated ETH was building momentum towards a potential new all-time high.</p> 
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   <p lang="en" dir="ltr">Ethereum’s Turn? Analyzing the Path to a New ATH<br><br>This thread dives into key metrics from past cycles and Bitcoin’s recent breakout to estimate Ethereum’s next move.<br><br>Let’s take a look <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/fJyxB7BpNG">pic.twitter.com/fJyxB7BpNG</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1866483798306611704?ref_src=twsrc%5Etfw">December 10, 2024</a>
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<p>Given the trend of recovering prices accompanied by bursts of positive percentage changes, Ethereum could be positioning itself for a significant rally.</p> 
<p>The analysis suggested that Ethereum had potential to hit and break previous price records.</p> 
<h2 class="wp-block-heading" id="h-balance-on-accumulation-addresses"><strong>Balance on Accumulation Addresses</strong></h2> 
<p>A further look into comparative analysis of <a href="https://www.thecoinrepublic.com/2024/12/07/ethereum-price-tops-4000-for-the-first-time-since-march-ath-next/">Ethereum</a> and Bitcoin’s accumulation addresses revealed intriguing similarities and scale differences.</p> 
<p>For Ethereum, the balance held on accumulation addresses steadily increased, and as of press time, stood at about 19.5 Million ETH, the price of which equates to approximately $78 Billion.</p> 
<p>The consistent uptrend in the total ETH accumulated, mirroring Ethereum’s growing market presence and investor confidence over the years.</p> 
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   ETH Balance on Accumulation Addresses | Source: CryptoQuant
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<p>In contrast, Bitcoin’s accumulation addresses contain about 2.8 Million BTC, valued around $280 Billion. This was a higher dollar value compared to Ethereum, by nearly four times.</p> 
<p>However, it’s crucial to note that Bitcoin’s market capitalization was also roughly four times that of Ethereum, which explains the proportional difference in the USD value held in accumulation addresses.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="576" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-44-1024x576.jpeg" alt="" class="wp-image-875098" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-44-1024x576.jpeg 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-44-300x169.jpeg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-44-768x432.jpeg 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-44-1536x864.jpeg 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-44-150x84.jpeg 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-44-696x392.jpeg 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-44-1068x601.jpeg 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-44-1920x1080.jpeg 1920w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-44.jpeg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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   BTC Balance on Accumulation Addresses | Source: CryptoQuant
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<p>Both grew in the number of coins held, suggesting a strong holding sentiment for both Layer 1 (L1) cryptos.</p> 
<p>This accumulation behavior indicated that despite different market caps, holding in anticipation of value appreciation was quite similar between the two leading cryptocurrencies.</p> 
<p>This could be seen as a bullish signal, as long-term holders typically stabilize and can drive up market prices through reduced available supply.</p> 
<h2 class="wp-block-heading" id="h-ethereum-etf-flow"><strong>Ethereum ETF Flow</strong></h2> 
<p>The historical netflow trend for various Ethereum ETFs (ETHA, ETHE, etc.), highlightd significant inflows and outflows over recent months.</p> 
<p>A pattern of sharp spikes in inflows indicated substantial buying pressure, particularly on specific days. Notable inflows include $1,100M on November 11, 2024, and others like $754M and $883M later in the month.</p> 
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   ETH ETF Historical Netflow Trend | Source: CryptoQuant
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<p>The presence of these substantial inflows suggested increased investor confidence and substantial capital entry points into the Ethereum market.</p> 
<p>This activity indicated the growing interest and possibly a bullish outlook for Ethereum, aligning with broader market trends and investor sentiment.</p> 
<p>This further signaled a positive market reception and could hint at an optimistic future trajectory for Ethereum prices.</p> 
<h2 class="wp-block-heading" id="h-historical-pattern-and-net-taker-volume"><strong>Historical Pattern and Net Taker Volume</strong></h2> 
<p>Additionally, the percentage change of Bitcoin and Ethereum during the 2021 bull run showed substantial growth for both, but their peaks and timing differed significantly just like in this moment.</p> 
<p>BTC reached its highest point in March 2021, marking an approximate increase of 480%. In contrast, ETH peaked later in May 2021, boasting a more bigger rise of 1,114%.</p> 
<p>The historical pattern has been <a href="https://www.thecoinrepublic.com/2024/12/01/how-blackrocks-fidelitys-etfs-are-driving-price-of-eth-up-despite-increased-profit-taking/">Ethereum</a> typically peaking after Bitcoin, experienced a higher percentage increase.</p> 
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   BTC &amp; ETH Percentage Change | Source: CryptoQuant
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<p>This delay and heightened peak could indicate Ethereum’s market response time and investor sentiment dynamics, differing from Bitcoin’s.</p> 
<p>In the current cycle, Ethereum has notably underperformed compared to Bitcoin. This suggests a potential shift in market dynamics where the factors that drove Ethereum’s previous outperformance may not be as influential.</p> 
<p>This could be the reason the Net Taker Volume saw a record of -400 million that revealed selling pressure, correlating with price declines.</p> 
<p>The extreme sell-off, unseen even during previous declines, could suggest a capitulation stage.</p> 
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   ETH Net Taker Volume | Source: CryptoQuant
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<p>Historically, such patterns were evident before major recoveries, such as before Ethereum’s peak in May 2021.</p> 
<p>Despite the current aggressive selling indicating short-term bearish sentiment, the historical context suggested potential for a rebound if similar conditions align, pointing to a possible accumulation phase before another upward trend.</p> 
<p>Throughout the timeline, a distinct correlation was visible where spikes in positive net taker volume tend to align with price increases, suggesting buying pressure and vice versa.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/12/ethereums-turn-analyzing-the-path-to-a-new-ath/">Ethereum’s Turn? Analyzing The Path To A New ATH</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Ethereum’s Turn? Analyzing The Path To A New ATH

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