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Is ETH About to Move Higher?
Crypto watchers, ETH traders in particular, are getting excited today over news that a major ETH whale has become active in the market again. According to data from industry site lookonchain, a major ETH investor who was part of the ETH genesis ICO has made their first transaction in almost 2 and half years. The account, which received 60,000 ETH coins during its ICO was seen staking 4,032 ETH today. This is equivalent to just over $7 million.
ETH Bulls Holding On
While no further details are known, the activity from the previously dormant ‘whale’ is spurring speculation of a fresh bull move to come in ETH. ETH bulls have been calling for higher prices this year on the back of the ETH network update earlier in the year. While prices had been stronger initially, we have since corrected from YTD highs, sitting around 15% lower currently.
Fed Pause In Sight
Looking ahead, expectations that the Fed will switch into a neutral mode on rates beyond next month should have a supporting impact for ETH. USD is widely tipped to weaken across the coming months which should underpin crypto if seen amidst a general improvement in risk appetite. However, key to this is inflation continuing lower. If there is any fresh strength in CPI this will likely drag ETH lower near-term.
Technical Views
ETH
The correction lower in ETH from the failed breakout above 2025.5 has seen the market trading back down towards the 1695.5 level. With the bull channel lows sitting just beneath, this is a key pivot for ETH. If held, focus remains on a further push higher and a breakout to fresh YTD highs. Below, focus turns to a move back down to 1268 next.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.