Although Bitcoin’s fall below $ 60,000 worries crypto money investors, we see good rises in altcoins. At this point, Ethereum is expected to ignite the wick of the next altcoin rally.
Our analysis dated 02.11.2021 remains valid. In this analysis, we stated that retracements up to $3900 in ETH would be a good buying opportunity. We observe that the price returns from $3926. At this point, we observe that technically the $5900 target remains valid.
The current table is as follows:
At this point, a positive data on Ethereum came from Santiment. Data analytics firm Santiment shared a chart showing that Ethereum’s mega whales have continued to accumulate Ethereum over the past 12 days.
Accordingly, Mega whales holding 100,000 to 10 million ETH have accumulated 734,800 ETH in the last 12 days, representing 0.59% of the Ethereum supply.
Considering the last 12 days, this chart shows that major players turned the pullback in Bitcoin and altcoins into an opportunity and continue to accumulate Ethereum.
Ethereum continues to trade at $4700 as of our news time.
*Not Investment Advice.