Cumberland deposited a large amount of Ethereum into exchanges, analytics platform Lookonchain reported. If this results in a sell-off, it could put pressure on the ETH price. Meanwhile, experts shared their year-end predictions for the leading altcoin. A few predict that the ETH price will rise before the end of the year. However, some state that strong winds await the altcoin.
Cumberland piles ETH on OKX and Coinbase
cryptokoin.comAs you follow from , the crypto market started the week with low momentum. Leading crypto Bitcoin is struggling to maintain the $34,000 level. The leading altcoin Ethereum is hovering just below $1,800. For some, this could be a sign of a retreat. In this tense environment, crypto investment companies are busy transferring tokens to exchanges. On-chain analytics platform Lookonchain reported that crypto investment firm Cumberland has accumulated ETH on two exchanges. In this context, Lookonchain shared the following:
Note that Cumberland deposited 12,000 ETH ($21.5 million) to OKX and Coinbase in the last 20 minutes.
Dmitry Noskov: Ethereum growth is still possible
Amid these developments, experts shared their end-of-year predictions for Ethereum. Dmitry Noskov from crypto exchange StormGain says the crypto market has already entered the growth phase before the 2024 Bitcoin halving. He talks about positive developments regarding the potential approval of the Spot Bitcoin ETF. He notes that this will also support other cryptocurrencies, including ETH. In this context, Noskov explains the following prediction:
We can say that the cryptocurrency market is currently in a growth wave that may continue until the end of the year. The target for Ethereum before the new year could be $1,800-1,900. It may also surpass the psychological level of $2,000.
Ilya Shirokov: ETH is a more attractive investment than BTC
Ilya Shirokov from CPO 1ex Trading Board thinks that Ethereum’s investment prospects are more attractive than Bitcoin. In this regard, Shirokov makes the following statement:
Ethereum has recently started to take a position in its value relative to Bitcoin. If we look at ETH/BTC, the price ratio of ETH to BTC has recently occupied the zone between 0.05 and 0.056. This strong ratio suggests that ETH may soon outgrow BTC and become a more attractive investment option than Bitcoin.
According to Bybit expert, Ethereum price is under pressure
Regional Bybit director Alexandra Cheriot tempers enthusiasm by pointing out that American regulators have not yet determined the status of cryptocurrencies. The lack of clarity means ETH could be added to the SEC’s list of unregistered securities. Meanwhile, some had previously accused ETH developers of bribing the SEC to save the project. Cheriot also notes how closely ETH follows Bitcoin. As a result, ETH’s price at the end of the year may well be tied to Bitcoin.
Two possible scenarios without a bullish catalyst
Pavel Sokol, financial analyst of the FINMIR market, also shares his ETH predictions. Sokol acknowledges that Ethereum (ETH), like all other speculative commodities, is affected by internal project news and macro narratives such as the approval of a spot Bitcoin ETF. But most importantly, the asset’s behavior will depend on risk appetite and liquidity levels in world markets. These will be affected by slowdowns in major global economies, a U-turn in Fed policies, and the potential for recession in the US. Sokol says that in the absence of a true growth catalyst, ETH could follow one of two paths:
- Consolidation in the rising range of $1,500-$2,200 by the new year.
- A price drop of approximately $800. For this to happen, the price must fall below $1,470.
According to the expert, technical analysis reveals a major bullish correction since the decline in the price of ETH between November 2021 and November 2022. In line with this correction, Ethereum price is possible to rise between $2,200 and $2,500. However, if the price cannot maintain these levels despite positive market factors, it will drop below $800.
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