Ethereum Reaches Yearly High Amid Bullish Sentiment, But Whales Signal Caution

Ethereum (ETH) has surged to its highest price of the year, supported by positive funding rates and strong bullish sentiment.

However, the elevated funding rates suggest that the market may be nearing an overheated state, with potential for sharp corrections if resistance levels are tested. Investors are advised to manage their risk carefully as volatility and short-term fluctuations remain likely.

$ETH hits a yearly high, fueled by positive funding rates and bullish sentiment.

Elevated rates hint at possible overheating, risking sharp corrections if resistance appears.

Investors should manage risk, anticipating potential volatility and short-term shifts. pic.twitter.com/yEMsVHsBA4

— Kyledoops (@kyledoops) November 13, 2024

While ETH has gained momentum, whales appear to be taking varied positions following a recent 8% price dip in the last 24 hours, even as Devcon 2024 unfolds.

One notable whale, labeled “0x49e,” withdrew 8,001 ETH (about $25.36 million) from Binance just an hour ago. Over the past nine days, this whale has accumulated 20,276 ETH at an average of $2,959, currently sitting on an unrealized profit of approximately $4.14 million.

Whales are taking different positions when #Ethereum dropped 8% (24H) despite the ongoing #Devcon 2024. What's your view?