Whale Accumulation And Market Indicators Signal Potential Upside For Ethereum

Over the past three days, a prominent Ethereum whale, suspected to be linked to hedge fund Abraxas Capital Management, has accumulated a hefty 19,772 ETH, valued at approximately $49.62 million.

Since mid-September, this address (0xb9…bcf5) has withdrawn a staggering 54,272 ETH, or roughly $137 million, from exchanges Binance and Bybit, signaling an aggressive accumulation phase that could impact market sentiment.

Whale: 0xb9…bcf5 has accumulated 19,772 ETH in the past 3 days, worth about $49.62m. Since September 17, the whale has withdrawn up to 54,272 ETH from Binance and Bybit, worth about $137m, according to @EmberCN. The whale: 0xb9…bcf5 is suspected to be the address of the hedge…

— Wu Blockchain (@WuBlockchain) November 1, 2024

In the broader market, the altcoin sector’s market cap, which includes Ethereum ($TOTAL2), is testing a critical downtrend resistance level while approaching the psychologically significant $1 trillion mark. A successful break above this threshold could spark broader market momentum for altcoins, including Ethereum.

The Total Altcoins market cap $TOTAL2 (including $ETH) is currently retesting this major downtrending resistance line, as well as its is coming up to the $1T psychological level. pic.twitter.com/OkrcTyIxZ0

— Bitcoinsensus (@Bitcoinsensus) October 31, 2024

For Ethereum itself, the $2,400 support level remains essential. The strongest buying pressure since last September has emerged on the Binance futures market, seen not only in Bitcoin but also in Ethereum, pointing to renewed optimism among leveraged traders.

That $2,400 support means everything for #Ethereum $ETH! https://t.co/JecnkOercu

— Ali (@ali_charts) November 1, 2024

Furthermore, the TD Sequential indicator, which recently flashed a buy signal on Ethereum’s 4-hour chart, suggests potential upward momentum if Ethereum can stay above $2,480, reinforcing bullish market sentiment for ETH holders.

The TD Sequential just flashed a buy signal on the #Ethereum 4-hour chart, hinting at a potential rebound! For this bullish setup to hold, $ETH needs to stay above the $2,480 support. pic.twitter.com/EzDpkmcUl1

— Ali (@ali_charts) November 1, 2024

Ethereum spot ETFs also recorded substantial activity, with a net inflow of $13.06 million on October 31st. This capital influx into Ethereum-backed investment products indicates growing institutional interest, potentially providing further support for the cryptocurrency.

On October 31, the Bitcoin spot ETF had a total net inflow of $32.1408 million, the lowest net inflow in the past seven days. The Ethereum spot ETF had a total net inflow of $13.0552 million. https://t.co/YcNXWVZGwE pic.twitter.com/PyYFkQaySj

— Wu Blockchain (@WuBlockchain) November 1, 2024

Overall, recent whale accumulation, key technical support levels, and robust futures activity suggest Ethereum may be primed for an upward move.

However, it will be crucial to monitor whether ETH can hold above these support zones in the coming days, as well as any shifts in broader altcoin market cap that could indicate a trend reversal.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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