CandleFocus Ethereum Price Eyes $3,911 Amid Increased Whale Deposits and Institutional Demand
2024-11-29
Author: Content Editor
The Ethereum (ETH) price has been forming a bullish pennant after a strong performance on Wednesday. The altcoin has rebounded from a support level above $3,542 and is currently trading at around $3,595. Ethereum's price has been preparing to reach a multi-year high as Bitcoin's rally towards $100k resumes and Bitcoin dominance signals a reversal. Recent on-chain data shows that major Ether whales have been selling their holdings, including deposits of 9,380 ETH worth $33.7 million to Coinbase by director Winslow Strong. However, US spot Ether ETFs are showing rising demand from institutional investors. Ethereum's price is expected to continue its bullish momentum, with a potential target of $3,911 and strong support above $3,285. The volatility of Ethereum is expected to continue in the remaining weeks of the year, with open interest reaching a new all-time high of above $24 billion. If the altcoin reaches $4k, around $850 million could be liquidated from the ETH market.
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