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Ethereum (COIN: $ETH) Headed To New 52-Week Highs

Ethereum

Ethereum (COIN: $ETH) could soon hit a new 52-week high. The whales are accumulating coins and currently hold $132.1 billion worth of Ethereum. As of November 25, 2023, the whales control 52% of the ETH circulating supply.

Why ETH Could Reach New Highs

Ethereum could soon reach a new high because Bitcoin has already hit a new 52-week high. Traditionally, ETH and BTC correlate positively. Additionally, Ethereum has already rallied past the $2000 psychological barrier, which it overcame on November 9, 2023.

One of the most significant predictors of a new high is whale activity. The 200 biggest ETH wallet currently holds 62.76 million Ether tokens, valued at around $124.1 billion. Since November 21, 2022, these wallets have increased their holding by 30.3%, according to a tweet by Santiment. The tweet also noted that as of November 21, 2023, traders created 94.7K new ETH wallets. Whales accumulating ETH will undoubtedly affect the price.

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Another reason for the bullish sentiment around ETH is that it recently overcame a critical resistance zone. In a November 24 tweet, Ali Martinez, a renowned crypto analyst, pointed out that 1.67 million crypto wallets bought 38.73 million ETH in the critical resistance zone of $1,982-$2,044. He pointed out that there was minimal resistance, paving the way for new highs for ETH.

The Crypto Fear & Greed Index is currently at 66, showing an overwhelming greed sentiment amongst investors. Thus far, the price of ETH has stagnated at around $2100. However, the recent breakthrough of BTC above $38K has brought some relief for Ethereum holders. They now feel confident that ETH could overcome the $2100 resistance soon.

Ethereum Price Forecast

Ethereum’s transaction count also remains high, consistently surpassing 1 million, which shows confidence in the coin. However, there is still a tiny possibility of a reversal, which could wipe out the bullish sentiment.

If Ethereum gets past the $2100 resistance level, the next price point will be $2500. However, this could attract heavy sellers, dropping the price to around $1860. If the ETH price drops to $2130, it could consolidate around the $2100 mark.

Should You Buy Ethereum?

In the past seven days, Ethereum holders have seen gains of 5.65% and 15.92% in the past 30 days. The trend has been generally bullish for the second-largest coin by market cap. If you want to get some ETH, now would be a good time, as all signs point to a coming rally. However, there is also a possibility of a reversal, as is common in the crypto market. In general, only invest an amount you can afford to lose.

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