Ethereum (ETH) has been showing a strong upward trend, forming a bullish pennant as it prepares to reach a new high. Whale activities and increasing institutional interest are in focus.
Ethereum and Whale Activity
The Ethereum network has witnessed a significant increase in whale activities. Ethereum co-founder Jeffrey Wilcke recently moved 20k ETH to Kraken, while Winslow Strong, the director of Qualia Research Institute, transferred 9,380 ETH to Coinbase.
Midterm Target
From a technical standpoint, Ethereum's price has a strong probability of continuing its bullish momentum. The target for Ether's price is $3,911, aligning with the 2.618 Fibonacci Extension. In case of bearish sentiment, support is expected above $3,285.
Market Picture
As November draws to a close, Ethereum's volatility is expected to persist. Open Interest has surged to a new record of $24 billion, indicating increased demand from FOMO traders. According to Coinglass, $850 million may be liquidated from the ETH market if the price hits $4,000.
Ethereum is poised for a potential bullish run, driven by whale activity and institutional investors. Regardless of short-term volatility, long-term market indicators remain promising for further growth.
