Ethereum, the largest altcoin, reached a new yearly high amid a minor market correction.
Ethereum’s Remarkable Achievement
IntoTheBlock reported a significant increase in Ethereum outflows last week, exceeding $1 billion, unseen since May 2023. Bitcoin also experienced a similar outflow surge. This indicates high accumulation, possibly fueled by Ethereum's pullback from $3.4k. Data from Hyblock Capital mirrored this, showing buy volumes reaching 100 as Ethereum's price began to fall.
Positive Momentum for Ethereum
As expected, Ethereum's price gained bullish momentum after dipping to a support near $3k. It rose nearly 3% in the last 24 hours, trading at $3,117.03 at the time of writing. Investors are inclined to buy, indicated by low exchange net deposits and a green Coinbase premium. Whale activity remained high, with increased transactions during late October and early November correlating with Ethereum's rally.
Continued Uptrend for Ethereum?
The good news for investors is that Ethereum might maintain its uptrend. The altcoin’s NVT ratio saw a significant decline in the past two weeks, suggesting it’s undervalued and indicates a potential price increase. The MA cross indicator shows Ethereum’s 9-day MA well above its 21-day MA, hinting at continued upward trend towards the resistance at $3.38k. A drop below the $3k support could see it falling to $2.7k.
In conclusion, Ethereum shows significant progress amid market corrections, with potential for further growth driven by strong investor interest and high trading volumes.
