2023-10-15 22:02 |
As bears continue calling the shots in the crypto market, Ethereum (ETH) has not attained significant momentum to exit the $1,500 level.
As a result, the second-largest cryptocurrency based on market cap finds itself at a crossroads because it’s sitting at a crucial area that’s illustrating a make-or-break scenario.
Leading analyst Ali took to X, formerly Twitter, to explain this development. He stated, “Ethereum is moving within a steady range. Interestingly, the TD Sequential presented a buy signal at the lower end of this range, suggesting ETH could rebound to $1,630. But be cautious – If ETH closes below $1,530, the bullish outlook will be invalidated.”
Source:TradingView/Ali
The analyst added that $1,530 was a critical demand zone, and Ethereum ought to trade above it to avoid a steep correction.
Ethereum was hovering around the $1,550 area at the time of writing, according to CoinGecko. Therefore, ETH continues to maintain a bullish image despite it being on shaky grounds.
Ethereum Whales are on a Buying Spree
Despite the downturn being experienced in the market, ETH whales are not relenting in their quest to accumulate more coins.
Leading market insight provider Santiment acknowledged that both the top 10 exchange and non-exchange wallets were getting richer by the day as their spending rate was going through the roof.
Source: Santiment
According to Santiment data, the 10 largest non-exchange and exchange addresses hold ETH worth $61.6 billion and $10.9 billion, respectively.
This suggests that the bearish momentum in the general crypto market is not dampening the spirits of ETH whales as they continue accumulating more coins.
Meanwhile, Ethereum is set for massive growth based on a recent analysis by Standard Chartered Bank. The financial giant stipulated that ETH could skyrocket by 5x and hit $8,000 by the end of 2026, as reported by ZyCrypto.
Ethereum continues to be king in various crypto sectors, such as decentralized finance (DeFi) and non-fungible tokens (NFTs).
Therefore, Standard Chartered believes this coupled with real-world adoption in areas, such as tokenization and gaming, will spur Ethereum demand, which is bullish for ETH price.
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