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Ethereum (ETH) Price Could Rally Based on This Metric

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VOC, Voice of Crypto, ETH, Ethereum

Key Insights

  • Between October 25 and October 26, Ethereum rallied by $300, as its price rose from $1,345 to $1,595.
  • According to Tradingview statistics, Ether had an increase of roughly 30% that week.
  • Ethereum whales are starting to make moves on the cryptocurrency, according to Santiment.

Following last week’s price surge, there has been a flurry of emotions about Bitcoin (BTC), Ethereum (ETH), and the bulk of altcoins. Investors and traders continue to wonder whether the cryptocurrency market has bottomed out or has merely begun a brief bullish period.

On October 14, Bitcoin reached its monthly low of $18,200, while Ethereum tested the $1200 zone. Since then, Bitcoin has steadily risen by 13%, while Ethereum rose from $1,300 and even hit the $1,600 zone. 

According to Tradingview statistics, Ether had an increase of roughly 30% that same week, and the ETH whales are starting to make moves on the cryptocurrency, according to Santiment.

ETH in HODLing Phase

According to a tweet by the blockchain data monitoring platform, Santiment, Ethereum’s top 10 non-exchange addresses have started to accumulate ETH again after the huge Ethereum dump that happened before the merge.

Chart showing Ether Whale crypto accumulation| Source: Santiment/Twitter

Santiment also notes that since the merge, the biggest non-exchange addresses have added 6.7% more ETH to their holdings; meanwhile, the top exchange addresses have just added 0.2%.

Ethereum Price Analysis

Between October 25 and October 26, Ethereum rallied by $300, as its price rose from $1,345 to $1,595. According to data from Tradingview, this is one of the biggest single moves the cryptocurrency has made to the upside in more than a year.

Chart showing price action on Ethereum| Source: Tradingview

Chart showing price action on Ethereum| Source: Tradingview

Last week’s bullishness on Ethereum resulted in liquidations on Ethereum shorts that amounted to about $570 million. Soon after, the cryptocurrency’s price surged past $1,600, reaching its highest level since September 15 before the merge.

As if that wasn’t enough, on October 29,  Ethereum moved up again by another 10.3% toward $1,650, which resulted in the liquidation of another $270 million in Ethereum shorts. 

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About 9% of the entire open interest in ETH futures, or $840 million, was wiped in three days via short liquidations.

The MACD on the daily chart shows that the MACD line is above the signal line, indicating that the bulls are in control for now.

Chart showing price action and MACD indicator on Ethereum’s daily chart| Source: Tradingview

Chart showing price action and MACD indicator on Ethereum’s daily chart| Source: Tradingview

After printing a not-so-clear breakout from the $1,600 zone, Ethereum appears to be consolidating around this price level and may be eyeing another move to the $1,800 zone above.

On the flip side, if the bulls cannot push the price of the cryptocurrency further to the upside, another move to the $1,300 downside may be imminent.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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