Ethereum
Ethereum Price Prediction as Mysterious Wallet Buys 29,000 ETH
Last updated: May 15, 2024 at 4:51 p.m. EDT | 2 minutes of reading
The price of Ethereum (ETH) is rising on Wednesday as part of a broader rally in the crypto and traditional asset markets following US CPI data, with some traders focusing on a mysterious wallet that just recover 29,000 ETH, which some interpret as a bullish signal.
According to various blockchain trackers, a new wallet has accumulated 29,000 ETH in the last 24 hours.
Traders are closely monitoring crypto whale activity as these large market players are often considered smart money.
That is, it is assumed that sophisticated players who move large funds can have an advantage in the market.
So traders are hoping that this most recent accumulation of a mysterious new portfolio could be a ground signal.
THE Ethereum the price has been probing multi-month low support in the $2,800s in recent days.
A break below this key support zone could have opened the door for a decline towards $2,700 and below.
But the mysterious new ETH whale may have timed the market perfectly.
Ethereum price is up almost 5% and returned above $3,000 on Wednesday as traders digest US CPI data.
Decent CPI reading –
US CPI (monthly – April): 0.3% versus 0.4% expected. (before 0.4%) Core (MoM): 0.3% versus 0.3% exp. (before 0.4%)
Growth stocks are like coiled springs, QT reduction and rate cuts later this year are likely to spark a strong rally.
– Puru Saxena (@saxena_puru) May 15, 2024
After inflation worried investors by rising in the first quarter of 2024, the latest data has eased fears that the Fed will not be able to lower interest rates in 2024.
If data in the coming weeks continues to point to further disinflation, the macroeconomic situation could now be favorable.
This could suggest that Ethereum’s recent price below $3,000 could be a local low.
Ethereum Price Prediction – Where ETH Goes Next
It is, however, too early for Ethereum bulls to start celebrating.
Indeed, technical analysis suggests that the bulls have not yet regained control of the market.
The price of Ethereum remains below its 21DMA near $3,050, as well as its 50 and 100DMA.
It also remains stuck in a downtrend channel.
A convincing push above $3,200 will be required to send a bullish price signal in the medium term.
But Ether’s long-term outlook looks strong. Yes, it faces regulatory uncertainty in the United States, with the The SEC seems to be pushing to classify it as a security.
But it’s an election year and a new president could mean a new SEC/regulatory approach.
Additionally, the Ethereum blockchain is improving. THE recent update from Dencun Seems to have reduced gas costs up to 4x.
High transaction fees have been a key factor in diverting network activity to rival chains like Solana.
But Ethereum appears to be poised to reassert its place as the number one Web3 chain.
As the Fed cuts rates, spot ETF applicationand after-reduce by half tailwinds could push BTC above $100,000 in 2025, Ether could push above $5,000.
Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.