Journalist
Posted:
- Binance and Coinbase Whales bought $ 12.98 million Ethereum as Golem Network Deposits $ 13.26 million ETH to exchange.
- Ethereum -Price can reach $ 6k if it continues to mirror the pattern of Bitcoin.
Recent Ethereum [ETH] Transactions showed a contrasting pattern between the actions of individual whales and institutional entities such as Golem Network. Golem Network seems to be at the sales end of the spectrum.
Golem transferred 4,850 ETH, worth around $ 13.26 million, to a grant. This follows a larger movement of their portfolios with multiple signs, which suggests that the intention to liquidate or redistribute assets.
Conversely, ETH whales have been remarkably active and the purchase of Ethereum with transactions for an amount of $ 12.98 million.
This increase in buying by prominent holders indicates a robust bullish sentiment, which may be aimed at taking advantage of the expected price increases.
Source: Arkham
These contrasting activities provide insight into the current Ethereum market. Whales that buy large amounts can show trust in the rise in the short -term value of Ethereum.
However, Golem’s substantial discharge can tape bullish view, possibly increase volatility or push prices.
With such important but opposing actions, the complexity of the market grows and emphasizes the double forces that play in the crypto ecosystem.
How do ETH BTC reflect?
A further look into the market structures of Bitcoin and Ethereum revealed interesting parallels, especially when comparing the 3rd cycle of Bitcoin with the current 4th cycle of Ethereum.
Historically, the 3rd cycle of Bitcoin consolidation and breakout patterns showed, which resulted in substantial price increases after these phases.
At the time of writing, Ethereum showed similar behavior within a converging triangular pattern, which suggests a potential outbreak. If Ethereum continues to follow Bitcoin’s 3rd cycle, this can break $ 6,000.
This suggests that Ethereum could see a shift in dynamics after the recent sharp fall.
This is based on the replication of Bitcoin’s price action after the consolidation of earlier cycles, where exponential growth phases were preceded by tight price consolidations, similar to what Ethereum now shows.
Source: X
Conversely, rElying on historical replication for prediction is uncertain, because it cannot maintain support.
This may differ from the expected path, which leads to stagnation or a drop under the rising wig pattern instead of the expected wave.
This would only emphasize the expectations of a simple bullish route temperatures based on market cycles, which emphasizes the inherent volatility and unpredictability of cryptocurrency markets.
It is necessary to closely follow both support and resistance thresholds, since Ethereum is approaching the most important price levels during a wider market correction.
