Ethereum hits 4-month high as whale interest pushes price up 36%
Retail whales drive Ethereum's momentum, key test at $3,300 threshold
On Sunday, Nov 10, Ethereum’s price surged 36% to hit a new 4-month high at $3,250. This rally, marked by six consecutive days of gains, has seen Ethereum break through key levels and maintain strong upward momentum. The recent jump from $2,900 to over $3,000 has been particularly notable, when Ethereum added 12% over the weekend alone.
If Ethereum can break the $3,300 threshold, it could signal a new phase of strength, potentially paving the way for a move toward $4,000. This milestone isn’t just about crossing a price level; it’s a key test of the market’s buying interest and overall confidence in Ethereum’s upward potential.
The role of retail whales and long-term holders on Ethereum
Retail investors and large-scale “whale” holders would likely need to continue their strong buying interest to help Ethereum push higher. Whales, in particular, play an essential role in stabilizing the price and driving momentum. This group recently hit a 14-week high in trading volume, with transactions over $1 million jumping to 8,482, the highest since August.
Meanwhile, long-term holders (LTHs) add an interesting perspective. Many of these investors have been booking profits amid Ethereum’s recent price rise, as seen in the uptick in Ethereum’s “Liveliness” metric, which tracks the behavior of these holders. This trend indicates that LTHs are liquidating some positions, providing liquidity but also putting potential downward pressure on the price.
Ethereum’s rally could gain stronger support if LTHs decide to hold rather than sell. Their actions are worth watching, as a continued sell-off could make it tough for Ethereum to clear $3,300, potentially leading to a pullback toward the $3,000 support zone. On the other hand, a successful break above $3,300 could attract fresh buying interest, supporting the bullish outlook and setting Ethereum on a path toward $4,000.
Ethereum’s 11th anniversary coincides with U.S. election on an impending price breakout. Historically, US election events like this have stirred market volatility.
