- Ethereum outperformed Bitcoin when a whale moved 5000 ETH.
- ETH liquidations cooled as ETF flows stabilized.
Ethereum [ETH] rose 6.9% in the past 24 hours, surpassing Bitcoin’s [BTC] 1% profit. This sharp increase indicated renewed confidence in the crypto market after a challenging week.
So this outperformance begs the question: is the altcoin season starting, with traders and investors now focusing more on alternative cryptocurrencies?
Source: Quinten about X
Complementing Ethereum’s recent outperformance against Bitcoin, a major ICO whale moved another 5,000 ETH ($13.2 million) into OKX just before the price drop.
Source: SpotOnChain
Since July 8, the whale has deposited 48,501 ETH ($154 million), for approximately $3,173 each. The whale still has 303.5K ETH ($744 million) in two wallets, and this could signal the start of an altcoin season.
ETH long liquidations are cooling down
Ethereum’s price drop raised bearish concerns, but large liquidations indicate the futures market may be stabilizing.
As ETF flows stabilize, a bullish recovery could emerge and increased demand for ETH could fuel renewed interest, leading to a sustained rally.
The market’s reaction in the coming days will be critical in determining the direction of the trend.
Source: CryptoQuant
The ETF flow is stabilizing
The outlook for Ethereum is improving as ETF flows stabilize and leveraged traders exit the market. Statistics on the chain show positive signs, indicating that the worst is over.
All indicators point to a potential price increase in the coming weeks, pointing to a possible bullish trend for ETH.
Source: Coinglass
ETH to fill the CME gap
Ethereum’s current price movement has created a CME gap, and with markets often closing such gaps, ETH will likely rise to fill this gap.
This upward momentum could indicate the start of an altcoin season, indicating a favorable trend for Ethereum and other altcoins in the near future.
Source: TradingView
Read Ethereum’s [ETH] Price forecast 2024-25
During the 2020-2021 bull run, Ethereum broke out, consolidated, and then recovered. The same pattern is likely to repeat for the 2024-2025 altcoin season.
A breakout is expected in November/December 2024, with a strong upward trend starting in the first quarter of 2025. These signals further suggest that Ethereum and altcoins may be gearing up for a new bull run.
Source: TradingView