- Non-exchange Ethereum addresses hit an all-time high, signaling retail trader strength.
- Analyst Michael van de Poppe predicts ETH could reach $3000 in Q1 2024.
- Positive market sentiments support the projection of Ethereum closing the year on a bullish note.
In a surprising turn of events, the cryptocurrency market has shed its bearish demeanor, with bullish forces gaining significant momentum. The upward trajectory, evident since the beginning of the month, paints a promising picture of an impending robust bull run. While Bitcoin confidently hovers above $43,000, Ethereum is poised to achieve new yearly highs, inching closer to the $2400 mark.
Ethereum, celebrated for its reliability and measured pace, has captured the attention of retail traders who seem to be bolstering their positions in response to the rising market momentum. Notably, there’s a trend of accumulating tokens away from exchanges, as indicated by a continuous decline in exchange volumes.
Santiment’s data reveals a noteworthy development – non-exchange addresses have reached an all-time high, totaling 54.6 million. This surge starkly contrasts with the decline in the 150 largest exchange addresses, which have hit a five-year low at 9.3 million. Analysts interpret this shift as a potential weakening of selling power among whales, while retail traders gain strength. Such a power shift hints at an imminent uptick in Ethereum’s price in the days to come.
🐳 #Ethereum has scratched its way to $2,349, its highest level since June, 2022. The long-term trend of top non-exchange whale wallets getting richer, and top exchange whale wallets having less sell-off power, is a promising combo for a continued climb. https://t.co/h7ogbqPLWf pic.twitter.com/82plXmVn02
— Santiment (@santimentfeed) December 7, 2023
Renowned analyst Michael van de Poppe shares this optimism, predicting a remarkable surge in the ETH price to around $3000 in the first quarter of 2024. The collective data reflects Ethereum’s robust bullish momentum throughout the month, setting the stage for a potentially bullish close for the year.
In the period prior to the #Bitcoin halving, 3-8 months before, it’s the best period to allocate towards altcoins.
— Michaël van de Poppe (@CryptoMichNL) December 7, 2023
Adding fuel to the bullish fire, market sentiments have taken a positive turn, providing further substantiation for the projected price target above $3000 in the initial weeks of 2024. Ethereum enthusiasts and investors are now eagerly watching as the cryptocurrency enters what could be a decisive phase, with the potential to redefine market dynamics and establish new milestones in the evolving crypto landscape.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.