In recent weeks, the cryptocurrency market has undergone a significant upswing, signaling what experts believe to be a bullish trend. According to a recent report by on-chain analytics firm Lookonchain, since October 28, 2023, a substantial 88,000 Ethereum (ETH) – worth around $180 million – has been accumulated by a whale through multiple addresses.
BlackRock’s ETH ETF sparks market Excitement
These significant numbers have garnered everyone’s attention, as this move became known after the recent BlackRock spot ETH ETF filing. On November 10, 2023, BlackRock, the world’s biggest asset manager, officially filed a spot Ether ETF named iShares Ethereum Trust with the United States Securities and Exchange Commission (SEC).
This ETF news has not only attracted whales, investors, and institutional investors but has also led to a massive surge in ETH prices. Additionally, ETH reached its 52-week high after this news.
ETH Holds Strong at $2,000 Amidst Market Volatility
Despite the market’s volatility, ETH has managed to maintain its crucial $2,000 level. Over the past 28 days, Ethereum has exhibited an impressive 30% price movement, currently trading near $2040 with a 3% positive change in the last 24 hours.
From a technical analysis perspective, ETH on the weekly timeframe is forming an ascending triangle pattern and is positioned close to a formidable resistance zone at $2150. Historically, ETH has faced rejections from this zone since May 2022, but the prevailing positive sentiment suggests a potential breakthrough.
Additional insights from IntoTheBlock and on-chain analytics on November 11, 2023, revealed that when ETH surpassed the $2,000 level, approximately 75% of ETH holders found themselves in a profitable position.
Examining data from Coinglass, it was observed that over the last 24 hours, more than 50,000 traders liquidated their positions. Surprisingly, only $20.03 million worth of ETH positions were liquidated, with the majority of liquidations occurring on the short side, totaling $15.84 million, while only $4.19 million in long positions were affected. In contrast, Bitcoin recorded $60.34 million in liquidations.