Crypto analyst Ali Martinez, who often publishes crypto charts for particular coins and comments on them on his X app profile, has shared this time a screenshot with an Ethereum chart provided by IntoTheBlock to answer the question as to when Ethereum is likely to begin surging.
In order to do that, the analyst believes, the second most popular digital currency needs to overcome a certain major resistance in its way — the big supply wall at the $1,960 level. Here, according to the analyst’s X post, 1.14 million wallets purchased a massive Ethereum amount of almost 33 million coins, according to the screenshot.
Wen #Ethereum break out?
Well, you may need to wait for $ETH to overcome the huge supply wall at $1,960. Here, 1.14 million addresses bought nearly 33 million #ETH, according to @intotheblock. pic.twitter.com/B2noPQbJPc
— Ali (@ali_charts) October 26, 2023
New whales breaking their necks to buy ETH
Earlier this week, several brand new wallets were spotted that acquired a terrific amount of Ethereum. Four new blockchain addresses grabbed 56,070 ETH, paying a cumulative $98.06 million in fiat for it.
At the start of the week, the Ethereum price pleased the crypto community with a mighty jump of 10.57% to reach the $1,846 level per coin. On the same day, the global flagship crypto, Bitcoin, soared by 11.73%, breaking above the $34,000 level and leading the way up for the rest of the cryptocurrency market.
Ethereum price performance
Unlike other cryptocurrencies, Bitcoin has so far managed to hold onto that level, supported by the growing hype about the SEC being likely to greenlight the Bitcoin spot ETF pretty soon. Actually, many large figures in the world of finance expect this positive decision to be made this year — among them founder of SkyBridge Capital Anthony Scaramucci and chief of Galaxy Digital Mike Novogratz.
Unlike Bitcoin, Ethereum shed a bit of its Monday gains and for a few days traded within the $1,780 range. Then, after a 4.29% rise today, the second biggest coin has dropped back to the $1,821 level, where it is changing hands at the time of this writing.
Ethereum and Bitcoin ETFs
Meanwhile, it is not only Bitcoin ETFs that have been making news recently. Several Ethereum futures ETFs were also launched in October (“Uptober” as the crypto community loves to call it for bullish prospects). However, the trading volume of those products surprisingly was not as high as it was expected to be.
The funds were launched by such companies as ProShares, VanEck, Bitwise, Valkyrie, Kelly and VolShares on CBOE. Their trading volumes only managed to reach a combined $1.7 million in trading volume during the first several hours of their trading debut.
When a Bitcoin futures ETF was launched by ProShares in 2021, its volume surged above $200 million just within the first quarter of an hour since trading began.
Now, several Ethereum spot ETFs are pending as the SEC is considering them, along with Bitcoin spot ETFs. Grayscale filed for the former.
