- Ethereum quickly rebounded to $3,866.48 after a recent dip, with a market cap of $465.69 billion.
- A whale moved 60,079 ETH worth $234 million to Bitfinex, after holding the stash for nearly six years.
- Ethereum’s strong momentum suggests a potential bullish year-end, with targets reaching $5,500 by December 2024.
Ethereum (ETH) has shown remarkable resilience, quickly rebounding from its recent dip triggered by Bitcoin’s sharp decline. After hitting a low of $3,683, Ethereum swiftly recovered and is now on the brink of a significant upside move, fueling speculation about its next price target.
At the time of writing, ETH is trading at $3,866.48, with a 24-hour trading volume of $71.80 billion and a market capitalization of $465.69 billion. The cryptocurrency holds a market dominance of 12.88%, despite a slight dip of 1.79% in the last 24 hours.
Ethereum Whale Movement Sparks Interest
Recent on-chain data from Spot On Chain has revealed a notable move by a giant whale in the Ethereum ecosystem. The whale deposited a massive 60,079 ETH, valued at approximately $234 million, to the Bitfinex exchange. This marks a significant event, as the whale has been holding this large stash for nearly six years.
In January 2019, this same whale had withdrawn 87,085 ETH from Bitfinex at a price of just $153 each, totalling around $13.4 million. Over the years, the whale has made a series of strategic moves, including sending 600 ETH to Tornado Cash in 2020 and later redepositing 86,484 ETH in November and December 2023 at an average price of $3,331. If these transactions were considered trades, the whale would have made an estimated $274.8 million in profit, a 20.7x return on their original investment.
Ethereum Poised for a Bullish Year-End
Ethereum’s recent price action and the whale’s massive movement have caught the attention of traders, with many eyeing a bullish end to 2024. Crypto analyst Trader Tardigrade has noted Ethereum’s current strength, drawing comparisons to the February 2024 bull run, when ETH surged by 80% in just 40 days.
As Ethereum has been on an unstoppable uptrend since mid-November 2024, many believe it is primed for even further gains. Should ETH replicate the performance seen in February, there’s a strong possibility it could reach the $5,500 mark by the end of the year, marking a significant milestone for the second-largest cryptocurrency by market cap.
With strong fundamentals and continued market momentum, Ethereum appears well-positioned to finish 2024 on a high note. As institutional interest grows and whales make strategic moves, all eyes will be on ETH as it approaches the crucial $5,500 price point, potentially setting the stage for further upside into the new year.
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