- Ethereum’s price has surged to a new yearly high.
- The price rally comes amid a growing trend of whale accumulation.
- Analysts anticipate that the price is likely to go higher.
As Bitcoin, the largest crypto asset by market cap, appears to be slowing its roll, investors have turned their attention to a basket of altcoins, including Ethereum (ETH). The asset has claimed a fresh high for 2023 amid the renewed interest.
ETH Claims 19-Month High
Over the past 24 hours, Ethereum has climbed above the $2,350 price level for the first time since May 2022, marking a fresh 2023 high and its highest price level in 19 months. At the time of writing, the asset’s price continues to climb, trading at $2,363.51, representing a 5.55% gain in the past 24 hours per data from CoinMarketCap.
In an X post on Thursday, December 7, crypto analytics firm Santiment Feed implied that the recent spike in ETH’s price would continue amid increased accumulation by non-exchange whales.
🐳 #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
The whale accumulation trend has also recently been highlighted by crypto smart money tracker Lookonchain. On Thursday, they pointed to three whales accumulating ETH since September 19, November 29, and December 5. Together, these whales have accumulated nearly 82k ETH.
Will ETH Climb Higher?
As recently reported by DailyCoin, analysts like “Duo Nine” have tipped ETH to clinch the $3k price point. Ali Martinez, another prominent analyst, has also argued that the $2k price point could serve as a strong support level for ETH as over 43 million holders bought at the level and were unlikely to sell there.
At the time of writing, the asset’s four-hour candle price chart suggests that it is firmly in an uptrend. However, a break of its higher low of around $2,233.35 may give investors pause, indicating a short-term trend change or the beginning of a chart pattern formation.
ETH/USD 4-hour candle chart. Source: TradingView
On the Flipside
- ETH is still 51.47% below its all-time high of $4,878.26.
- Crypto rallies, excluding Bitcoin, have historically been difficult to sustain for a long time.
Why This Matters
Ethereum’s recent rise to new yearly highs highlights the growing optimism in the crypto markets after a lengthy bear market.
Read this for more on Ethereum:
$90M ETH Whale Transfer Spooks Market with Dump Fears
Ethereum’s Dencun upgrade is edging closer. Find out more:
ETH Dencun Upgrade Edges Closer as Devs Set Testnet Timeline
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