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Ethereum recovery signals potential rise to $2,900

The Most Important Points in Brief

  • Ethereum (ETH) shows signs of recovery and could rise to $2,900 USD.
  • The decline in Bitcoin dominance (BTC.D) is giving a boost to altcoins like ETH.
  • ETH whales have significantly increased their holdings since the beginning of September.
  • A short-term price increase is possible, but resistance may occur at $2,800 to $2,900 USD.

Ethereum Benefits from Declining Bitcoin Dominance

Ethereum (ETH) is showing early signs of recovery after a prolonged period of uncertainty. A key factor in this is the decline in Bitcoin dominance (BTC.D), which has been influencing the price of ETH for months. Bitcoin’s dominance, meaning the share of Bitcoin in the total crypto market, reached a peak of 58.59% this year. With the recent decline in this dominance, capital seems to be flowing increasingly into altcoins, from which Ethereum is currently benefiting significantly.

Whales Are Driving Ethereum’s Price Up

An analysis of market data shows that so-called “whales” – large ETH holders – are playing a key role in the current rally. Since the beginning of September, these whales have been continuously increasing their holdings. On September 1, they held 58.12 million ETH, while by September 23, this had increased to 58.48 million ETH. This corresponds to an increase of around 360,000 ETH, which at the current market value is approximately $949.68 million USD.

What is particularly striking is the increase in inflows from large holders. On September 14, 101,740 ETH were transferred to large wallets, while by September 19, this had risen to 675,000 ETH. On September 23, inflows increased again to over 515,000 ETH. At the same time, outflows, meaning sales, were significantly lower at 241,000 ETH, indicating higher demand than selling pressure.

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Can Ethereum Continue Its Upward Movement?

The current upward movement of Ethereum could be seen as a sign of recovery. Many traders are hoping for a continuation of the rise, but it remains questionable whether a continuous increase is realistic. In the short term, the price could reach the range of $2,800 to $2,900 USD. This zone has previously acted as both support and resistance, indicating that increased selling pressure could be expected here.

At the time of analysis, the Relative Strength Index (RSI) of ETH was at 60.03. This means the market is not yet overbought. However, if the price enters the mentioned range, profit-taking could increase, which would raise selling pressure.

Our Assessment

Ethereum is currently showing strong performance, supported by the decline in Bitcoin dominance and increased buying by whales. In the short term, the price could continue to rise, but resistance is expected at $2,800 to $2,900 USD. Traders should therefore act cautiously and consider potential profit-taking. In the long term, Ethereum remains a promising project, but short-term fluctuations cannot be ruled out.

Casinos: 48
Profile Ethereum
Symbol ETH
Coin type Alt Coin
Transaction Speed Medium
Pros
  • Second largest cryptocurrency
  • Accepted in many casinos
  • High transaction speed
Cons
  • Partial bugs in smart contracts
Price $2,347.46
24h % -1.52 %
7d % -11.58 %
30d % -4.71 %
60d % -14.14 %
1y % 42.31 %
Market Cap $282,250,666,837.00
Official Links
Socials Reddit | X
Best 3 Ethereum casinos

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Isabella Brown

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Online Gambling, Greece and my dog Gringo are my three favorite things in my life. Before working for Kryptocasinos.com I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.
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Last update: 25. September 2024

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