by - Ethereum outperformed Bitcoin when a whale moved 5000 ETH.
- ETH liquidations cooled off as ETF flow stabilized.
ether [ETH] rose 6.9% in the last 24 hours, outperforming Bitcoin [BTC] 1% gain. This sharp increase indicated renewed confidence in the crypto market after a challenging week.
This outperformance therefore raises a question: is the altcoin season beginning and are traders and investors now focusing more on alternative cryptocurrencies?
Source: Quinten on X
In addition to Ethereum’s recent outperformance over Bitcoin, a large ICO whale moved an additional 5,000 ETH ($13.2 million) to OKX shortly before the price crash.
Source: SpotOnChain
Since July 8, the whale has deposited 48,501 ETH ($154 million) worth around $3,173 each. The whale still holds 303.5k ETH ($744 million) in two wallets, and this could be a signal of the start of an altcoin season.
Cooling off in ETH long liquidations
Ethereum’s price decline raised pessimistic concerns, but large liquidations suggest the futures market could stabilize.
As ETF flows stabilize, there could be an upward recovery and increased demand for ETH could lead to renewed interest, triggering a sustained rally.
The market reaction in the coming days will be crucial for the direction of the trend.
Source: CryptoQuant
ETF inflow stabilizes
Ethereum’s outlook is improving as ETF flows stabilize and leveraged traders exit the market. On-chain metrics are showing positive signs and suggesting the worst may be over.
All indicators point to a possible price increase in the coming weeks and signal a possible uptrend for ETH.
Source: Coinglass
ETH to close the gap at CME
Ethereum’s current price action has created a CME gap, and since markets often fill such gaps, ETH is likely to rise to fill it.
This bullish momentum could signal the beginning of an altcoin season and suggest a favorable trend for Ethereum and other altcoins in the near future.
Source: TradingView
Read Ethereum’s [ETH] Price forecast 2024-25
During the 2020-21 bull run, Ethereum broke out, consolidated, and then recovered. The same pattern will likely repeat for the 2024-25 altcoin season.
A breakout is expected in November/December 2024, with a strong uptrend starting in the first quarter of 2025. These signals also suggest that Ethereum and altcoins may be preparing for another bull run.
Source: TradingView
