The cryptocurrency market is buzzing with excitement as Bitcoin breaks the $100K mark, marking a significant achievement for the growth of the Web3 industry. This bullish momentum is gradually spreading to the altcoin market, with investors actively searching for promising assets that could replicate Bitcoin’s rally. Ethereum price shows potential for such a rally as whale buying shows investors anticipation for a key breakout.
Currently, the ETH price trades at $3,887 with an intraday gain of 1.3%. According to Coingecko, the global crypto market cap is at $3.8 Trillion, while the 24-hour trading volume is at $483.2 Billion.
Key Highlights:
- An ascending support trendline drives the current recovery trendline in the Ethereum price.
- ETH whale accumulation coincides with a bullish breakout from an 8-month correction, hints potential for further rally.
- The top altcoin is 5.8% short from a breakout of another multi-month rat resistance.
Whale Accumulates $19.6M in ETH Amid Major Breakout
A whale wallet, identified as “kamisatoayaka.eth,” has demonstrated significant bullish activity on Ethereum (ETH). According to Lookonchain’s report, the whale recently deposited ETH into Spark to borrow stablecoins, enabling further accumulation of ETH.
Earlier today, the wallet purchased a substantial 5,000 ETH worth approximately $19.6 million. Transaction data from DeBank highlights a sequence of activities, including ETH deposits, stablecoin borrowing, and swaps, illustrating the whale’s strategic accumulation pattern.
An active accumulation from large holders as Ethereum price breaks the 8-month correction indicates the investor’s confidence for a potential rally ahead.
Whale “kamisatoayaka.eth” is heavily bullish on $ETH!
kamisatoayaka.eth deposited $ETH into #Spark, borrowing stablecoins to accumulate more $ETH.
Over the past 30 minutes, kamisatoayaka.eth has bought 5,000 $ETH($19.6M)!https://t.co/iwj29JhFpY pic.twitter.com/1g0qBLiRCf
— Lookonchain (@lookonchain) December 5, 2024
Ethereum Price Targets $5,000 as Momentum Builds
For over a month, the Ethereum price has showcased a steady rally from $2,350 to $3,880, accounting for a 64.7% surge. An ascending trendline in daily shows displays a steep trajectory of the current rally and offers suitable support amid market pullback.
If the buying pressure persists, the ETH price could jump 5.8% to challenge the March $4,095 peak for a potential breakout. A successful flip of the overhead trendline into potential could extend a rally to $4,876 All-time high, followed by $5,000.
On the contrary, if the coin price breaks below the lower dynamic support, the sellers could drive a fresh correction trend.
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