. Daily Crypto Analysis - Ethereum soars as top wallets secure $124.1B, fueling historic rally to $2,200.

Daily Crypto Analysis – Ethereum soars as top wallets secure $124.1B, fueling historic rally to $2,200.

Daily Crypto Analysis – Ethereum soars as top wallets secure $124.1B, fueling historic rally to $2,200.

22 Nov 2023

Introduction:

In the world of cryptocurrencies, Ethereum’s positive on-chain data suggests a potential price surge. With the 200 largest wallets holding $124.1 billion in Ether and a 20% decline in ETH supply on exchanges, Ethereum targets the $2,200 level. Additionally, the crypto market’s cap hits $1.42 trillion, and XRP anticipates a 10% boost amid rising institutional interest in Ripple funds.

Ethereum:

Based on positive on-chain data, the Ethereum price increase may continue.

The 200 largest wallets on the Ethereum network now collectively possess $124.1 billion in Ether, reflecting continuous accumulation over the past year. The supply of ETH on exchanges has diminished by almost 20% in the last six months, contributing to the upward momentum of Ethereum prices. Having surpassed the psychological barrier of $2,000, ETH is now aiming for the $2,200 level observed in May 2022.

Ethereum has observed a significant surge in accumulation by major wallet investors. Large ETH wallets consistently acquired ETH tokens throughout the past year, and the altcoin experienced its most substantial increase in new wallet creations on Tuesday.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 2025.69 | Negative Crossover | Bearish
  • MA 20: 2012.90| Negative Crossover | Bearish
  • MA 50: 1971.80| Positive Crossover | Bullish

Simple:

  • MA 5: 2068.08 | Negative Crossover | Bearish
  • MA 20: 1998.24| Positive Crossover | Bullish
  • MA 50: 1990.16| Positive Crossover | Bullish

RSI (Relative Strength Index): 49.74| Buy Zone |Bullish

Stochastic Oscillator: 20.01| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 2011.86| R2: 2158.41
  • S1: 1926.86| S2: 1809.62

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 2049.97 | Take Profit: 2158.41 | Stop Loss: 1988.41.

Elsewhere In the Crypto Market

The worldwide cryptocurrency market cap continues to follow an upward path, reaching $1.42 trillion, while Bitcoin showcases resilience by maintaining a position above the $37,000 threshold. XRP’s value may experience a 10% increase due to growing institutional interest in Ripple funds.

Bitcoin up (2.22%) at 36,551.00, Ethereum up (3.63%) at 2,003.6, Litecoin up (1.98%) at 67.82, Solana down (2.48%) at 55.00, Doge coin up at (3.9%) at 0.74 as of writing time.

Key Economic Events & Data Release Today:

(USD) FOMC Meeting Minutes at 00:30.

(USD) Initial Jobless Claims Forecast 225K, Previous 231K at 19:00.

(CAD) Manufacturing Sales (MoM) Previous 0.4% at 19:00.

(USD) Core Durable Goods Order (MoM) (Oct) Forecast 0.1%, Previous 0.5% at 19:00.

(USD) Crude Oil Inventories Forecast 0.900M, Previous 3.592M at 21:00.