Arslan Butt
On November 30, Ethereum price prediction turned bullish following the bullish breakout of the symmetrical triangle pattern at the $16,600 level. According to data firm Santiment, large key Ethereum wallets have been increasingly active since the FTX collapsed earlier this month, likely contributing to the price increase of over 5% in the past 24 hours.
#Ethereum's large key addresses have been growing in number since the #FTX debacle in early November. Pictured are the key moments where shark & whale addresses have accumulated & dumped. The number of 100 to 100k $ETH addresses is at a 20-month high. https://t.co/beawFcBRvi pic.twitter.com/dR8zEqurZQ
— Santiment (@santimentfeed) November 30, 2022
After Sam Bankman-Fried declared FTX insolvent, the number of wallets holding between 100 and 100,000 Ethereum has dropped dramatically, reaching its lowest point in 20 months. Santiment analysts think this could be the beginning of a much larger price increase.
#Ethereum's active addresses surged to its highest level in over 6 weeks yesterday, and that likely factored into today's price growth. On October 15th, the last time addresses spiked at this level, the price of $ETH jumped +30% over the next 3 weeks. https://t.co/8LFsUn6Thz pic.twitter.com/hDekw9Em51
— Santiment (@santimentfeed) November 29, 2022
Santiment also announced that the recent surge in large Ethereum wallets, which has been ongoing for the past 20 months, was most likely responsible for the 5.4% increase in the second-largest cryptocurrency over the last 24 hours.
When this same set of addresses previously reached this level, the price of Ethereum increased by more than 30% over the next three weeks.
Ethereum Price Prediction
Ethereum has recovered in the 4-hour timeframe after completing a 50% Fibonacci retracement at $1,150. Above that, Ethereum created a bullish engulfing candle, signaling the start of a powerful rise.
The ETH/USD pair has violated a symmetrical triangle formation at $1,200 on the 4-hour period, and closing candles outside of this triangle pattern imply the probability of a big rise.
Ethereum Price Chart – Source: Tradingview
On the upside, the ETH/USD pair may continue to move toward the next resistance level of $1,290/1,300, with a break above this potentially exposing it to the $1,340 resistance level.
Ethereum’s immediate support levels are $1,230 and $1,200. However, the RSI and MACD, as well as the 50-day moving average, are in a bullish zone, indicating the likelihood of a positive trend continuation. Consider looking for a buying trade for more than $1,240 today.
Why If You Haven’t Started to DCA Into ETH You Should Now
Let us first define DCA and how you can use it to your advantage.
One method of investing, known as dollar-cost averaging, involves spreading out one’s payments over a defined period of time. This tactic is applicable not just to crypto investments but also to stocks, commodities, and bonds. Any market can benefit from this method because it is so generalized and can be implemented with any investment product.
To begin with, DCA involves putting down a certain sum of money on an investment in a specific asset at a specific time. You’ll have more control over your investments and be aware of your current situation promptly. This assures that your emotions will be less swayed, something that can be tough in the financial markets.
This is a great conversation about how to earn more $ETH with $ETH, and help in securing and decentralizing #Ethereum in the process. Besides doing some DCA, I'm going to try to team up with some friends and run our own @Rocket_Pool node at home. https://t.co/FRmSyC4Qoy
— sianliu.eth (@sianjon) November 29, 2022
The DCA method is used when it is anticipated that the value of the underlying asset will rise over time. You can take advantage of both high and low prices by making regular purchases. The sum total of these acquisitions is the average acquisition price, which, ideally, would be less than the asset’s true worth. Since the ETH price forecast is bullish, it’s worth starting to do DCA in Ethereum.
Related
- Is Ethereum a Good Investment in November 2022
- Where to Buy Ethereum – Beginner’s Guide
- Ethereum Price Prediction – ETH Crashes 6%, Should You Buy This Dip?
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This article was written for Business 2 Community by Arslan Butt.
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