In the dynamic world of cryptocurrencies, Ethereum (ETH) stands out with recent trends indicating a shift towards self-custody and rising market confidence. Significantly, the largest Ethereum wallets have exhibited an encouraging pattern. As per Santiment, an analytics platform, exchange wallets have plummeted to a six-month low of 8.03 million ETH.
Conversely, non-exchange wallets have reached a record high of 41.03 million ETH. This shift underscores a growing preference for self-custody, marking a notable departure from reliance on exchanges.
🐳 The largest #Ethereum wallets continue forming an encouraging pattern, with exchange wallets now reduced to 6-month lows (8.03M $ETH) and non-exchange wallets soaring to an #alltimehigh (41.03M $ETH). More and more coins continue moving to self custody. https://t.co/6zZAW8z5If pic.twitter.com/DczQb1LnD2
— Santiment (@santimentfeed) November 30, 2023
Furthermore, Ethereum’s price is making notable strides. Currently, Ethereum is valued at $2,091.51, marking an upward trajectory with a 2.71% increase in the last 24 hours and a 1.07% growth over the previous week.
This optimism is particularly fueled by the discussions of the U.S. Securities and Exchange Commission (SEC) about potentially approving a spot Ethereum ETF. Its market capitalization is a robust $251 billion, with a circulating supply of 120 million ETH.
Crypto analyst Michael van de Poppe has expressed optimism regarding Ethereum’s future. He predicted a potential rise to $3,500 in the first quarter of 2024, following Bitcoin’s surge. This bullishness is further supported by Ethereum’s recent performance compared to Bitcoin. In November, ETH’s price surged, outperforming Bitcoin’s rise. This was partly fueled by Blackrock’s filing for a spot ETH ETF.
#Ethereum Spot ETF filing by Fidelity!
— Michaël van de Poppe (@CryptoMichNL) November 30, 2023
Confirms my thesis that after #Bitcoin gets its shine, we’ll see Ethereum running to $3,500 in Q1 2024.
However, despite the diminishing media hype around ETFs, Ethereum has shown greater price volatility than Bitcoin. According to IntoTheBlock, Ethereum’s 30-day Average Intra-Day Volatility is currently at 0.45%, higher than Bitcoin’s 0.32%. This increased volatility might attract swing traders and short-term investors in December.
The Ethereum price has shown resilience, despite facing resistance at $2133. The recent price action forms a bullish reversal pattern known as a Double Bottom. This pattern, observed on the daily timeframe chart, indicates a possible breakout in the near future. The question now is whether Ethereum will hit the $3,000 mark before the end of 2023, given these promising indicators.
