Ethereum is experiencing selling pressure, with the RSI at 79.
Over 38,000 new Ethereum addresses were created at the end of October.
In October, Ethereum, the second-largest cryptocurrency, experienced a bullish run that extended into November, breaking through the $1800 resistance and reaching a three-month high of $1873 just hours ago. This surge has been a game-changer for Ethereum, which was in a prolonged bearish phase before taking a bullish break in Uptober.
The rally to a month high coincided with Bitcoin’s resurgence above $35,000 hours ago, and as of now, Ethereum is trading at $1834, reflecting a two percent increase. The trading volume has surged impressively by 68% to reach $11 billion within the past 24 hours.
Data from Santiment revealed that this recent surge is further supported by the highest daily increase in new addresses, with over 38,000 new Ethereum addresses created by the end of October, the most since October 7th. Simultaneously, the supply of Ethereum on exchanges has decreased by 8%, hitting its lowest level since its trading commenced in 2015.
Additionally, Ethereum whales are under close scrutiny within the crypto community, notably with Vitalik Buterin’s recent transfer of 100 ETH coins to Coinbase, sparking curiosity. Lookonchain data reveals that two whales withdrew ETH from exchanges just before the price surge. One withdrew 3,200 ETH (worth $5.9 million) from Binance and now holds a total of 28,800 ETH (worth $53.5 million), while the other withdrew 2,000 ETH (worth $3.7 million) from Kraken, amassing a total of 11,180 ETH (worth $20.7 million).
Will The Ethereum Bears Takeover?
A closer analysis of Ethereum’s current price movements reveals several bullish indicators. The 9-day exponential moving average (EMA) has risen above the current trading price, settling at $1,796. Simultaneously, the daily relative strength index (RSI) stands at 72, indicating that the asset is in overbought territory.
Ethereum (ETH) Price Chart, Source: TradingView
Should the price surpass the $1890 level, it is likely to test the $2000 resistance level. However, if bears drive the price below $1763, it may move toward the $1635 support level, and a further decline could see the price testing the $1550 support area.