Ethereum is trading at $4,772 at the time of writing as it prints a doji on the 1-day chart. The candle has a long wick sticking out, indicating that it surged higher.
The apex altcoin broke above its previous all-time high of $4,886. It continued upward, breaking $4,900, but experienced massive rejections at $4,955.
The long-awaited milestone finally happened after several attempts. Investors expected the flipping to occur when the asset peaked at $4,786 on Aug 13. However, it saw notable declines the following day.
Ethereum attained a new ATH on Friday, when it surged to a high of $4,886. The reaction trailing the milestone was not significant as the coin peaked at than $20 from the previous mark.
However, the latest event sparked massive discussions on X, with some proponents saying they won’t celebrate until $5k. Nonetheless, there were several triggers and a buildup to the ATH.
One such was the Fed’s announcement on Friday. The crypto market saw a giant price spike, surging by over 14%. Adding more fuel to the raging fire was the news of the EU’s plans to launch its stablecoin. Investors saw the move as one that would benefit the coin and cause further price increases.
Whales Dump BTC for ETH
Reports from Lookonchain showed that several whales were converting their BTC to ETH. One such was a Bitcoin OG who moved out another 4,000 BTC worth $460 million a few hours ago. He added more of the second-largest coin in return. However, this is not his first rodeo; he bought 179,448 ETH ($806M) at an average price of $4,490, and still holds a 135,265 ETH ($581M) long position.
A few hours later, the OG moved another 6,000 BTC($689 million) to buy ETH. His latest move increased his holdings to 278,490 ETH ($1.28B) at an average price of $4,585.
The massive bullish fundamentals could be one of the motivating factors for this move. More investors were moving to maximize profit and shifting their attention from Bitcoin to Ethereum.
Nonetheless, liquidation data shows that traders lost over $617 million over the last 24 hours. Long positions accounted for $448 million of the total rekt capital.
However, liquidated funds on Ethereum exceeded $137 million in the last 4 hours; $82 million long and $54 million short. The data on ETH suggests that traders opened more long positions at the peak as they expected more increases, but got burned.
What Will Ethereum Do Next?
Ethereum rebounded from a low of $4,718 and attained the latest milestone. It retraced after peaking at $4,955, to its low, and grapples with notable selling pressure at the time of writing.
The 4-hour chart indicates that ETH will drop further. The moving average convergence divergence prints sell signals. Its 12 EMA is closing the gap with the 26 EMA, hinting at an impending bearish crossover. The latest signals suggest that divergence is hours away, which may herald further declines.
Nonetheless, the Bollinger bands point to its next possible price target. The asset is fast approaching the middle band at $4,635. Ethereum may hover around this mark before its next big move.
However, previous movements from MACD suggest that the price may dip lower after divergence. The last time the metric had a cross, prices retraced by over 14%. A repeat of this trend will send Ethereum below $4,200.
Get Trending Crypto News as It Happens. Follow CoinTab News on X (Twitter) Now
