- Ethereum and Bitcoin have maintained a steady price performance that currently stands at 0.050, with analysts noting that BTC has to hold above $69,000 to give ETH a base for a price rise.
- ETH started the week on a high, and it’s now trading at its highest price for the past ten days, with whales resuming their buying sprees after a weak showing last week.
Ethereum has started the week on a high, with the largest altcoin trading above $3,500 for the first time in a week as the bulls regained control after a poor showing last week. However, analysts say that ETH’s long-term prospects rest on Bitcoin’s ability to maintain its gains.
Ether trades at $3,619, gaining 6.77% in the past day, with trading volume surging by 46% after a slow weekend.
ETH trades at its highest price since April 1st and is hurling towards its monthly high above $4,000 set on March 12th. After breaking past $3,517 and $3,570, its two previous highs, its next resistance is at $3,680 and $3,810. Surging past these would set the altcoin up to retest its two-year high of $4,066.
The surge comes as ETH whales get back on the buying spree after a slow week. Data from Spot on Chain shows that one whale purchased over 10,300 ETH in the past day, which seemingly boosted the altcoin to $3,400. Another whale bought 6,145 ETH through eight wallets when the price of the coin was just below $3,400, while yet another spent $14 million worth of DAI stablecoin to buy 4,178 ETH.
Whales are buying $ETH on chain!
In the past 14 hours, two whales have spent a total of $35.11M in stablecoins to buy 10,322 $ETH, allegedly pumping the price above $3,400, including:
1. 8 wallets (likely one entity) spent 20.86M $USDT to buy 6,145 $ETH at ~$3,395 in the past 9… pic.twitter.com/jatHgGkKhA
— Spot On Chain (@spotonchain) April 8, 2024
Spot on Chain also revealed that as Ether started to rise, two more whales withdrew a combined 11,657 ETH from Binance, worth $40.28 at the time. Massive withdrawals from exchanges tend to boost a token’s price as they reduce the selling pressure.
Ethereum Relying on Bitcoin Gains
While the whales have played a part in the ETH resurgence, analysts point out that Bitcoin’s price movements could make or break the largest altcoin. In the current bull market, the two largest coins have been closely intertwined, with the ETH/BTC ratio remaining steady at around $0.050,
BTC trades at $72,258 at press time, gaining 4.36% in the past day. As Crypto News Flash reported, BTC defied typical weekend stagnation to surpass the $70,000 resistance amid halving anticipation. The ETH/BTC ratio is at 0.04985832 at press time, according to TradingView. As the graph below shows, this ratio has remained steady in the past week.
Beyond its correlation with Bitcoin, other factors will come into play for Ethereum. One factor that could play a massive role is its ETF applications with the SEC. For Bitcoin, the regulator’s approval was the tailwind that pushed it to a new all-time high. Ethereum could record even higher gains if the SEC approves the spot ETFs, especially given that ETF experts have nearly ruled out this possibility, as Crypto News Flash reported.
However, according to JPMorgan’s managing director Nikolaos Panigirtzoglou, the odds for Ether spot ETFs are still high. If the SEC denies the applications, it will likely get sued by the applicants, as happened with BTC.
He told one outlet:
We believe that the most likely scenario is that the SEC eventually loses this litigation, which means that eventually, the SEC will approve spot Ethereum ETFs.
