Ethereum Price Prediction as $10 Billion Trading Volume Floods In – Are Whales Buying Again?
The Ethereum price has held still over the past 24 hours, with the altcoin struggling to rise above the $1,800 level.
At $1,803, ETH is now 2% up in a week and 14% up in a fortnight, with the market’s biggest altcoin also having risen by 50% since the beginning of the year.
And with its 24-hour trading volume remaining high at $10 billion, there’s enough underlying activity to cause another rise in the coming days.
Ethereum Price Prediction as $10 Billion Trading Volume Floods In – Are Whales Buying Again?
Ethereum’s chart continues to look promising, in that its technical indicators lean more towards further gains than losses right now.
For instance, its 30-day average (yellow) is rising strongly towards its 200-day average (blue), a sign that more price gains will come as the shorter term indicator climbs over its longer term counterpart.
ETH’s relative strength index (purple) is also looking good, having kept around the 70 level for over a week now.
What this indicates is that buying pressure is still with Ethereum, which could therefore see further gains in the near term.
The coin’s 24-hour trading volume supports this view, with it remaining just above $10 billion, compared to around $5 billion a week ago.
This suggests that whales remain interested in ETH, which has seen several transfers to exchanges in the past couple of days.
🚨 🚨 21,852 #ETH (39,426,190 USD) transferred from unknown wallet to #Coinbasehttps://t.co/SFO4AHxttS
— Whale Alert (@whale_alert) October 31, 2023
While the Ethereum price has struggled to crack the $1,850 resistance level (red) in the past few days, it also looks like its support level (green) is holding up nicely, so significant falls aren’t likely.
It had risen in the context of increasing positivity regarding Bitcoin ETF applications, yet its strong fundamentals also mean it should recover soon.
Indeed, its total value locked in accounts for more than half of the entire crypto sector, while it has celebrated a number of high-profile adoptions this year, including PayPal and Coinbase.
Such developments bode very well for its future, while it also needs to be remembered that Ethereum has had a deflationary tendency ever since its shift to proof-of-stake last year.
As such, the Ethereum price is likely to reach $1,900 in the next few weeks, with the formal approval of Bitcoin ETFs potentially helping it reach $2,500 in the first couple of months of 2024.
High-Potential Alternatives
Probably the only downside with Ethereum is that, as a well-established token, it may not rise as aggressively as other, newer coins.
Traders looking for quicker above-average profits may therefore prefer to look elsewhere, with several promising alts holding their presales right now.
Possibly the most promising of these is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has already raised more $2.9 million in its presale.
Choosing #BitcoinMinetrix for effortless mining! 💎
Through cloud mining, bid farewell to worries about reselling equipment.#BTCMTX handles upgrades, enabling users to focus on their $BTC journey without the hassles of outdated hardware. ⚙️ pic.twitter.com/eT3BGAq4Wu
— Bitcoinminetrix (@bitcoinminetrix) October 31, 2023
This figure suggests plenty of market confidence in Bitcoin Minetrix, which will enable users to mine Bitcoin (BTC) by staking its native token, BTCMTX.
By offering a stake-to-mine platform, Bitcoin Minetrix aims to widen access to Bitcoin mining, with the staking of BTCMTX providing users with tokenized mining credits in returns.
Users can then use these credits to buy Bitcoin hashpower, which can earn them newly minted BTC in exchange.
Stakers of BTCMTX will also receive new BTCMTX as well, making the token potentially very lucrative.
This perhaps explains why its presale has already done so well, with new buyers able to join the sale by going to official Bitcoin Minetrix website.
Embarking and discovering the ease of #Bitcoin cloud mining with #BitcoinMinetrix! 🚀⛏️
✨ Perfect entry point for beginners.
💸 Cost-effective, no equipment expenses.
🏠 Say goodbye to space, noise, and heat worries.
🔁 Effortless, seamless upgrades. pic.twitter.com/PvmKeOweCY— Bitcoinminetrix (@bitcoinminetrix) October 31, 2023
BTCMTX will have a capped supply of four billion tokens, with 1.4 billion going to the presale and another 10% going to community rewards.
Its sale will have ten stages in total, with 1 BTCMTX currently costing $0.01130, although this will rise to $0.01190 by the final stage.
As for where the price could end up in the future, Bitcoin Minetrix’s originality as a platform could help it climb much higher, making its early investors a big profit.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
