Whales Move to Ethereum As ETH Up 15% in 7 Days, Outperforms BTC

ETH Ethereum Price Prediction

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated: 

November 28, 2024

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Ethereum has risen to $3,607 today, marking a 3.5% gain in 24 hours and a 15% gain in a week, as investors shift their attention to the altcoin.

Several whales have placed big buy orders for the token in recent days, with ETH also up by 37% in a month and 78% in a year.

This has enabled Ethereum to outperform Bitcoin in the past week, and with ETH’s annual gains still distinctly below averages for major tokens, it could witness further acceleration in the coming months.

Whales Move to Ethereum As ETH Up 15% in 7 Days, Outperforms BTC

Analysts are beginning to notice that, after a few weeks of relative underperformance, Ethereum is beginning to show up to the ongoing bull market.

After falling to a one-month low of $2,373 on the day of the US election, ETH has actually risen by 51%.

By contrast, Bitcoin – which has gained most of the attention following the election – is up by 40% from its price on November 5.

The key difference between the two tokens is that Bitcoin has set new record highs in recent days and weeks, while Ethereum remains down by 26% on its ATH (set in November 2021).

As such, Ethereum is still in an undervalued position, which means it’s arguably a better trading prospect than BTC right now.

Many whales seem to agree with this view, at least when looking at recent transfer data.

Indeed, ETH’s 24-hour trading volume is currently at $46 billion, representing a more than 400% increase over where it was only a couple of days before the US election.

This signals very high demand for the altcoin, with its chart today showing some strong momentum.

In particular, its RSI (purple) remains close to 70, signalling sustained buying pressure.

It’s a similar story with its 30-period moving average (orange), which has been well above the 200-period average (blue) for a couple of weeks now.

Normally, these high levels would signal overbuying, yet ETH had been in an oversold and undervalued position for so long that it can sustain some further gains.

While it may dip a little in the next few days, it’s likely to reach $4,000 by late December.

Outperforming the Market with New Presale Tokens

While ETH has been outperforming BTC in recent weeks, traders may be able to outperform both coins by looking at smaller cap alternatives, including presale tokens.

Such tokens can perform well when they list for the first time, with their sales generating enough momentum to cause big opening rallies.

One presale coin on course to manage something like this is Best Wallet Token (BEST), which has now raised over $1.4 million since opening its sale last month.

Best is the native ERC-20 token of Best Wallet app, which has become one of the most popular software wallets in crypto since launching in 2023.

By holding BEST, Best Wallet users will gain numerous advantages, including discounts on transaction fees, higher staking rewards, voting rights, and early access to new presales and airdrops.

And because Best Wallet is one of the most well-established crypto wallets in the sector, BEST should therefore experience plenty of organic demand once it launches in the next few months.

To join the sale, investors can simply go to the official Best Wallet Token website.

BEST is currently available at $0.022825, although this will rise in a couple of days, so new buyers should act quickly.

It will in fact climb to $0.02497500 by the 100th and final stage of the sale, while the early signs suggest it could rally substantially once it lists.

Join BEST Now