An Ethereum coin with a brilliant green chart behind it
Although the crypto market still looks weak and price recovery is not yet in sight, whales may already be feeling it and taking action.
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Crypto analyst Ali shared on 30 October that whales have withdrawn about 200,000 ETH worth $780 million from exchanges to personal wallets in the last 48 hours.
A bullish sign
Withdrawing crypto assets from centralized exchanges is always a bullish sign that indicates confidence in the asset in question.
By taking the asset off exchanges, the whales are indicating that they have no short-term plan to sell and are rather willing to hold for the long-term.
Analysts agree with this potential for an upward price move. One of them, Michael van de Poppe says the coin has been holding above the 20-week moving average, meaning it has significant support.
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He’s also hopeful that Ethereum will be able to hold this level into November over the weekend, when a new rally is likely to begin.
Poppe had earlier predicted that Ethereum had a great setup that suggests a new all-time high could be in view around this time.
Whether or not this will come to pass depends on the coin holding the current support and not yielding to the pressure the market is mounting.
Factors aligning
A few factors need to be in place for Ethereum to reach the new all-time high being predicted.
First, the coin needs the support of whales, some of which are already quite confident about it as revealed by the current data.
The Fed also announced rate cuts yesterday which will potentially encourage more buying of the asset, thus strengthening its momentum.
With these in place, it may only be a matter of time, especially after Bitcoin is done with its own rally which is expected any moment from now, according to analysts.
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