- Market analysts predict a pivotal role for Ethereum in the 2024 crypto market rally, citing historical patterns and Ethereum’s recent surge.
- Despite institutional traders maintaining a cautious stance, Ethereum’s bullish momentum is likely to continue, with the potential for a 22% price rally.
The world’s second-largest cryptocurrency Ethereum (ETH) has joined the bull market rally gaining nearly 10% earlier today and moving to $2,450 levels. Interestingly, this development comes as former US President Donald Trump reportedly sold some of his Ethereum stash.
Former President Donald Trump has a substantial connection with digital currencies, with Ethereum being a particularly favored asset. The current selling spree has been verified by crypto intelligence service provider Arkham Intelligence. Notably, Coinbase Exchange is identified as the brokerage through which the Ethereum holdings are being channeled for liquidation.
Arkham Intelligence reported that the process of transferring Ethereum to Coinbase for liquidation commenced approximately three weeks ago. These selling activities follow months of Ethereum accumulation, which served as royalties for numerous Non-Fungible Token Collections initiated by the former Head of State.
Looks like Donald Trump is selling his ETH.
3 weeks ago he started sending ETH to Coinbase after months of accumulating Trump NFT royalties. His peak balance was $4 million.
Based on the deposits, so far he’s sold 1,075 ETH for $2.4 million. pic.twitter.com/JZzA3cS2je
— Arkham (@ArkhamIntel) December 27, 2023
As per the Arkham Intelligence report, Donald Trump has successfully liquidated a total of 1,075 ETH, equivalent to approximately $2.4 million. The transactions suggest an average selling price of $2,232.56 per Ethereum. The exact profit margin from these Ethereum sales is challenging to ascertain immediately, as the prices at the time of royalty payments remain undisclosed.
A scrutiny of Coinbase deposits reveals that the funds were funneled into the exchange from distinct wallet addresses, indicating that the former President maintained multiple accounts for all of his NFT Collections. According to Arkham’s data, the most substantial deposit made to Coinbase amounted to 200 ETH, valued at around $446,511.63 based on the previously estimated average value.
The ETH Price Action
Market analysts foresee 2024 as a significant year for Ethereum, anticipating it to narrow the gap with Bitcoin in market dominance. In a recent upswing, Ethereum (ETH), previously relatively dormant, underwent a substantial rally, surpassing the $2,400 threshold and achieving a new yearly high. This surge prompted all major term implied volatilities (IVs) to hit annual peaks, while the 30-day volatility (DVOL) surged to 70%, marking its highest point since April, according to reports from Greeks.Live.
Despite this bullish momentum, data from Skew’s options analytics indicates that institutional traders have yet to join the rally, maintaining their positions at recent levels without aligning with the upward trend. The lack of institutional FOMO (Fear of Missing Out) suggests a cautious stance among these traders.
Market analysts anticipate Ethereum taking the lead in the upcoming crypto market rally in 2024. Crypto analyst Michael van de Poppe has further pointed to a historical pattern that suggests a peak in Bitcoin dominance preceding the upcoming Bitcoin halving. According to van de Poppe, this pattern historically signals the beginning of a bull market for altcoins, and Ethereum is likely to play a significant role in this phase. Another market analyst Rekt believes that there’s another 22% price rally left for Ethereum here onwards.
$ETH will probably expand by another +22% if it is able to reclaim $2274 as support#ETH #Crypto #Ethereum pic.twitter.com/p12ybG8umv
— Rekt Capital (@rektcapital) December 27, 2023
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