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With renewed energy in the momentum in the cryptocurrency arena, Ethereum (ETH) and Cardano (ADA) are getting attention, especially among those keen on strategic investments. Ethereum’s recent network dominance and ADA’s shifting price activity have started debates on possible growth trajectories. At the same time, an AI-powered trading platform has caught the attention of significant investors or “whales” due to its innovative technology and projected gains.
Could Active Address Growth Drive a $4,000 Rally For Ethereum (ETH)?
Ethereum (ETH) has established itself as a leading coin in the network activity, with an impressive 43% dominance in active addresses. This metric, which mostly precedes price hikes, exhibits that Ethereum’s network adoption stays strong and may be setting the stage for a substantial rally.
Over the last week, an upside in active addresses and declining exchange supply have recommended that investors are shifting their Ethereum holdings from exchanges to cold wallets, indicating heightened market confidence.
The Exchange Supply Ratio, which measures the proportion of Ethereum held on exchanges, has dropped to a monthly low, going down from 0.145 to 0.141. This dip signals that more Ethereum is being evacuated to long-term storage, a trajectory that often precedes price rallies due to decreased selling pressure.
Combined with a negative MVRV (Market Value to Realized Value) Long/Short difference, long-term Ethereum holders seem to be in an accumulation phase, bolstering the possibility for upward price shift. Although Ethereum recently saw a slight dro of 2.43%, pushing it down to $2,553, the current conditions indicate a speculative rally toward $4,000 could materialize by November.
Cardano’s Value Drop and the Rise of INTL Among ADA Whales
As Bitcoin struggles to keep at $70,000, altcoins like Cardano (ADA) have gone through similar downward pressure. Currently, Cardano’s value is showing signs of stabilization around a local dip of $0.28, after a drop from $0.43 post a double-top pattern in July.
Despite ADA’s latest downturn, open interest has hiked to over $249 million, up from $152 million in mid-August, underscoring strong trader interest. Experts suggest that, given the right market conditions, Cardano (ADA) could show a breakout, possibly regaining key supply zones and setting new support levels.
However, in the short term, ADA’s price fluctuations show a continued bearish trend, with indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicating possible consolidation.
The RSI indicates weakened momentum, while the MACD shows a decrease in sufficient buying pressure to bring the price upward. Without stronger bullish signals, ADA could test support around $0.31 level before any potential recovery.
In light of ADA’s fluctuating performance, a number of whales are significantly shifting their investments toward IntelMarkets (INTL), an emerging AI-driven platform that could offer unique advantages.
IntelMarkets (INTL): An AI-Powered Blockchain Platform Drawing Attention
IntelMarkets (INTL), an AI-integrated trading platform, has gained interest with its potential to bridge blockchain and artificial intelligence, introducing new strategies for trading and investment.
IntelMarkets sets itself apart with its Intelli-M™ robots, which are made to self-learn from real-time trading data. Unlike traditional trading bots, which follow static algorithms, these self-learning bots adapt and improve over the period of time, optimizing their strategies based on live data from over 100,000 data points.
This technology enables a dynamic trading environment, which could make IntelMarkets attractive to investors seeking innovative trading solutions. A common challenge in trading is mixed signals from different indicators, creating confusion for traders. IntelMarkets’ Intell-Array monitoring system processes signals across various channels, generating a unified and clear direction.
IntelMarkets is the first platform to fully integrate AI with a proprietary Layer-1 blockchain, setting a new benchmark for AI applications in decentralized finance (DeFi). This dual-chain functionality operates across both Ethereum and Solana, offering investors the flexibility to choose between blockchains according to their unique trading preferences.
The platform’s dual-chain architecture enables seamless access to crypto assets and facilitates advanced trading options, such as auto-investment strategies, AI-driven cost averaging, and arbitrage. The cutting-edge AI technology powering IntelMarkets could potentially provide higher returns, a factor that ADA whales may find compelling.
Check out the IntelMarkets for more information about the technical platform, or Join the Presale for exclusive benefits.
*This article was paid for. Cryptonomist did not write the article or test the platform.
Source: https://en.cryptonomist.ch/2024/11/03/could-ethereum-price-make-4k-november/