The crypto markets are soaring, with the top 2 tokens, Bitcoin and Ethereum, rising beyond their respective resistances at $38,000 and $2,100. After trying hard for nearly a month, Ethereum soared above the pivotal resistance but failed to hold as the bears jumped in to extract some profits. However, the ETH price continues to trade close to these levels, indicating the beginning of a bullish December.
As mentioned, the ETH price closed the day’s trade around $2050 for nearly a week while the volatility remained at lower levels. In a recent update, the whales benefited from the prevailing consolidation and incurred some profits. As per the data from an on-chain analytical platform, Lookonchain, a giant whale who was constantly accumulating ETH, borrowed DAI to buy ETH.
The whale borrowed 2 million DAI and purchased nearly 953 ETH with an average price of $2098. The whale bought the same amount of ETH during the previous trading day, which enabled the price to close the trade on a bullish note. This whale has been constantly accumulating ETH since September from Binance and DEX, which could have stabilised the price to a large extent.
So what’s next? Will the ETH price reach $2500 by the end of the year?
The ETH price has been trading within two diagonal supports that it had failed to hold during the extended bearish actions. However, the price managed to rise above the lower one and is expected to maintain an ascending consolidation within these levels until it reaches the target of $2500. Besides, the RSI is also incremental, which may substantiate the bullish claim. However, the Ethereum price may not reach the interim milestone at $2500 but could reach levels higher than these very soon.
Source: https://coinpedia.org/price-analysis/ethereum-reaches-2100-did-this-move-propel-the-eth-price-higher/