TLDR
- Ethereum’s price movement in November 2024 shows a 46.11% increase despite being one of the lower performers among top 10 cryptocurrencies, with key resistance at $3,600 standing between current prices and the $4,000 target
- Whale addresses holding 1000+ ETH have reached near-monthly highs of 5,557, indicating strong institutional confidence and accumulation
- Short positions have dramatically increased to $918 million, creating a $700 million gap against long positions at $218 million
- A potential “Golden Cross” formation between the 50-day and 200-day moving averages could trigger a bullish run, contrasting with August’s “Death Cross” that led to a 35% decline
- Support levels are established at $3,000 and $2,359, while realized profits have hit $659.22 million
Ethereum’s price action in November 2024 has revealed a complex market dynamic, with the cryptocurrency posting a 46.11% gain despite ranking as the second-worst performer among top 10 cryptocurrencies by market capitalization.
Data from market analysts shows that Ethereum whale addresses, defined as those holding at least 1,000 ETH, have increased their positions substantially. Current statistics indicate 5,557 whale addresses, approaching the monthly high of 5,561, suggesting robust confidence among large holders.
The market has witnessed a notable increase in short positions, reaching $918 million as traders react to Ethereum’s struggle to maintain prices above $3,500. This creates a stark contrast with long positions, which total approximately $218 million, resulting in a $700 million gap between bearish and bullish bets.
Price analysis reveals a critical resistance level at $3,600, which may determine whether ETH can achieve the psychologically important $4,000 mark. This price target represents an 11% increase from current levels and hasn’t been seen since December 2021.
Short-term price movements show Ethereum trading within an ascending channel since November 16. However, the recent drop below the channel’s support line at $3,314 has created uncertainty among market participants.
Recent market data indicates realized profits have reached $659.22 million, suggesting many traders have locked in gains during recent price movements. These high levels of realized profits could help prevent mass liquidations unless a sharp price rebound occurs.
Strong support levels have formed at $3,000 and $2,359, creating important price floors that could prevent deeper declines if selling pressure increases. These levels have proven historically important as areas where buyers have stepped in previously.
The MVRV 7-day metric, comparing market value to realized value, currently reads at 3.8%. This indicates a neutral to slightly bullish short-term outlook, though historical data suggests readings between 5-7% often precede price corrections.
A potentially bullish signal is forming as the 50-day and 200-day moving averages approach a “Golden Cross” formation. This technical pattern could spark renewed buying interest, particularly considering that the previous “Death Cross” in August resulted in a 35% price decline.
Whale behavior patterns show an interesting accumulation cycle. After increasing from 5,527 to 5,561 addresses over six days, the number briefly decreased to 5,535 on November 20, before recovering to current levels within a week.
Technical analysis suggests that if Ethereum fails to hold above $3,220, a decline to $3,033 could occur. However, breaking above current resistance might open the path to $3,547 and potentially the $4,000 level.
The derivatives market shows increasing complexity, with liquidation risks growing for leveraged positions if Ethereum moves sharply above $3,700. This creates a volatile situation where large price movements could trigger cascading effects.
Trading volume patterns show steady market participation, though with notable shifts between buying and selling pressure as the price tests key technical levels.
Market data indicates that while short-term traders have secured profits, long-term holders continue to maintain or increase their positions, creating an interesting dynamic between different time horizons.
The most recent data shows whale addresses continuing their accumulation pattern, maintaining positions despite short-term price fluctuations and increased short interest in the market.
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