- ETH broke out of its sideways stagnation to log 11% gains.
- Billionaire Mark Cuban thinks Ethereum has the most upside as a crypto investment.
- Ethereum’s top 10 non-exchange whale addresses are rising, and the top 10 exchange addresses are declining.
- Crypto Twitter is going wild with five-figure Ether price predictions.
KOLKATA (CoinChapter.com) – Ether broke out of its sideways trend after billionaire Mark Cuban called Ethereum a highly rewarding crypto investment. The ETH/USD pair rallied 11%, neared the psychological $4000 resistance topping at the $3,826 local high.
Related: Ethereum eyes “break and explode” moment towards $4.5K as ETH jumps 20% QTD.
“As an investment, I think ethereum has the most upside. And bitcoin is “better gold than gold.”
Cuban told CNBC
According to the Dallas Mavericks owner, smart contracts “really changed everything” in the cryptocurrency and blockchain ecosystem. Cuban remarked that Ether is “the closest we have to a true currency” and regretted entering long positions on ETH much later.
“I wish I had bought [ether] sooner.”
Swapping Bitcoin
Bullish daytraders bought every word of the Shark Tank veteran and swapped their Bitcoin holdings in exchange for ETH, upon the latter hitting oversold levels against the top cryptocurrency.
Related: ETH jumps 11% as Ethereum miners continue accumulating despite EIP-1559 activation.
An asset enters oversold conditions when its relative strength index (RSI) touches 30 or dips below 30. In the said scenario, RSI closed at 24.44. As a result, after retesting the lower trendline of the Descending Channel on the 4-hour ETH/BTC chart, ETH bounced sharply, climbing from 0.06 to 0.067. The bullish momentum hence achieved is here to stay.
All the more because Ethereum’s top 10 non-exchange non-whale addresses have increased their holdings exponentially.
Top Whale Addresses Hold More Coins Than Exchanges
In detail, the world’s top 10 richest Ethereum investors (aka whales) have 4.02 times the ETH traded on the top 10 cryptocurrency exchanges. The second-largest cryptocurrency is being locked away in cold wallets at an ever-increasing rate. Consequentially the ratio between ETH holdings with top 10 non-exchange addresses and top 10 exchange addresses continued climbing.
Crypto market insight provider Santiment concurred the same as a positive sign for ETH markets.
” The ratio between the two has shown evidence of being tied closely to price, and this rise in ratio continues to be a good sign for bulls.”
asserted Santiment researchers
And the increasing non-exchange ETH holding trend-led Twitter-based crypto analysts and Ethereum supporters to double down on their five-figure price calls for Ether.
Related: Ethereum analysts weigh behind the $13K ETH projection in Q4 as the crypto market recovers.
Ether Will Atleast Hit $10,000 This Bull Cycle: Crypto Twitter
“It’s time for the promised land of $10k
It’s time for ETH to go home
wagmi”
noted independent Ethereum educator, angel investor and adviser Anthony Sassano
Seasonal crypto investor Lark Davis also reiterated $10,000 price calls for ETH.
It didn’t just stop at $10,000. Drawing similarities from the ETH/USD price trend during the 2017 bull market, analysts concluded that Ethereum’s native token could top at $15,000.
“The 2017 breakout of the ETH consolidation brought the price to the 4.764 FIB level at $1,400
The 4.764 FIB breakout target of the 2021 consolidation would give #Ethereum a top of $15,000″
said technical analyst and on-chain crypto analyst Matthew Hyland,
If ETH were to ascend towards the $10,000 price point in the next few months, it would have to begin by Ether reclaiming $4,367 and then closing above $6,950.
