Ethereum price is on track to hit $10k, crypto analyst predicts

The price of Ethereum has declined in recent days as some whales continue to sell their tokens.

Ethereum (ETH) fell from this month’s high of $3,445 to $3,058 on Monday, November 18. This pullback means it is moving into a local technical correction after falling 11% from this month’s high.

Ethereum’s price action occurred as some whales continued to sell their coins. LlamaFeed’s data shows that whales moved ETH tokens worth over $300 million in the last 24 hours. The largest whale move moved 50,000 ETH tokens, worth over $153 million, to Kraken and paid a $12.80 transaction fee.

Another important whale moved 15,579 tokens worth $47.8 million to Coinbase. Moving tokens to exchanges is often the first step investors take during liquidation.

The price of Ethereum also fell as spot ETFs experienced outflows for two consecutive days. Debuts reached $59.8 million on Friday; this was a large increase from $3.24 million the previous day. In total, these ETFs received inflows worth $178 million, compared to Bitcoin’s $27 billion.

Meanwhile, blockchain continued to underperform other smaller networks in the DEX industry. Volume processed on DEX networks decreased by 4.7% to $850 million in the last 24 hours. In contrast, Solana (SOL) handled $5.92 billion, while Base, BSC and Arbitrum handled $1.28 billion, $1.27 billion and $992 million.

Still, some analysts are optimistic that the Ethereum price may be about to recover in the long term. One analyst expects the price of ETH to eventually rise to $10,000 in the long term, which would represent a 226% increase from the current level.

Listen, I’m tired of all the bullshit. $ETH It has been gaining solid momentum with higher lows over the last 2.5 years. Yes, it’s slow going, but it takes time to build momentum.
Once it exceeds 4K we are off to the races.
The target is 10k. pic.twitter.com/a2UV98pNHl

— Wolf 🐺 (@IamCryptoWolf) 17 November 2024

Other analysts pointed to more catalysts, such as its deflationary nature and the potential for staking in ETFs as Trump wins the election.

ETH price chart with Ethereum price bullish techniques | Source: crypto.news

The daily chart shows that Ether has some bullish catalysts. The 200-day and 50-day Exponential Moving Averages are about to form a bullish crossover, while gold is about to form a cross pattern.

The recent sell-off in Ethereum prices has also started to lose momentum at the 50% Fibonacci Retracement level. Therefore, there is a possibility that the ETH token will recover again in the coming days. In such a case, the first target will be this month’s high of $3,447. A break above this level would signal further gains towards $3,972, the highest since the beginning of the year.