The crypto markets appear to have flipped over their bearish claws as the bulls have gained immense strength. The majority of cryptos have been maintaining a steep upswing since the start of the month, which indicates the markets are progressing towards a strong bull run. As the Bitcoin price sustains above $43,000, the Ethereum price is also on the verge of marking new yearly highs close to $2400.
Ethereum has been considered one of the most reliable cryptos on the market and is known for its slow and steady pace. The rising momentum of the markets and specifically the ETH price may have compelled retail traders to accumulate more. Moreover, they are reportedly holding the tokens away from the exchanges as the exchange volume is constantly depleting.
As per the data from Santiment, the non-exchange addresses held have now marked new highs.
The rise in the volume of non-exchange addresses, which has hit an ATH of 54.6 million compared to the 150 biggest exchange addresses, marking a 5-year low at 9.3 million, suggests the whales are probably losing sell-off power. As retail traders are getting stronger with this move, a fine rise in the price is expected in the coming days. A popular analyst, Michael van de Poppe, believes that the ETH price could soar and reach $3000 somewhere in Q1 of 2024.
Collectively, Ethereum’s price has displayed extreme bullish momentum since the start of the month, and hence, a bullish close for the year could be on the horizon. Meanwhile, market sentiments have also turned bullish, substantiating the bullish claim and supporting the price target above $3000 in the first few weeks of 2024.
