The crypto market is having a relief following a tough start to the week. Bitcoin and other major altcoins are in the green, with altcoins particularly outperforming BTC over the last 24 hours. Bitcoin temporarily climbed above $114k while Ether hit the $4,300 mark after bouncing off the $4,100 region earlier on Wednesday. Ether could now be heading to a new all-time high as whales maintain buying pressure. Whales keep prices higher despite profit-taking Ether, the second-largest cryptocurrency by market cap, is up 3% in the last 24 hours, similar to other leading altcoins like XRP, SOL, and ADA. The positive performance came after two days of steady declines, with the rally sparking an increase in short liquidations, with positions worth over $100 million liquidated over the past few hours. Ether’s bounce can be attributed to the resilience of whales during the market correction. Whales holding between 10K and 100K ETH grew their collective stash by 550K ETH over the past week, despite Ether losing 10% of its value during that period. However, small-scale holders embarked on massive profit-taking, with about 380k ETH sold over the last few days. Institutions continue to add ETH and BTC to their treasuries despite the market correction. Data obtained from StrategicETHReserve.xyz. showed that Ethereum digital asset treasuries (DATs) led by BitMine Immersion and SharpLink Gaming, collectively bought about 520K ETH last week In addition to that, Singapore’s largest bank, DBS, is extending its blockchain strategy by offering tokenized structured notes on the Ethereum public blockchain. DBS revealed that this latest development will mark its first time offering tokenized products to accredited and institutional investors outside its client base. Ether targets the $4,793 high if the bullish trend strengthens The ETH/USD 4-hour chart is bearish despite Ether halting its bearish run on Wednesday as it added over 4% to its value. The bulls defended the support near $4,100 and could now push the price to a new yearly high. The technical indicators are showing signs of recovery following days of weakening momentum. The RSI of 50 shows that Ether is no longer in the bearish region, while the MACD lines have also crossed over into the positive territory. At press time, ETH is trading at $4,306 per coin. If ETH continues to rise, it could recover above the $4,500 key level and retest its all-time high resistance at $4,868. An extended bullish run would ensure a new all-time high for ETH, validating another bullish pennant pattern for the top altcoin. Analysts still believe ETH could hit $6k in the medium term, but the price action remains choppy at the moment. However, if the bulls fail to build on yesterday’s momentum, ETH could bounce back from its current 4-hour TLQ level and retest the $4,070 support zone. The bulls would defend this region as failure to do so could see ETH drop to the $,3862 low. The post Ether bounces off $4,100, targets new highs: check forecast appeared first on Invezz
