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    Ethereum surges 9% to hit 13-week peak as market braces for more sell-offs and potential price spike

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    Ether’s price increased by over 9% within 24 hours, reaching a 13-week high of $2,880 on November 7, while an Ethereum ‘whale’ sold 11,000 ETH purchased in 2016, profiting potentially $30.52 million. However, had this investor sold at Ethereum’s peak in the 2021 bull run, the profit could have been $52.8 million or $44 million earlier this year. The total amount of ETH held on exchanges has increased over the past week, hinting at more sell-offs. Despite this, experts predict a continued price increase for ETH, potentially reaching $4,000, but warn of risky long positions due to high ETH futures funding rates.

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    Ether’s (ETH) price has gone up by more than 9% in the past 24 hours, hitting a 13-week high of $2,880 on Nov. 7. At the same time, a so-called ‘whale’ (a large Ethereum investor) who has held more than 11,000 ETH since 2016, has sold off and cashed in.

    This whale bought their 11,000 ETH back in February 2016, when the price per coin was between $2.1 and $6.6. They got their coins at $3.46 each, which totalled around $38,000 at the time.

    The investor held onto these tokens for over eight years, and finally decided to sell when the price hit $2,777. With that move, they potentially made a profit of $30.52 million, which is more than 800 times what they initially invested.

    Had they sold at the peak of the 2021 bull run, when Ether hit its all-time high of $4,800, they could have made over $52.8 million. Even if they had sold earlier this year in May when ETH topped $4,000, they could have made around $44 million.

    The amount of ETH being held on exchanges has been noticeably increasing over the past week, from 18.8 million ETH on Oct. 31 to 19.2 million ETH on Nov. 7. This increase is especially noticeable between Nov. 5 and Nov. 7, when the price of Ether rose above $2,800, indicating that people were selling off and taking the profit from this latest price increase.

    But despite all the selling, Trump-related optimism and positive Ethereum ETF flows mean Ether’s price could still increase. Crypto analyst CryptoJack says the price rise is likely to continue. He shared a chart showing ETH’s price looking to break out from its current pattern since September. If this happens, CryptoJack says the price could reach the $4,000 mark, with another analyst, Moon Whales adding ETH would need a high volume of trades to confirm a successful breakout for further gains.

    However, with the ETH futures 8-hour funding rate at its highest since May, long positions are increasingly at risk of liquidation if the price drops.

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