Bitcoin surpasses $80,000, Ethereum is racing towards ATH! The market sentiment is positive!

The cryptocurrency market witnessed a significant surge on Sunday morning as Bitcoin surpassed the $79,659 mark and reached a new record high above $80,000. The market's uptrend is primarily driven by the substantial increase of Ethereum, the largest cryptocurrency, maintaining above $3,178 and swiftly spreading to the altcoin market. Ethereum is built on the accumulation of substantial resources and aims to target the current record high of $4,981.
The Ethereum price is aiming for ATH, and whale buying is still happening
The Ethereum price is trading at $3,228, up 3.2% daily. Its market capitalization is at $389.4 billion and the 24-hour trading volume is $42.1 billion.
The cryptocurrency market started with the bullish trend starting in November after Donald Trump's victory in the 2024 presidential election. The pioneering digital asset Bitcoin has reached a new peak of $80,000 today by using the overall market psychology.
Whales not only accumulate Bitcoin but also Ethereum! Today, 4 new wallets have withdrawn 12,499 ETH (about $40 million).
The ETH price has completed a major correction of the trend
After the Bitcoin price increase, the Ethereum price is predicted to have increased sharply by 36%, from $2,380 to $3,220 after 6 days of recovery. This strong increase has been supported by the rising trading volume, helping ETH break out of a 3-month accumulation pattern and a clear downtrend chart.
From the end of May until now, this chart pattern has led to a steady consolidation in the two converging lines. The recent breakout indicates a significant change in trend. Ether buyers have reclaimed the daily EMAs (20, 50, 100, and 200), adding a positive sentiment to the market.
If the pattern is confirmed, it is expected that the price of Ethereum will surpass the resistance level from $3,560 to $4,100 and record a 26% growth with a peak of $4,100. If it surpasses this level, it could trigger a strong uptrend towards ATH.
However, it seems impractical for financial assets to continue moving in one direction without positive information from the outside. Therefore, it is expected that the Ethereum price will have a recovery correction towards the daily EMA to restore the tired bullish momentum.
The Ethereum price approaching ATH and the resurgence of buying by whales is creating a positive atmosphere in the market. Investors are carefully monitoring the actions of major investors to seek clues to market fluctuations in the future.
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