- Ethereum whales accumulate 6102 ETH tokens worth $23.84 million.
- ETH rises by 2.07% over the past 24 hours.
As a seasoned researcher with over a decade of experience in the crypto market, I have witnessed numerous bull and bear cycles. The current trend in Ethereum [ETH] has piqued my interest, as it seems to be on an upward trajectory that is reminiscent of the 2017 bull run.
For about a month now, Ethereum [ETH] has been on an impressive upward trend. After reaching a bottom at $2355, it briefly touched $4k twice. Yet, so far, it hasn’t maintained a continuous rise beyond the $4k mark.
As ETH finds it difficult to break through this barrier, large investors, often referred to as “whales,” have started investing. The community is closely watching whale activities, considering them crucial for Ethereum’s continued expansion.
According to well-known cryptocurrency analyst Ali Martinez, it has been noticed that large Ethereum investors (whales) have increased their holdings since the price of Ethereum surpassed $3,330.
Whales are accumulating ETH
As reported by Lookonchain, institutions appear to be consistently amassing Ethereum. Subsequently, two wallets connected to a single creator withdrew approximately 4502 ETH tokens, valued at around $17.54 million, from Binance. Following the withdrawal of these tokens, the addresses deposited them into KelpDAO for staking purposes.
Additionally, it’s been reported by Lookonchain that another whale has purchased approximately 1600 Ethereum (ETH) tokens valued at around $6.3 million from various exchanges within the last 48 hours.
As whales continue to stockpile the cryptocurrency, it indicates a growing trust in the upcoming worth of the market. Consequently, financial institutions are rushing to amass Ethereum, anticipating further price increases.
The significant rise in the need for Ethereum, coupled with its accumulation, is evident due to the decrease in the ratio of Large Holders sending Ethereum to Exchanges compared to total transactions (approximately 0.58%).
Such a significant decrease suggests that major investors (whales) have reduced their demand for purchasing, leading to less pressure on sales. In turn, this leaves smaller retail traders active on the exchanges, an activity pattern that frequently follows whale accumulation, as seen in the scenario described earlier.
Frequently, an increase in acquisition might be followed by a rise in price because big investors purchasing puts greater demand on the market, leading to less supply available. This situation can potentially lead to further growth for the cryptocurrency.
Can Ethereum see a sustained rally above $4k?
Typically, as more whales (large investors) accumulate a particular asset like Ethereum, it tends to boost that asset’s price. Over the last month, this phenomenon has been particularly noticeable with Ethereum.
Currently, Ethereum is being transacted at $3968 per unit, which represents an increase of 2.07% over the past 24 hours. Furthermore, it has also shown growth on both the weekly and monthly charts, rising by 1.48% and 27.33% respectively.
Over the past day, the continuous upward trend has resulted in many long-term investors enjoying a profit. Moreover, the price of Ethereum (ETH) surpassing its previous resistance at $4k has led to an increase in profits for these long-term holders.
As their profits increase, they persistently keep Ether (ETH) in their possession, suggesting they expect further growth and boosting market faith. This indicates that large investors (whales) and long-term holders remain optimistic about the crypto market.
Read Ethereum’s [ETH] Price Prediction 2024-25
If these optimistic feelings continue, Ethereum might ascend even more, potentially surpassing the resistance at $400 again. Should this occur, a surge could follow, possibly driving Ethereum up to $4,165.
Consequently, a correction will see ETH drop to $3852.
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2024-12-16 14:15