Ethereum Whales Accumulate 70,000 Coins, Boosting Price Outlook
Ethereum’s recent price slump, from over $3,500 in July to $2,140 in early September, was influenced by heavy selling from crypto whales. However, a positive shift seems to be underway as these whales have now started accumulating significant amounts of Ethereum. This development raises optimism among investors as the market shows signs of turning bullish.
Ethereum Mega Whales Increase Holdings
Glassnode data reveals a notable increase in the number of Ethereum addresses holding at least 10,000 ETH. From 918 such addresses on September 16, the count has risen to 925, indicating an accumulation of around 70,000 coins in the past week, valued at over $185 million at current prices. This surge in whale holdings suggests a potential uptrend in Ethereum’s price.
The Bulls and Bears Indicators
Recent data from IntoTheBlock shows that bulls, who represent addresses accumulating ETH, have outpaced bears, who represent those selling, in the last seven days. This shift in favor of bulls indicates a possible continuation of Ethereum’s recent price rally. The price has already surged from $2,295 to $2,640, sparking speculations of a return to July’s highs.
Price Prediction: Targeting $3,037
Analyzing the In/Out of Money Around Price (IOMAP) data, it is evident that a considerable volume of ETH was purchased around $2,279 by 2.7 million addresses. This level now acts as a strong support for Ethereum, with more coins bought at this price than between $2,717 and $3,037 combined. If buying pressure increases, ETH could break past $2,717 and potentially reach $3,037.
Expert Insight
Roy Hui, Founder & CEO of Ethereum Layer-2 blockchain LightLink Chain, believes that despite challenges, Ethereum’s strong fundamentals, including a large developer community, projects, and user base, position it for further growth. Hui emphasizes the network effect and states that ETH is currently undervalued.
Conclusion
The recent accumulation of Ethereum by mega whales, along with a shift towards bullish sentiment in the market, indicates a positive outlook for the cryptocurrency’s price. If the current trend continues, Ethereum could see further gains and potentially surpass the $3,000 mark. However, factors such as whale behavior and distribution by the Ethereum Foundation could impact this prediction. Investors are advised to conduct thorough research and seek professional advice before making investment decisions.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
