Ethereum Stabilizes at $3,890.76 Due to Whale's $20 Million ETH Purchase: An Examination and Predictions for Potential New All-Time High
Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, is experiencing a surge in interest from large investors, or whales, setting the stage for a potential bull run. Over the past two weeks, whales have acquired over 1.3 million Ether tokens worth approximately $4.18 billion.
Despite a recent surge, Ether is currently experiencing a light consolidation, up 2.7% over the past seven days. This consolidation, however, has attracted purchasing interest, potentially setting up Ether for a new upward movement. The Ether trading volume surged by 48.60% during the same period, indicating robust demand from buyers.
The increased Open Interest suggests that futures traders are entering into the market, revamping their premium positions. This increase in buying activity suggests institutions are preparing for an upcoming bull run. The ETH RSI currently stands at 82.06, indicating the market is overbought and may experience a corrective pullback.
A trader spent $20 million USDT to buy 5,097.17 ETH at a price of $3,924, further highlighting the buying activity. Calculated accumulations by whales have in the past paved the way for consistent upturn movements. Whales have been quietly adding ETH to their portfolios, with their holdings now accounting for about 23.5% of the circulating Ether supply.
This ETH withdrawal signals market confidence in Ether. On July 31, whale wallets withdrew over $900 million worth of ETH from centralized exchanges, indicating they are accumulating for the long term by moving ETH into cold storage to hold off-market. Even during periods of retail sell-offs and market liquidations, these whales have continued building their positions.
This accumulation trend aligns with optimistic outlooks from analysts forecasting that Ethereum could break key resistance levels (such as $4,100 and potentially higher) leading to significant rallies. The contrasting behaviors of retail investors offloading Bitcoin while whales accumulate Ethereum further emphasize a strategic divergence aimed at positioning for future upside in ETH.
With Ether's price having risen impressively in the past 30 days, from $2,106 to $3,800, this new upward movement could potentially enable Ether to surpass its all-time high of $4,878 reached on November 10, 2021. As of now, the Ether price is trading at $3,890.76, up 3.1% over the past 24 hours.
[1] Source: Glassnode, Messari, Cointelegraph [2] Source: CoinDesk, Decrypt [3] Source: The Block, Cointelegraph [4] Source: CoinDesk, Cointelegraph
- The surge in interest from whales in Ethereum (ETH) has set the stage for a potential bull run, with over 1.3 million Ether tokens worth approximately $4.18 billion acquired in the past two weeks.
- The increased trading volume and open interest suggest that futures traders are entering the market, revamping their premium positions, potentially indicating that institutions are preparing for an upcoming bull run.
- Whales have been quietly adding ETH to their portfolios, with their holdings now accounting for about 23.5% of the circulating Ether supply, a clear sign of their long-term accumulation strategy.
- Ether's price, having risen impressively in the past 30 days, from $2,106 to $3,800, could potentially enable it to surpass its all-time high of $4,878 reached on November 10, 2021, if the current upward movement continues.
- The contrasting behaviors of retail investors offloading Bitcoin while whales accumulate Ethereum further emphasize a strategic divergence aimed at positioning for future upside in ETH, aligning with optimistic outlooks from analysts forecasting that Ethereum could break key resistance levels, leading to significant rallies.
[1] Sources: Glassnode, Messari, Cointelegraph [2] Source: CoinDesk, Decrypt [3] Source: The Block, Cointelegraph [4] Source: CoinDesk, Cointelegraph
