Ethereum Hovering Above $3,700 As Mega Whales Accumulate: $4,900 Incoming?

As a researcher with a background in cryptocurrencies and blockchain technology, I’ve been closely monitoring Ethereum’s price action and on-chain metrics. Lately, there have been some intriguing developments that have caught my attention, particularly the increasing accumulation of Ethereum by large investors or “whales.”

Lately, Ethereum‘s price at the spot market has been gradually decreasing, touching the immediate support of $3,700 once more. Despite this, there is considerable anticipation among investors that the coin may surge upward in the near future.

Ethereum Whales Are Now Accumulating

One analyst, supported by on-chain data, asserts that a bullish perspective is emerging in the Ethereum market. With the significant rise in the number of Ethereum wallets holding over 10,000 ETH, this expert believes investors have stopped distributing and are instead accumulating, implying further price growth.

Ethereum Hovering Above $3,700 As Mega Whales Accumulate: $4,900 Incoming?

As an analyst examining Glassnode data, I’ve noticed a noteworthy trend: The number of Ethereum addresses holding more than 10,000 ETH has been steadily increasing since May 20. Interestingly enough, on that very day, Ethereum prices experienced a robust surge, surpassing the $3,300 and $3,700 resistance levels.

As a crypto investor, I’ve noticed an upward trend in the market that has significantly improved my confidence. This may be the reason why large-scale investors, or “whales,” are now purchasing more cryptocurrencies instead of selling them off. Despite the recent correction to $3,900, they seem unwilling to let go of their positions.

As a researcher observing the cryptocurrency market, I notice that Ether (ETH), as of now, is being traded around the $3,700 mark, representing an almost 20% increase from its May 2024 lows. The daily chart indicates that ETH is still within a bullish breakout formation following its successful clearing of two significant resistances – previously at $3,300 and now serving as support at $3,700.

Ethereum Hovering Above $3,700 As Mega Whales Accumulate: $4,900 Incoming?

Despite a pullback to $3,900, the overall upward trend for the coin continues. Based on the daily chart’s candlestick pattern, it is expected that the coin will regain strength and surpass the $4,100 mark. Buyers are targeting higher prices, potentially reaching the 2021 highs or even $4,900.

As a researcher studying the behavior of whales in the Ethereum ecosystem, I strongly believe that these prominent players are instituionalizing their presence. The majority of them seem optimistic about the future and are strategically positioning themselves to gain an edge. The significant increase in whale count is a clear indication of increasing confidence in the expansive Ethereum ecosystem.

Continuous Development And Spot ETH ETF Hopes

One explanation for my optimistic perspective is the ongoing advancements taking place in the Ethereum network. Following the successful implementation of Denas in March, the development team is currently working on the upcoming Pectra enhancement.

A hard fork in the network is predicted to bring about significant improvements, resulting in more streamlined and affordable transaction processing. With these ongoing enhancements, the network is increasingly becoming the go-to choice for decentralized finance (DeFi) and meme coin communities.

The SEC in the United States has given its approval for the listing of all Ethereum spot exchange-traded funds (ETFs), irrespective of the specific platform.

As a researcher, I’ve noticed that the agency has yet to make clear their stance on the status of Ethereum (ETH). However, this situation is expected to shift once all S-1 registration forms for spot Exchange Traded Funds (ETFs) are approved. Analysts argue that ETH would have gained much-needed clarity if these forms receive the necessary approval.

Read More

2024-05-30 23:10