EthereumwhaleshavebeenactivelyaccumulatingETH,addinganearly$4.5billionETHoverthepastmonth,accordingtodatafromIntoTheBlock.Currently,ETHpriceiswitnessingasluggishperformance.However,owingtotheongoingaccumulations,analystsexpectEthereumpricetoreclaimthe$3,000soon.
EthereumWhalesAccumulateMassiveETHStash
AccordingtoIntoTheBlock’slargeholdersnetflowindicatorthattrackswalletsholdingmorethan0.1%ofETH’stotalsupply,Ethereumwhaleshaveincreasedtheirpositionsbymorethan1.7millionETHinthelast30days.Thisaccumulationisvaluedatover$4.42billion,basedonanaveragepriceof$2,600duringthisperiod.
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Notably,theindicatorhasshownnetoutflowsforonlythreedays.With27daysofcontinuedaccumulation,thisindicatorsuggeststhatEthereumwhalesareactivelysnappingupETH,leadingtosignificantbuyingpressure.Therefore,asthedemandforEtherincreases,theETHpricecouldbenefit.
Overthepast30days,ETHwhalewalletshavebeenactivelyaccumulating,withnetoutflowsrecordedononlythreedays.
đź“ŠThelargeholdernetflowindicatortrackswhenwalletsholdingmorethan0.1%ofthetotalsupplyarebuyingorselling.
🔍Intotal,thesewalletshave…pic.twitter.com/om1UM9tArf
—IntoTheBlock(@intotheblock)October16,2024
Injustthepasttwodaysalone,175,000ETH,worthapproximately$455million,waspurchasedbylargeholders,furtherunderliningtheongoingconfidenceinEthereum’spotential.Thisstrongbuyingactivitysuggeststhattheseinvestorsanticipateapriceriseintheneartermwith$3,000appearingasthenextkeypsychologicalresistancelevel.
ETHPriceAction
Ethereumiscurrentlytradingaroundthe$2,600mark,alevelthatmanyanalystsarewatchingclosely.Theaggressivebuyingbehaviorfromwhalescouldfuelfurtherupwardmomentum,drivingETHpriceshigher.However,marketvolatilityremainsafactorandmacroeconomicconditionscouldinfluencefuturepricemovements.
Atpresstime,ETHpricewasupby1.03%,tradingat$2,613.30onWednesday,October16.Thisgainsuggeststhatthebullishmomentumhaspersisteddespitesignificantvolatility.Hence,netizensexpectthatifthecurrentaccumulationspreecontinues,Etherpricecouldgoto$3,000next.
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