Ethereum Whales Accumulate ETH as Price Inches Towards $2,400 Resistance
As the crypto market continues to experience a bullish momentum thanks to the spot Bitcoin exchange-traded fund (ETF) hype, Ethereum (ETH) is riding on this wave as its price approaches the $2,400 resistance zone.
Leading on-chain metrics provider Santiment pointed out that Ethereum has been steadily working its way back towards its local top resistance level of $2,444 as crypto prices rebound. This positive price movement has been accompanied by a hodling culture in the Ethereum network, with non-exchange whales taking center stage.
Santiment acknowledged that non-exchange Ethereum whales have been accumulating ETH at a rapid pace compared to their exchange counterparts. In fact, the buying rate of non-exchange whales is almost at its lowest level since June 2018, indicating a strong conviction in holding onto the cryptocurrency for future purposes beyond speculation.
Top analytic firm Spot On Chain also revealed that a whale recently spent a whopping $48 million to purchase 21,192 ETH. This significant accumulation of ETH coins by whales has played an instrumental role in triggering an uptrend in the Ethereum network. The reduced selling pressure resulting from hodling indicates a positive sentiment among investors, further supporting the price increase.
Non-Exchange Whales Drive Ethereum Uptrend, Buying Rate at Lowest Since 2018
The accumulation of ETH coins by non-exchange whales has been a major driving force behind the recent uptrend in the Ethereum network. According to Santiment, these non-exchange whales have been accumulating ETH at a rapid pace, while the buying rate of exchange whales is currently at its lowest level since June 2018.
This divergence in purchasing behavior suggests that non-exchange whales have a stronger belief in the long-term potential of Ethereum. By accumulating ETH, these whales are reducing the supply available on exchanges and increasing the scarcity of the cryptocurrency. This trend is contributing to the overall bullish sentiment surrounding Ethereum and its price trajectory.
Will Ethereum Gain Momentum Before Halving? Analysts Remain Bullish
Analysts and market experts are optimistic about Ethereum’s potential for gaining significant momentum before the upcoming halving event. Prominent market analyst Michael van de Poppe shared his belief that Ethereum may erode Bitcoin’s strength in the near future, further bolstering the bullish case for the cryptocurrency.
The halving event, scheduled for April this year, is a significant event that occurs approximately every four years in the Bitcoin network. By reducing the mining rewards by half, the halving event makes it more difficult to retrieve new Bitcoin, thereby increasing its value due to limited supply. This bullish expectation for Bitcoin’s value translates to increased optimism for Ethereum, as the second-largest cryptocurrency often moves in tandem with Bitcoin’s market trends.
Key Indicators Point to $3,830 and $5,100 as Next Targets for Ethereum
Key market indicators have popped up, signaling the next potential price targets for Ethereum. According to ZyCrypto, these indicators suggest that Ethereum could reach $3,830 and $5,100 in the near future, highlighting the potential for further growth in the cryptocurrency’s price.
These price targets indicate a significant upside potential for Ethereum, with the higher target of $5,100 representing a substantial increase from its current price. As the overall crypto market continues to see positive momentum, these price targets are gaining attention from investors and traders who are looking for profitable opportunities in the cryptocurrency market.
ETH Price Hovers Around $2,265; What’s Next for the Second-Largest Crypto?
As of the time of writing, Ethereum’s price is hovering around the $2,265 mark, according to CoinGecko data. The steady increase in price has brought Ethereum closer to its $2,400 resistance level, indicating a favorable outlook for the cryptocurrency.
With the accumulation of ETH by non-exchange whales and the positive sentiment surrounding Ethereum’s price trajectory, many investors and traders are looking to the future with anticipation. As the market continues to evolve and new developments unfold, it remains to be seen how Ethereum will perform in the coming weeks and months. However, based on the current indicators and market trends, Ethereum’s potential for growth and success remains strong.
Analyst comment
Positive
As Ethereum whales accumulate ETH and the buying rate of non-exchange whales is at its lowest level since June 2018, there is a strong conviction in holding onto the cryptocurrency. This accumulation has triggered an uptrend in the Ethereum network, reducing selling pressure and indicating a positive sentiment among investors. Analysts remain bullish and key indicators suggest potential price targets of $3,830 and $5,100. With Ethereum’s price hovering around $2,265, the outlook for the second-largest cryptocurrency is favorable.
