Ethereum
Will Ethereum Price Rise as Whale Interest Increases?
- ETH accumulation by whales has increased, according to recent data.
- Network growth and ETH speed have decreased significantly.
Ethereum [ETH] The recent drop in prices has not diminished the optimism of traders and investors.
Ethereum whales start buying
Recent data showed that Ethereum whales, or large-scale investors, have accumulated over 700,000 ETH over the past three weeks, representing a total of around $2.45 billion.
This significant buying spree suggests that these whales believe in Ethereum’s long-term potential and view the recent price decline as a buying opportunity.
Their actions could be a sign of confidence in the future of Ethereum, potentially keeping the price of the cryptocurrency stable.
Source:
At press time, ETH was trading at $3,569.40. After falling slightly below the $3,400 levels, ETH price rebounded, likely due to the eagerness of whales hoarding ETH.
Although this increase was significant, it was not deep enough to break the downward trend established by the price after May 27.
After the price exhibited a double top trend during this period, the ETH price experienced several lower lows and lower highs.
ETH price would need significant bullish momentum to break out and reach new highs. Unfortunately for ETH, CMF (Chaikin Money Flow) is declining.
This meant that the money flowing into ETH had decreased. A declining CMF paints a pessimistic picture for the future of ETH.
Unlike the CMF, ETH’s RSI (Relative Strength Index) has increased significantly over the past few days, indicating that the bullish momentum around ETH is increasing.
If this bullish momentum continues to grow, ETH could retest the $3,607.30 level and weaken this resistance. Additionally, the possibility of a reversal would also increase if it were to occur.
Source: Commercial View
Examine on-chain data
AMBCrypto’s analysis of Santiment data revealed that network growth for ETH has declined.
Read Ethereum (ETH) Price Prediction 2024-25
This means that the number of new addresses showing interest in ETH has decreased significantly over the past few days. This indicates that new addresses were unwilling to purchase ETH even at the current discounted prices.
Additionally, ETH velocity has also decreased, implying a drop in ETH transactions, which is also not a positive sign.
Source: Santiment