Ethereum has been on a bullish trend over the past month, with the altcoin experiencing a strong upward movement after hitting a low of $2355. Despite reaching $4k twice, Ethereum has struggled to sustain a move above this level. However, recent activity by Ethereum whales suggests that a sustained rally may be on the horizon.
According to reports, Ethereum whales have been accumulating significant amounts of ETH since the altcoin broke the $3,330 mark. Institutions have been actively accumulating Ethereum, with two wallets withdrawing 4502 ETH tokens worth $17.54 million from Binance and staking them with KelpDAO. Another whale purchased 1600 ETH tokens worth $6.3 million from exchanges in the past 48 hours.
The increased accumulation by whales indicates a growing confidence in the future value of Ethereum. This trend has led to a decline in the Large Holders Netflow to Exchange Netflow Ratio, signaling a decrease in selling pressure from whales. Retail traders are now left to trade on exchanges, which often coincides with whale accumulation.
Historically, a surge in accumulation by large holders has preceded price increases in assets. With Ethereum whales actively accumulating the altcoin, there is a potential for further gains in its price. The current price of Ethereum stands at $3968, with a 2.07% increase over the past day. The altcoin has also seen gains of 1.48% on a weekly basis and 27.33% on a monthly basis.
Long-term holders of Ethereum have seen their profit margins increase as the altcoin reclaimed the $4k resistance level. This has instilled confidence in the market, with whales and long-term holders remaining bullish on Ethereum’s future price movements. If positive sentiments prevail, Ethereum could rise further and potentially reclaim $400, leading to a breakout towards $4165. However, a correction could see Ethereum drop to $3852.
In conclusion, the increased accumulation by Ethereum whales suggests a positive outlook for the altcoin’s price. With strong market confidence and bullish sentiments from whales and long-term holders, Ethereum may be poised for further gains in the near future. The world has been facing a global pandemic for over a year now, and the effects of this crisis have been felt by people all over the globe. From economic hardships to social isolation, the COVID-19 pandemic has changed the way we live our lives in ways we never could have imagined.
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