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



At
spot
rates,
Ethereum
prices
have
been
edging
lower,
recently
even
retesting
the
immediate
support
at
$3,700.
Even
though
the
coin
is
still
hovering
around
this
level,
optimism
is
high
that
it
will
spike
higher
in
the
coming
days.


Ethereum
Whales
Are
Now
Accumulating


Cementing
this
outlook,
one
analyst,
citing
on-chain
events,


notes


that
a
bullish
narrative
may
be
unfolding.
Pointing
to
the
sharp
increase
in
Ethereum
addresses
controlling
over
10,000
ETH,
the
analyst
is
now
convinced
that
investors
are
through
with
their
distribution
and
are
not
accumulating,
expecting
more
price
gains.  

How To Get Free Crypto  
ETH
whales
accumulating
|
Source:
@ali_charts
via
X


Glassnode
data
cited
shows
that
the
number
of
addresses
controlling
over
10,000
ETH
has
been
on
the
uptrend
since
May
20.


Notably
,
on
this
day
,
prices
shot


strongly
,
breaking
above
$3,300
and
$3,700.


Related
Reading


The
uptick
boosted
sentiment,
possibly
explaining
why
whales
are
now
accumulating
and
not
opting
to
liquidate,
accepting
to
be
shaken
off
from
their
position
following
the
recent
correction
from
$3,900.


When
writing,
ETH
is
changing
hands
at
around
$3,700,
up
nearly
20%
from
May
2024
lows.
From
the
daily
chart,
the
coin
is
still
within
a
bullish
breakout
formation
after
clearing
two
crucial
resistances
(now
support)
at
$3,300
and
$3,700.

Ethereum
price
trending
upward
on
the
daily
chart
|
Source:

ETHUSDT
on
Binance,
TradingView


Therefore,
despite
the
retracement
from
$3,900,
the
uptrend
remains.
The
coin,
reading
from
the
candlestick
arrangement
in
the
daily
chart,
will
likely
ease
above
$4,100
as
buyers
set
their
eyes
on
$4,900
or
2021
highs.

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It
is
highly
that
these
whales
are
institutions,
most
of
whom
are
optimistic
about
what
lies
ahead
and
positioning
themselves
for
the
leg
up.
The
sharp
expansion
in
whale
count
means
institutions
are
increasingly
confident
in
the
vast
Ethereum
ecosystem.


Continuous
Development
And
Spot
ETH
ETF
Hopes


One
reason
for
this
positive
outlook
is
the
continuous
development


in


the
Ethereum
network.
After
the
successful
activation
of

Dencun
in
March,
platform
developers
are
now
focusing
on
the
upcoming
Pectra
upgrade.


This
hard
fork
is
expected


to
further
enhance
the
network
,
making
transaction
processing
more
efficient
and
cost-effective.
These
continuous
developments


are
positioning


the
network
as
the
preferred
host
for
decentralized
finance
(DeFi)
and
meme
coin
activities.


Related
Reading


Beyond
platform-related
factors,
the
United
States
Securities
and
Exchange
Commission
(SEC)
recently
approved
the
listing
of
all
spot
Ethereum
exchange-traded
funds
(ETFs).


The
agency
is
yet
to
clarify
its
position
on
the
status
of
ETH.
However,
this
will
change
with
the
approval
of
all
S-1
registration
forms
for
spot
ETFs.
Analysts
believe
the
second
most
valuable
coin
would
have
received
the
much-needed
clarity
if
these
forms
are
given
the
go-ahead.

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Feature
image
from
DALLE,
chart
from
TradingView

Go to Source
Author: Dalmas Ngetich


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