The post Can Ethereum Price Reach $3,000 As Whales Buy 500K ETH? appeared on BitcoinEthereumNews.com.

Ethereum (ETH) price has bounced 23% from the August 5 low of $2,111, signaling a strong buying pressure. This recent run-up can be attributed to Bitcoin (BTC) price rally and institutions, whales buying ETH coupled with the recent US CPI data release. Ethereum Price Market Movers: ETH Whales Accumulate, Gas Fees Plummet, ETF Notes Outflows According to data from Santiment, Ethereum whale addresses holding 1,000 to 10,000 ETH have accumulated 510,000 tokens since August 3 and currently hold 14.09 million Ether tokens. Ethereum price vs. ETH Whales The median Ethereum network gas fees dropped below 2 gwei on August 10, marking a five-year low. This development shows retail investors are less active on the blockchain than when the market rallied. During a bear market, a sudden crash causes many investors to capitulate from losses while others go into capital preservation mode, which could serve as a sign of a potential price bottom.  While the above two points are bullish developments for Ethereum, spot Ether ETF flows are suggested otherwise, with a net outflow of $39.21 million on August 15. Since approval, the spot ETF has seen a cumulative outflow of -$405.11 million. Spot Ethereum ETF flows On August 15, Exchange Nasdaq ISE filed notices to withdraw its proposal to list and trade spot Ether and Bitcoin ETFs on the US Securities and Exchange Commission (SEC). This development from Nasdaq follows similar withdrawals of listing and trading of spot Ether and Bitcoin proposals.  Nasdaq SEC Filing ETH Price Analysis: Ethereum Bulls Plan Recovery Rally Ethereum price hovers above the $2,618 support level. A decisive flip above this level with a daily candlestick close will signal the presence of bulls. Such a development will open the path for ETH price to trigger a 10% rally to the next daily resistance level of…

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Filed under: News - @ August 16, 2024 1:25 pm