The post Ethereum Whales Accumulate as ETH Prepares for Potential Bullish Reversal to $2.9K appeared on BitcoinEthereumNews.com.

The accumulation of Ethereum (ETH) by large investors, known as whales, has recently intensified. Despite a recent price drop, some analysts predict Ethereum could soon reclaim the $2.9k mark. A noteworthy transfer of 12,461 ETH to an exchange suggests increased selling pressure in the short term. Ethereum’s current market dynamics involve a tug-of-war between investor selling pressure and whale accumulation. Surge in Ethereum Whale Accumulation In recent weeks, Ethereum has seen a marked increase in the amount held by top addresses. This trend is significant as these large wallet holders, often referred to as whales, have a considerable impact on market movements. The increased holdings by these whales suggest confidence in Ethereum’s future price appreciation. Selling Pressure Rises Despite Whale Confidence A recent analysis of Ethereum’s market data has revealed conflicting signals. While whales are amassing ETH, a substantial volume of Ethereum has been transferred to exchanges, indicating potential sell-offs. CoinMarketCap data shows that ETH’s market cap stood at over $313 million, trading close to the $2.6k mark. Alongside this, Ethereum’s rainbow chart places it in the “still cheap” zone, a possible signal for accumulation before a bullish momentum increase. Impact of Recent Transfers on Market Sentiment Data from Whale Alert highlighted a significant transfer of 12,461 ETH, valued at over $32 million, to Coinbase. Such large transactions often indicate potential upcoming sell-offs, which could exert downward pressure on Ethereum’s price. This was corroborated by Santiment’s data showing an increase in Ethereum on exchanges while its off-exchange holdings slightly dipped. Consequently, this movement aligns with a short-term rise in selling pressure. Potential for Bullish Reversal Despite the selling pressure, the behavior of whales and derivative market metrics offers a more bullish outlook for Ethereum. An analysis of Coinglass data reveals an increase in the long/short ratio, indicating a rising number…

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Filed under: News - @ August 18, 2024 3:03 am