Whales Accumulate $1B ETH, Is $4,000 Next For Ethereum Price?
The post Whales Accumulate $1B ETH, Is $4,000 Next For Ethereum Price? appeared on BitcoinEthereumNews.com.
Ethereum (ETH) price remains rangebound around $3,282.9, while whales accumulate 330K ETH worth $1 billion. A closer look at on-chain data shows other bullish signals are emerging that support a potential bounce. Technical analysis reveals the price is primed for a breakout rally to $4,000. Ethereum Price Today: Reversal Likely as Whales Accumulate ETH In anticipation of Donald Trump’s inauguration ceremony, Bitcoin (BTC) price struck an ATH of $109K over the weekend. This uptick caused many altcoins to shoot up, but Ethereum price remains rangebound and currently trades around $3,282.9 as of 5 PM. From a daily high of $3,366.9 ETH’s value is down -1.11% on January 22. While the shor-term performance has been uninspiring, the outlook is likely to change for Ethereum, as suggested by on-chain metrics, whale accumulation data and technical analysis. All these bullish signals suggest that the price could bounce and revisit $4,000 soon. *Ethereum price updated as of 5 PM. Network Activity Spikes: Is New Capital Flowing into ETH? Data from Santiment shows that the Network Growth indicator has spiked to 180K after hovering around 90K for the past three months. This indicator tracks new wallets joining the Ethereum blockchain and suggests that these investors are interested in buying ETH at the current levels. Hence, Network Growth can be interpreted as capital inflow. This metric spiked in May 2024 after Ethereum crashed from $4,000 to $3,100. Shortly thereafter, the price surged 34%. If history rhymes, then investors can expect a bottom formation around the current levels and expect Etheruem price to kickstart a rally. ETH Network Growth Hints New Capital Inflow With such a bullish fundamental development in investor outlook, it is likely that Ethereum price could form a bottom here. Supporting this idea are whales or high-net-worth traders accumulating ETH. Whales on Buying Spree …
Filed under: News - @ January 22, 2025 6:25 pm