Whales switch focus to Ethereum as markets rebound – Will ETH hit $5,000 before 2025?
The post Whales switch focus to Ethereum as markets rebound – Will ETH hit $5,000 before 2025? appeared on BitcoinEthereumNews.com.
Ethereum (ETH) has shown signs of recovery following a sharp market downturn, with significant whale activity that saw large Ether holders have been making withdrawals from exchanges. After experiencing declines exceeding 15% following the Federal Reserve’s rate cut decision for 2025, Ethereum appears to be finding stability near the $3,400 level. This newfound steadiness may be attributed to investors seizing the opportunity to buy the dip, as suggested by ongoing exchange outflows. A downtrend in Ethereum’s exchange reserve chart highlights a consistent pattern of investors withdrawing ETH from exchanges, which signals an accumulation phase. The altcoin’s price had plummeted by over 22.5% during the recent market turbulence, breaking through the critical $3,500 support level. However, it has since reclaimed a key position, bouncing back from the 200 Exponential Moving Average (EMA) of $3,100. Analysts suggest that the next support level to watch is around $2,850. Surge in Ethereum market activity signals growing interest Amid Ethereum’s current price correction, investors are now flocking the markets to buy the altcoin, with some expressing optimism that ETH will draw a path back to $4,000. Blockchain analytics platform LookOnChain reported that ten newly created wallets collectively withdrew 17,698 ETH, valued at approximately $61.66 million at the time, from Binance. 10 fresh wallets withdrew 17,698 $ETH($61.66M) from #Binance after the market rebound. Whales buy the dip! Address:0xa7c8823c2d8CAF8C86F1F572Ac6902964c109bb40xf2500B6014dfe916B8e7706434e21B5FB2191A150x38b866814f278eB1b18f8E2e64612201633A8328… pic.twitter.com/jjlrbSPo86 — Lookonchain (@lookonchain) December 21, 2024 Some hours before, LookOnChain revealed that four newly activated whale wallets acquired 8,440 ETH worth $28.43 million from Binance. This substantial purchase coincided with Ethereum’s price rebounding after a steep decline. Institutional investors’ interest in Ethereum has also surged, evidenced by market activity from public figures like Donald Trump-affiliated World Liberty Finance, which recently purchased 759 ETH worth $2.6 million at current valuations. The bullish sentiment surrounding Ethereum is further underscored…
Filed under: News - @ December 21, 2024 9:24 am