Whales Buy 323,523 ETH Worth $1.12B as Analysts Predict Ethereum’s $10K Rally
Ethereum (ETH) has grabbed market attention again, as on-chain data shows whales dumped 323523 ETH, worth a pretty penny at $1.12...
Quick overview
- Whales recently dumped 323,523 ETH worth $1.12 billion during a market dip, signaling potential bullish momentum.
- Analysts believe this accumulation by large buyers indicates confidence in Ethereum's long-term prospects, with predictions of a price surge towards $10,000.
- Ethereum's technical indicators suggest a possible reversal, with key support levels holding strong and upside targets set at $3,906, $4,290, and $4,959.
- Recent investments from BitMine Immersion and SharpLink further bolster optimism among big players in the Ethereum market.
Ethereum (ETH) has grabbed market attention again, as on-chain data shows whales dumped 323523 ETH, worth a pretty penny at $1.12 billion, right when the market dipped. Big-time buying like that aligns with what analysts have been saying for a while now: this could be the start of a brand-new upswing that sends ETH all the way to $10,000.
Blockchain tracking company Lookonchain tracked whale wallets as they went on a buying spree over the past week while ETH pulled back from its highs. Analysts think this is a good sign that Whales are sticking with ETH in the long run, especially since they jumped in at a time when everyone else is being super cautious.
Now that the uncertainty has passed, the market is feeling more optimistic, even if still a bit guarded. CrediBull Crypto is going out on a limb, saying the recent dip was a healthy correction before ETH really starts to take off. They also think ETH is in a retracement phase at the moment, which is usually a sign that a really big upswing is just around the corner – you know, the kind of upswing that could send the price of ETH into the stratosphere.
Key Highlights of Whale Accumulation
- Whales bought over 323,000 ETH in just 2 days ($1.12 Billion)
- Coin Bureau says BitMine Immersion is in for a further $300M in ETH, bringing their total to $13.7 Billion
- SharpLink also picked up $78.3M in ETH from FalconX
Ethereum (ETH/USD) Technicals Are Starting to Look Promising
At the moment, Ethereum is trading at $3,309, steadying out after breaking below the $3,359 support. The charts are looking a bit like they might be about to reverse at this point, and even the technicals are starting to point in that direction.
The Directional Movement Index (DMI) is saying that the bears are losing steam, and even the momentum indicators are showing that not many people are looking to sell ETH at the moment. If ETH can hold onto that key $2,800 support point, there are some big upside targets to look forward to – $3,906, $4,290 and $4,959. That would get ETH into the $10,000 territory at long last.
Large Buyers Keep Pumping Up Optimism
Well its not just the Whales that are feeling positive that Ethereum is a good long-term bet. BitMine Immersion adding $300M, and SharpLink picking up $78.3M in ETH (again, from FalconX) is making big buyers even more confident that ETH is on its way up.
Analysts are also noting that big players like this tend to buy up when things are quiet – and that usually spells good times ahead. And when you put all that together with the fact that on-chain data is showing that big buyers are stepping in at a time when the market is being cautious, it all starts to look like a perfect storm that could propel ETH to that $10,000 milestone.
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