Originally published on: November 14, 2024
Ethereum saw a notable 29% surge last week, breaking above $3,000 for the first time since August. Despite Bitcoin’s 13% increase in the past few days, Ethereum’s bullish momentum has slowed down. However, data indicates that new whales are eying ETH for long-term accumulation at its current price point.
Recent statistics from Lookonchain, an on-chain wallet tracker, revealed that a new whale wallet has entered the scene by accumulating a significant amount of ETH. This wallet, which became active on Nov. 9, has bought over 18,000 ETH, valued at around $57.8 million.
Interestingly, this particular whale wallet holds Ethereum and $19.3 million in Tether (USDT), suggesting a potential for further ETH accumulation during price dips. This trend of whale activity indicates growing confidence in Ethereum’s potential for future gains.
While Ethereum has yet to surpass its previous all-time high from 2021, analysts suggest that the altcoin is on track to retest key support levels before potentially surging above $3.5K. Traders are closely monitoring the $3,000 range as a critical area for market movement.
With whales making strategic moves in the Ethereum ecosystem and the altcoin’s technical indicators showing promise, the stage is set for a potential rally above $3.5K. Investors and traders are advised to stay informed and conduct their own research before making any investment decisions in the volatile cryptocurrency market.
