- Ethereum records 30% surge in key metric
- Whatâs next for ETH?
Ethereum, the second-largest cryptocurrency by market capitalization, has seen a notable surge in whale activities over the last few days.
Recent data provided by popular crypto analyst Ali Martinez shows that Ethereum whales have aggressively loaded up on the asset in multiple billions over the last three days.
The data show that large Ethereum holders have purchased a total of 820,000 ETH, worth a massive $3.80 billion, in the last 72 hours. Notably, the big Ethereum moves were executed by wallets holding a minimum of 10,000 ETH and a maximum of 100,000 ETH.
During the period, the renowned Ethereum Treasury Company BitMine was also spotted stacking up heavily on the asset.
Ethereum records 30% surge in key metric
The massive Ethereum accumulation witnessed during the period has seen the price of Ethereum climb upwards, recording massive gains as its price reclaims crucial support levels.
The move comes as Ethereum was seen recording notable daily gains, with its price hovering around $4,600. During the day, Ethereum also witnessed a dramatic surge of 30% in its trading volume.
Although the move has sparked debates across the crypto community, it is not uncommon for heavy accumulation of a crypto asset by large holders to precede a major rally in the price of the asset.
Hence, the positive trend witnessed in the trading price of ETH following massive ETH purchases from whales comes as no surprise, as it signals either growing institutional demand or strategic asset positioning among large investors in preparation for something big.
What’s next for ETH?
While Ethereum was seen consolidating around $4,670 as of September 18th, market analysts have shared technical insights suggesting that a rapid rally that could see it break its ATH and surge as high as $5,407 may be possible in the near term.
Moreover, analysts have also predicted that Ethereum is poised for a potential breakout to $6,600+ by the end of the year if it is able to sustain its growing momentum.
While the rapid surge in the prices of cryptocurrencies witnessed on Thursday has appeared to be slowing down as of the latter hours of the day, Ethereum is seen trading at $4,591 as of press time, showing a decent daily gain of 1.49%, according to data from CoinMarketCap.
Nonetheless, the asset is only 7.3% away from reaching its all-time high as investors remain optimistic for the asset to break past the major milestone soon.