Bitcoin Whale Dumps $3B Into Ethereum: $10K ETH Possible?
Ethereum Attracts Major Bitcoin Whale
A significant crypto whale, previously holding nearly $6 billion in Bitcoin, has made a strategic shift, injecting over $3 billion into Ethereum (ETH). This move has caught the attention of traders and analysts, fueling speculation about Ethereum's potential for a substantial price increase.
The whale's activity involved moving $1.1 billion to a new wallet, followed by the purchase of $434.7 million worth of ETH through HyperUnit. This brings their total ETH holdings to over $3 billion, with the majority already staked. What's more, they still hold approximately $650 million earmarked for further ETH acquisitions, leaving the market anticipating their next move.
$4,800: The Level to Watch
Traders are closely monitoring the $4,800 price level for Ethereum. This level represents a significant resistance point, with over $7.23 billion in short positions awaiting liquidation. A decisive break above this resistance could trigger a short squeeze, potentially leading to a rapid price surge.
Analyst Sentiment
According to analyst TedPillows, Ethereum has retraced gains following Fed Chair Jerome Powell's Jackson Hole speech, indicating short-term weakness. However, he maintains a bullish outlook, suggesting that a $10,000 ETH price target is still achievable this cycle.
Ethereum Leading the Altcoin Charge
Joao Wedson, CEO of Alphractal, pointed out that while market makers often focus on newer projects, Ethereum has successfully reclaimed market attention. AMBCrypto had previously reported that Ethereum is leading sector performance with a 0.20 reading, edging out Layer 2s and DeFi tokens, after mid-August.
Ethereum Price Analysis: Holding Above $4,400
At press time, Ethereum was trading around $4,467, demonstrating resilience above the $4,400 support level. Despite some consolidation, buyers appear to be defending this level. The Relative Strength Index (RSI) at 54.59 indicates room for further movement, while the On Balance Volume (OBV) at 12.39M suggests steady buying pressure.
While ETH has pulled back from recent highs, its ability to hold above $4,400 signals continued bullish sentiment. The market's focus now centers on whether Ethereum can successfully retest the critical $4,800 resistance level.