ETH Whale Activity Surges: $2650 Next?
Ethereum Whale Activity at 6-Year High: Is $2,650 Next?
Recent on-chain data reveals a significant surge in Ethereum (ETH) whale activity, reaching a six-year peak. This accumulation wave isn't solely driven by retail investors; institutional interest is playing a major role. BlackRock, for example, recently purchased $15.46 million worth of ETH via Coinbase Prime, a clear indication of growing institutional confidence.
This institutional buying is coupled with a massive increase in inflows to long-term holding addresses, as highlighted by CryptoQuant. These inflows have reached all-time highs, coinciding with ETH price stabilization above $2,500.
Source: CryptoQuant
ETH Price Action and Analysis
Ethereum has demonstrated resilience around the $2,500 mark, holding steady near both the 200-day and 50-day EMAs. This convergence acts as a robust support level.
Source: TradingView
ETH has shown the ability to rebound from intraday lows, indicating strong buyer support. While the RSI currently stands at 48.9 (technically neutral, leaning slightly bearish), further upward momentum is possible.
Price Prediction and Outlook
Given the significant whale accumulation and growing institutional interest, a price increase towards $2,600-$2,650 appears plausible. This is contingent on maintaining support above $2,500. However, a drop below $2,435 could trigger further downward pressure.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies involves significant risk.
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