Ethereum Whale Accumulates 69.5K ETH Amid Price Rally
An Ethereum whale has attracted significant attention in the crypto market by accumulating 69.5K ETH, worth $179 million, from multiple exchanges since February 1. This accumulation coincides with Ethereum’s price surge and may be contributing to its upward momentum. The open interest in Ethereum derivatives has also seen an increase, indicating a potential uptrend. However, trading volume has declined, suggesting a consolidation phase may be on the horizon.
Ethereum Price Shows Signs of Growth
Currently trading at $2,790.71, the price of Ethereum has experienced a 1.27% increase in the past 24 hours. Despite fluctuating around the $2,800 mark, the continuous accumulation by whales and the overall greedy sentiment in the market could push the price even higher as supply decreases. Speculation about an upcoming Ethereum ETF and comparisons to Bitcoin’s breakout in October 2023 further contribute to Ethereum’s bullish stance.
According to leading analyst JACKIS, Ethereum is unlikely to experience significant retracements and may not face resistance until reaching the $4,000 mark.
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