Ethereum at $3,000? The Fascinating Spectacle of ETH Whales

Ether goes green again! Rekindling investors’ hopes after a brief dip below $2,000 last week. ETH whales have contributed to this rebound, some analysts believe.

Ethereum climbs back above $2,000 once again

The latest ether analysis highlights a new ascent for the world’s second most valuable cryptocurrency. This is partly due to the request for BlackRock’s Ethereum Spot ETF.

ETH Rallies Back Above $2,000

After a brief dip below $2,000, Ethereum (ETH) has rebounded and is now trading at $2,075.

This rally is being driven by whale accumulation, as large investors have been buying up ETH.

Is this the start of a new bull run for ETH?#crypto #eth pic.twitter.com/HWdhgq9BqW

— Emily.Eth (@DarrinPayn62301) November 23, 2023

In a recent post, CoinTurk News underscored other factors contributing to these new performances of ether. First and foremost, there are the whales. Santiment, an on-chain data expert, revealed that they have been loading up on ETH lately, more specifically, since November 21st.

Indeed, ETH whales (or institutional investors) have increased their ether holdings by 30% over the past two days. This means that the top 200 Ethereum wallets currently represent a treasure of 62,760 ETH. That’s $129 billion, considering the current price of the leading cryptocurrency: $2,060 per unit at the time this article was written.

Additionally, the growth in the number of ETH crypto wallets has also been a factor. Indeed, 94,700 new wallets have been created since July.

Heading for $3,000?

$4,878.26 was the price of an ETH during its all-time high (ATH) on November 10, 2021. There’s still a long way to go before reaching this level for Ethereum’s native crypto.

It must first aim for the $3,000 mark. Some analysts remain optimistic, particularly with an increase in demand for ether derivative products.

Maarten Regterschot from CryptoQuant is among them. According to him, the conditions for an ETH bull run are currently aligned to dream of an ether breakout. He, for instance, noticed a significant influx of money into the derivatives market. An additional $700 million allocated around these Ethereum derivative products can only foster a positive sentiment regarding this altcoin.

Let’s not forget that huge quantities of ETH have recently left centralized crypto exchanges (CEXs). Santiment estimates they represent about 20% of the ether supply. And this is not without benefits: reducing selling pressure and confirming an Ethereum bull run. Keep a close eye!