Following positive market momentum, Ethereum, the second-largest cryptocurrency globally, is creating a stir as a substantial accumulation by a major investor echoes a price surge that has ignited enthusiasm throughout the cryptocurrency market. Based on the blockchain Lookonchain’s X-post, an unidentified whale has acquired an impressive $179 million worth of ETH since February 1st, sparking speculation about potential future price increases.
Whale-fueled Rally
This major accumulation began on February 1st, coinciding with a 24% surge in ETH’s price. As of writing time, ETH sits at $2,824.35, exhibiting bullish momentum despite some volatility. Adding fuel to the fire, the Ethereum fear and greed index 75 paints a picture of extreme greed within the crypto space.
Mirroring Open Interest
Lookonchain’s data reveals the whale scooped up 69.5K ETH from major exchanges like Binance, Bybit, Bitfinex, and OKX. This significant buying mirrors an upswing in Ethereum’s open interest, suggesting potential for an uptrend. However, a drop in trading volume indicates a possible consolidation phase ahead.
Speculation Runs High
With Ethereum briefly touching the $2,800 mark and exhibiting steady green trading, speculations abound. Crypto enthusiasts are drawn to the potential impact of reduced supply and increased demand, fueled by further whale accumulations. The extreme greed sentiment adds to the bullish outlook, raising hopes of ETH surpassing the $2,800 mark and potentially reaching $4,000, according to analyst JACKIS.
Additional Factors
The anticipation of an Ethereum ETF release adds further weight to the bullish narrative. Additionally, analyst JACKIS draws parallels between Ethereum’s recent breakout and Bitcoin’s October 2023 surge, suggesting no major retraces for ETH in the near future.
What’s Next?
While Ethereum enjoys its bullish run, careful monitoring of key metrics like trading volume and whale activity remains crucial. Whether ETH can reach the $4,000 mark or see a corrective phase remains to be seen. One thing is clear, the whale’s massive accumulation has stirred the crypto pot, and all eyes are glued to Ethereum’s next move.
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