The recent popularity of
$ETH has surged, with prices skyrocketing to $4,000 within 24 hours, and a weekly increase of over 9%!
The driving force behind this is actually the large whales holding massive amounts of Ethereum, who are actively hoarding it. Coupled with positive on-chain data, market analysts are predicting that Ethereum is about to set new historical records.
According to statistics, there are currently 104 whale wallets holding at least 100,000 ETH, which account for as much as 57.35% of the total Ethereum supply, valued at over $330 billion!
92% of Ethereum holders are currently profiting. Meanwhile, the proportion of investors holding between 100,000 to 1,000,000 ETH has dropped to a historic low, while the supply of small holders with less than 100 ETH is also nearing a four-year low.
Experts point out that the increasing concentration of Ethereum in the hands of big players may drive the price to soar above $5,000.
Venturefounder observes the weekly chart and finds that Ethereum has stabilized at $3,800, showing strong upward momentum.
He predicts that Ethereum will return to its historical high of $4,900 and continue to surge towards $5,349, $6,457, and even $7,238. He boldly asserts that this target will be achieved by the end of the first quarter of 2025 at the latest.
Additionally, a report from Glassnode shows that Ethereum has outperformed Bitcoin and other altcoins, such as Solana, over the past 30 days.
Bitcoin's increase is only 17.49%, while Ethereum's has reached 26.99%!
Solana pales in comparison, with an increase of only 1.69%, leading investors to flock to Ethereum, resulting in even stronger price momentum.
The ETH/BTC pair has also performed well, with Ethereum's increase even surpassing that of Bitcoin.
Analysts believe this could repeat the massive bull run of 2016-2017. Matthew Sigel, a big player at VanEck Digital Assets, shares the same view, believing that ETH/BTC will see a significant surge.
Currently, the price of Ethereum has risen to $4,005, with an increase of 1.34%, and a market capitalization of $482 billion.
In the past 24 hours, short liquidations have reached $80 million, of which $54 million are short losses.
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