Whales Accumulating Over 800K ETH Daily: Large holders (1K–10K ETH) are significantly increasing their holdings, signaling confidence.
Bull Flag Pattern Sparks Optimism: Technical and on-chain indicators point toward a bullish breakout potential.
Price Steady Despite Lower Volume: ETH trades at $2,508 with a market cap above $302B, showing resilience amid lower trading activity.
Ethereum is making waves once again as on-chain data reveals a surge in whale accumulation, fueling bullish sentiment across the crypto space. With over 800,000 ETH reportedly scooped up daily by large holders, market watchers are eyeing a potential breakout. The price action is showing resilience, edging upward despite a dip in trading volume. Could this be the calm before a major Ethereum rally?
Whale Activity Signals Institutional Confidence in ETH
According to Crypto Seth, Ethereum whales have ramped up their accumulation efforts, reportedly buying over 800,000 ETH daily. The sentiment, shared via social media, highlights what is being described as a "bull flag" technical pattern combined with an aggressive surge in whale activity, suggesting a potentially bullish setup for the cryptocurrency. The tweet is laced with confidence, challenging bearish outlooks on Ethereum amid this massive institutional and large-holder demand.
Ethereum’s Price Action Defies Market Volume Trends
Supporting the claim, an included chart from Glassnode shows a sharp increase in the net position change of Ethereum whales, specifically those holding between 1,000 and 10,000 ETH. The visual data shows that there is a major increase in both the price of ETH and the supply of this digital currency held by these large wallets, and they have sharp bars that show the recent inflows. Analysts tend to discuss this on-chain activity as a pointer to market optimism, which also contributes to the hypothesis that Ethereum could be headed up again.
Ethereum (ETH) has posted a modest daily gain, trading at $2,508.65 as of the latest update, marking a 0.49% increase over the past 24 hours, according to CoinMarketCap data. Though there was a visible correction in the morning that pushed the rates of ETH under the $2,497 mark, bullish effect took over and the price surged over the level of 2,520 before the temporary drop.
As the price soared, the 24-hour turnover declined by more than 16.5% to reach at 21.43 billion dollars, which indicates a lowered speculation in the short-term time horizon, as the total market cap advanced modestly by 0.27% to reach 302.84 billion dollars. The gradual increase in the price and whale accumulation, as it was observed above, could be an indication of the growing investor conviction despite the intraday fluctuations.
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