What's up, folks! The attention of the crypto world is on Ethereum (ETH) because, hold on tight!, the financial giant BlackRock, the largest asset manager on the planet, has supposedly just bought 100 million dollars in ETH in the last 7 days! 🤯 That's a clear sign that the heavyweights are believing again in the future of ETH, and that, my friends, is a brutal morale boost for the market! 💪
In addition to BlackRock pouring in big bucks, on-chain data from Santiment confirms that whale wallets (those holding between 1,000 and 100,000 ETH) have not stopped growing since mid-May. This means that medium and large investors have been accumulating ETH as if there were no tomorrow. And, by early July, that accumulation continues to rise! It's as if everyone knows something big is coming! 📈🐳
Watch out for the record "shorts" and the explosion that's coming! 💥
But here comes the juiciest part: while everyone is buying, there are a ton of speculators in the CME (the futures exchange) who have one of the largest "short" positions in history on ETH futures! 📉 This means they are betting that the price of ETH will fall. But, you know what? Analysts are on top of this because such a large number of "shorts" could trigger a phenomenon called "short squeeze". This happens when the price starts to rise, those who bet on the decline have to close their positions by buying ETH, and that makes the price shoot up even more! It's like a bomb about to explode! 💣
Quinten Francois, an expert on the subject, agrees and says that the adoption of Ethereum and the influx of capital through other assets and the use of stablecoins are skyrocketing! This growing demand, along with the bunch of "shorts", creates the perfect scenario for a forced rally. Imagine the craziness! 🎢
Are we breaking the barrier of $2,500 to reach $3,500? 🚀
Now, speaking of the technical side, Ethereum has been stuck in a sideways range for weeks, but the momentum is changing. Mister Crypto tells us that ETH made a "liquidity sweep" below its range, which is often a precursor to a bullish breakout in the opposite direction. He believes that if ETH breaks the resistance of $2,500, it could shoot up to $3,500 in the short term! Now that's an ambitious target! 🎯
Ted Pillows reinforces this idea, saying that Ethereum is "turning the resistance of $2,500 into support". In other words, what used to be hard to surpass, it will now use as a springboard. And Marcus Corvinus goes even further, aiming for more than $3,500 if the $2,500 mark holds! This guy is optimistic like no other! 🌟
If we combine BlackRock's aggressive purchases, the constant accumulation by whales, and these technical signals, the credibility of a major rally for Ethereum is skyrocketing! So, my people, stay sharp because this ETH movement promises to be amazing! Will we see Ethereum flying soon? Cross your fingers! 🙏$ETH
