Large Ethereum holders are returning to the market. Amid last week's market consolidation, large players seized the opportunity to aggressively accumulate ETH.
On-chain data indicates an increase in volumes among whales, while Ethereum-based ETFs recorded their first net inflow in eight weeks, signaling a significant change in sentiment.
Accumulation of ETH by whales and inflows into ETFs indicate an inevitable price increase.
According to on-chain data, the leading altcoin ETH recorded a significant spike in the net flow of large holders over the past week. According to the on-chain data provider, this metric increased by 2682% over the last seven days. Large holders of the asset refer to whale addresses that own more than 0.1% of its circulating supply. The net flow of large holders tracks the difference between the tokens these investors buy and the amount they sell over a certain period.
When the net flow of large holders of the asset increases, it means that whale investors are increasing their accumulation of tokens. This accumulation trend indicates belief in the future growth of ETH, as large holders typically act when they see value at current price levels.
Adding to the bullish narrative, Ethereum-based ETFs recorded their first net inflow in eight weeks. According to SosoValue, net inflows into Ethereum-based ETFs reached $157.09 million between April 21 and April 25, reversing an eight-week streak of outflows exceeding $700 million. With the return of large players to the market, ETH may be poised for further growth in the near term.
Ethereum shows bullish momentum.
From a technical perspective, the positive balance of power (BoP) of ETH highlights a resurgence in demand for the leading altcoin. It currently stands at 0.31.
This indicator measures the buying and selling pressure of the asset. When its value is positive, buying pressure exceeds selling pressure. This indicates strength in the price movement of ETH and signals potential further upside. If this happens, ETH could rise above $2,000 again, reaching $2,027. However, if market sentiment worsens, ETH could lose recent gains and fall to $1,385.#BinanceSquare #Write2Earn #crypto #trading #EthereumFuture $ETH