ETH whales bought over $265,300,000 Ethereum during the price dip on June 21.
This level of accumulation shows increased faith in the price of ETH.
Can ETH break past the $3,000 barrier soon?
The crypto market looks like it’s already on the road to recovery as geopolitical tensions seem to be simmering down. Today, the crypto market shows green across multiple assets, with Bitcoin at the lead, reclaiming the $105,000 price mark. Amid the dip, ETH whales bought over $265,300,000 Ethereum during the price dip on June 21. This observation has brought on positive expectations for altseason arrival.
ETH Whales Bought Over $265 Million in Ethereum
The past week has been a challenging one for the crypto market as geopolitical tensions increased due to the conflict between Iran and Israel. The entry by the US Air Force led to many expecting heavy escalations on the war front. However, since the last volley of attacks, it seems the conflict may be coming to an end. On the financial side, the price of oil was expected to rise, and the prices of stocks and crypto were expected to decline.
Yet, despite what many believed, oil prices have remained low, giving crypto prices the chance to take over again. At the moment, the price of the pioneer cryptocurrency Bitcoin (BTC) has reclaimed the $105,000 price mark from the $99,000 price range while the price of the pioneer altcoin Ethereum has come back to the $2,400 price range from the $2,100 price region, leading to a return in bullish expectations.
While some analysts still believe that a greater price fall to the $82,000 to $92,000 price range may still be in the air if tensions escalate, for now, it seems that most analysts have returned to their bullish expectations and hope to see both BTC and ETH set new ATH prices soon. During the dip over the last few days, many BTC and ETH whales secured a heavy share of the assets.
https://twitter.com/TedPillows/status/1937110890433712450
As we can see from the post above, ETH whales bought over $265,300,000 Ethereum during the price dip on June 21. This is interesting to see as the price of ETH dipped further in the next two days. As always, ETH whales have been relentlessly accumulating ETH, especially this year when ETH price bottomed at $1,700 earlier this year. Now, the expectations for ETH lie in the asset reclaiming its previous ATH price in the $4,800 price region.
Furthermore, responses to the post also show increased expectations for more ETH whale activity as retail panic sells due to market manipulation of FUD caused by geopolitical strife. As for how high ETH is expected to pump this bull cycle, analysts have set cycle top price targets at $8,000, $10,000, and $12,000. What’s more, ETH finally reclaiming higher prices would mean the start of the bull cycle’s long-awaited altseason peak phase.
