Ethereum Rises Above $3,700 as Big Whale Accumulates: $4,900 incoming?
At spot prices, Ethereum has been inching lower and recently retested immediate support at $3,700. Although the coin is still hovering around this level, optimism is high that it will surge higher in the coming days. Ethereum whales are now accumulating. Citing on-chain events, one analyst points out that an optimistic story could unfold, solidifying this outlook. Noting the sharp increase in Ethereum addresses controlling more than 10,000 ETH, the analyst is confident that investors have now completed their distribution and are anticipating further price gains without accumulation. According to cited Glassnode data, the number of addresses controlling more than 10,000 ETH has been on the rise since May 20th. In particular, the price soared significantly on this day, exceeding $3,300 and $3,700. RELATED READ: MATIC OF CONSOLIDATION: KEY PRICE LEVELS TO WATCH AFTER BREAKOUT The uptrend has heightened sentiment, perhaps explaining why whales are now accumulating and not opting for liquidation, instead accepting to get out of positions after the recent correction from $3,900. can. At the time of writing, ETH is trading at around $3,700, up almost 20% from its May 2024 low. On the daily chart, the coin is still within a bullish breakout formation after clearing two important resistance levels (current support) at $3,300 and $3,700. So, despite the retracement at $3,900, the uptrend remains intact. Reading the candlestick arrangement on the daily chart, the coin is likely to fall above $4,100 as buyers eye $4,900 or 2021 highs. These whales are institutions, and most of them are optimistic about what lies ahead and are positioned to stay one step ahead. The rapid increase in the number of whales means institutions are becoming increasingly confident in the vast Ethereum ecosystem. Hopes for continued development and spot ETH ETF One reason for this positive outlook is the continued development of the Ethereum network. Following the successful activation of Dencun last March, platform developers are now focusing on the upcoming Pectra upgrade. This hard fork is expected to further strengthen the network, making transaction processing more efficient and cost-effective. These ongoing developments are positioning the network as a preferred host for decentralized finance (DeFi) and meme coin activities. Related Read: Political Memecoin Mania: Super Trump Token Explodes With 200% surge beyond platform-related factors, the U.S. Securities and Exchange Commission (SEC) recently approved the listing of an all-spot Ethereum exchange-traded fund (ETF). The institution has not yet clarified its position on the status of ETH. However, this will change with the approval of all S-1 registration forms for spot ETFs. Analysts believe that if these forms were approved, the second most valuable coin would have gained much-needed clarity. Featured image by DALLE, chart by TradingView
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