Ethereum buying pressure reaches critical levels due to massive whale purchases

After the SEC, institutional investors have been accumulating Ethereum at a rapid pace. Recent Approvals Find the Ethereum ETF. Crypto analyst Ali Martinez noted that this accumulation trend has created buying pressure that could be the much-needed catalyst for Ethereum to break the $4,000 price mark.

According to a social media post by Ali Martinez, the number of Ethereum addresses holding more than 10,000 ETH tokens has increased 3% over the past three weeks, showing a positive trend among large investors.

Accumulation of Whales Increases Ethereum Buying Pressure

Speculation about ETF approval and increased institutional buying helped fuel Ethereum’s price hike earlier this year. first price surge occurred in February Following the approval of the Spot Bitcoin ETF, several reports have emerged from the SEC potentially approving applications for the Spot Ethereum ETF.

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This caused the price of Ethereum to surge more than 83% throughout the month, pushing it back above $4,000 for the first time since 2021. Likewise, the court ruled in May. increased the odds Spot Ethereum ETF approval pushes ETH price back above $3,000.

Now the SEC I finally approved it Through these spot ETF applications, institutional investors are getting the opportunity to load their portfolios with Ethereum. This accumulation, which has continued over the past three weeks, has brought the number of wallets holding more than 10,000 ETH to over 975 and steadily approaching 1,000 addresses, according to Glassnode data. Additionally, data shows that the number of ETH large whale addresses has been steadily increasing over the past 30 days, with recent metrics showing the addition of 15 whale addresses.

Count #Ethereum Addresses with 10,000+ $ETH It’s up 3% over the last three weeks, a sign of significantly increased buying pressure! pic.twitter.com/7qq5HgGP37

— Ali (@ali_charts) June 9, 2024

On-chain data also shows social sentiment towards ETH. It has stabilized After showing intense enthusiasm following the approval of the Spot Ethereum ETF. However, this has not stopped large withdrawals from exchanges, making Ethereum increasingly scarce on centralized exchanges. This trend now shows Ethereum balances on centralized exchanges. Bitcoin falls below, Bitcoin is also accumulated in the Spot Bitcoin ETF wallet. According to Glassnode dataCurrently, less than 10.56% of the total supply of Ethereum is held on major exchanges.

ETH Price Outlook: What’s Next After Significant Buying Pressure?

Buying pressure has reached critical mass as whales double on Ethereum. This surge of interest is very Optimistic outlook for Ethereum There may be some short-term volatility, but prices are likely to rise in the coming months.

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As of this writing, Ethereum is trading at $3,527. fell It was 3.83% in the last 24 hours. The increase in buying pressure is a good start, but the bulls still have work to do to push Ethereum prices higher. The first major resistance wall is: approximately $37 million, 1.8 million ETH held in 1.82 million addresses.

Featured image created with Dall.E, chart from Tradingview.com