CandleFocus Ethereum Whales Snap Up $4.5B ETH, $3000 Target on Cards?
2024-10-16
Author: Content Editor
Ethereum whales have been accumulating large amounts of ETH over the past month, adding almost $4.5 billion worth of the cryptocurrency to their positions. This accumulation is expected to help Ethereum's price reclaim the $3,000 level in the near future. Data from IntoTheBlock's large holders netflow indicator shows that Ethereum whales have increased their positions by over 1.7 million ETH in the last 30 days. Only three days have seen net outflows, indicating that the whales are actively buying up ETH and creating significant buying pressure. Recent buying activity suggests that these investors anticipate a price rise, with $3,000 as the next key psychological resistance level. Despite market volatility, the bullish momentum for ETH has persisted, with the cryptocurrency currently trading around $2,600. If the accumulation continues, many expect the price of Ether to reach $3,000.
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