Ethereum (ETH) whales are eager: Altcoin rally on the way!

Ethereum ($ETH ) whales are back on the scene, but this time instead of selling, they have entered a significant accumulation process. Onchain data shows that whale purchases for #ETH are increasing and that individual investors are also showing interest.

As of November 29, the net flow of major Ethereum holders was at 28,680 ETH. However, today this figure has increased to 80,130 ETH. Net flow measures the difference between the amount of tokens bought and sold by whales.

A positive net flow indicates that whales are buying more than selling, which is usually a bullish signal. Negative net flow, on the other hand, indicates increasing selling pressure and a situation that could lead to a price drop.

According to the latest data, Ethereum whales have accumulated approximately 51,450 ETH (about $188 million) in just two days. If this buying appetite continues, the ETH price could exceed $3,700.

In addition to the whales, CryptoQuant data shows that the Coinbase Premium Index is increasing. This index measures the difference between the ETH/USD price on Coinbase and the price on Binance. A negative reading indicates selling pressure, especially from US investors, while a positive reading indicates increasing buying pressure. ETH is currently in a positive trend.

On the daily chart, the Parabolic SAR indicator is below the ETH price. Parabolic SAR is a technical indicator used to determine the price direction of an asset. When the points of the indicator are above the price, it means there is resistance and it is difficult for the price to move up. However, in the case of ETH, the indicator is below the price, indicating that the cryptocurrency has formed a strong base supporting its current uptrend.

Whether the Ethereum price reaches the $4,000 target will largely depend on the actions of whales. If the whales continue to buy, this target could be achieved. However, if the whales stop buying, this forecast may lose its validity. In such a scenario, Ethereum could fall to $3,425