Ethereum (ETH) Whales Thirsty: Altcoin Rebound Imminent

Ethereum (ETH) has dropped to $3700, instilling confidence in whales to buy. Ethereum (ETH) whales are back, but this time, they are not selling; instead, they are entering a significant accumulation phase. On-chain data shows that whales are increasing their purchases of ETH, and retail investors are also showing interest. Will ETH trading in the $3700 range spark an altcoin rebound?

Ethereum whales and retail investors are present As of November 29, the net flow of major Ethereum holders was 28,680 ETH. However, today that number has increased to 80,130 ETH. Net flow measures the difference between the number of tokens purchased and sold by whales. Positive net flow indicates that the buying volume of whales exceeds the selling volume, which is often a bullish signal. Negative net flow indicates increased selling pressure, which could lead to a price drop. According to the latest data, Ethereum whales have accumulated approximately 51,450 ETH (around $188 million) in just two days. If this buying appetite continues, the price of ETH may break through $3700. Besides the whales, CryptoQuant data shows that the Coinbase premium index is rising. This index measures the difference between the ETH/USD price on Coinbase and that on Binance. Negative values indicate selling pressure, especially from U.S. investors, while positive values indicate increased buying pressure. Currently, ETH is observed to be in a positive trend. Ethereum Price Prediction: Strong Support and Higher Value On the daily chart, the Parabolic SAR indicator is positioned below the ETH price. The Parabolic SAR (Stop and Reverse) is a technical indicator used to determine the price direction of an asset. When the indicator points are above the price, it indicates resistance, making it difficult for the price to rise. However, for ETH, the indicator is below the price, suggesting that this cryptocurrency has established a solid foundation supporting the current upward trend. The target of $4000 for Ethereum largely depends on the movements of the whales. If whale accumulation continues, this target may be achieved. However, if whales stop buying, this prediction may fail. In that case, Ethereum could push its price down to $3425.