Ethereum whales ($ETH ) are back in the game, but this time instead of selling, they’re going into a massive accumulation. Blockchain data shows that whale purchases of #ETH are increasing and retail investors are also showing interest.
As of November 29, the net flow of major Ethereum holders was 28,680 ETH. However, today this number has increased to 80,130 ETH. The net flow measures the difference between the amount of tokens bought and sold by whales.
Positive net flow indicates that whales are buying more than they are selling, which is usually a bullish sign. Negative net flow indicates increased selling pressure and could lead to a price decline.
According to the latest data, Ethereum whales have accumulated around 51,450 ETH (around $188 million) in just two days. If this buying frenzy continues, the price of Ethereum could surpass $3,700.
In addition to whales, CryptoQuant data shows that the Coinbase Premium Index is on the rise. This indicator 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 increased buying pressure. Ethereum is currently in a positive trend.
On the daily chart, the Parabolic SAR indicator is below the price of Ethereum. The Parabolic SAR indicator is a technical indicator used to determine the price trend of an asset. When the indicator points are above the price, it means that there is resistance and it is difficult for the price to move upwards. However, in the case of Ethereum, the indicator is below the price, indicating that the cryptocurrency has formed a strong base that supports its current upward trend.
Whether Ethereum will reach the $4,000 target will largely depend on the actions of whales. If whales continue to buy, this target may be achieved. However, if whales stop buying, these predictions may not be valid. In such a scenario, Ethereum may drop to $3,425.
