Ethereum price rose above $4,000.
Big whales are accumulating significant amounts of Ethereum.
Analysts expect Ethereum to break a new record.
Ethereum has surged above the $4,000 level in the last 24 hours, reaching $4,009.5. The weekly increase rate has exceeded 9%, and market data suggests that the rise will continue. The accumulation of Ethereum by whales and positive on-chain indicators support this rise. Analysts predict that Ethereum could soon break a new all-time record.
Blockchain analytics platform Santiment reported that the number of whale wallets holding at least 100,000 ETH has increased to 104. These wallets hold 57.35% of the total supply. The total value of ETH held by whales is recorded at approximately $333.1 billion. On the other hand, 92% of ETH holders are currently in profit.
According to Santiment data, the share of wallets holding between 100 and 100,000 ETH in the total supply fell to 33.46%, reaching its lowest level in history. The share of small wallets holding less than 100 ETH also fell to 9.19%, reaching its lowest level in the last four years. Santiment states that the accumulation of ETH by large whales is critical for the rise and predicts that the Ethereum price could rise to $5,000.
Crypto analyst Venturefounder said that Ethereum’s closing above the $3,800 support level on the weekly chart confirmed the rise. Stating that Ether has entered a new uptrend by completing the “cup and handle” formation, the analyst stated that the next target prices could be $4,900, $5,349, $6,457 and $7,238.
Venturefounder pointed out that the ETH/BTC pair repeated the 2016-2017 period bottom reversal formation, saying, "The bottom has formed, it may be ready for takeoff." The analyst predicted that the ETH/BTC pair could make a parabolic move in the coming period. VanEck digital assets president Matthew Sigel also stated that the ETH/BTC performance could repeat the 2020 boom period.
Ethereum has outperformed Bitcoin and Solana over the past 30 days, providing a higher return. Bitcoin price increased by 17.49% during this period, while Ethereum increased by 26.99%. In addition, it was observed that the altcoin transition towards Ethereum accelerated.
As of the time of writing, Ethereum was trading at $4,005. Ethereum’s market value was recorded as $482 billion, and its 24-hour trading volume was recorded as $80 billion. $54 billion of this volume was due to the liquidation of short positions.
Analysts and on-chain data predict that Ethereum could soon reach new highs. The positive sentiment in the market continues to excite Ethereum investors.
