Coinspeaker Ethereum (ETH) Bulls Revvs Fueled by Increased Whales’ On-chain Activity
Ethereum (ETH), the largest smart contracts and web3 ecosystem that has attracted over $62 billion in total value locked (TVL), has signaled a bullish outlook on the horizon. The large-cap altcoin, with a fully diluted valuation of about $435 billion and a daily average traded volume of around $17.4 billion, has been at the epicenter of crypto speculation since the recent approval of spot Ether ETFs in the United States.
Moreover, Bitcoin price surged to its recent all-time high (ATH) immediately after the approval and listing of spot BTC ETFs in the United States.
Ethereum Whales on the Hunt
With other global jurisdictions following the footsteps of the United States in approving spot Ether ETFs, the underlying bullish sentiment has dramatically increased. According to on-chain data provided by market intelligence platform Santiment, Ethereum addresses with a balance of between 10k and 100k added more than 240k Ether, worth over $840 million, in the past 48 hours.
Whales have bought over 240,000 $ETH during the recent #Ethereum price dip, totaling around $840 million! pic.twitter.com/j5jnxJul4q
— Ali (@ali_charts) June 12, 2024
A similar trend has been observed by CryptoQuant, whereby more than 336k Ether has been withdrawn from Coinbase Global Inc. (NASDAQ: COIN) in the past 24 hours. CryptoQuant noted that the recent Coinbase Ether withdrawal of more than $400 million is the fifth withdrawal exceeding 150k since the beginning of this year.
“These large transactions (made in a single day) range between $400 million and $1.1 billion each, it’s overly optimistic to think that individual investors are behind them. It’s highly likely that these significant Ethereum withdrawals are driven by whales or as-yet-unknown institutions,” CryptoQuant noted.
While the recent withdrawal on June 12 could be attributed to internal wallet maintenance, CryptoQuant highlighted that crypto whales have been anticipating an Ether bullish move. Moreover, the actual Ethereum balance on centralized exchanges has been in decline in the recent past. According to the latest on-chain data, Ethereum’s supply on centralized exchanges has been hovering around multi-year lows.
Ethereum supply falls to an 8 year low on exchanges. pic.twitter.com/VN4gthFjan
— Bitcoinsensus (@Bitcoinsensus) June 12, 2024
Ether Price Targets
Amid anticipated interest rate cuts in the United States, veteran analyst Peter Brandt has indicated that now is not the best time to short Ether. Moreover, the US dollar has been wreaking against global currencies, and heightened crypto speculation could send Ether to new ATH.
The crypto analyst highlighted that Ether’s price against the US dollar has been forming a possible head and shoulders (H&S) pattern, but a possible short squeeze could reverse the trend.
This is# an arguable head and shoulders top. I do NOT short cryptos pic.twitter.com/gjC0OPoJm3
— Peter Brandt (@PeterLBrandt) June 11, 2024
As a result, Ethereum’s price could easily spike beyond $4k in the coming weeks and reach around $4,404, which coincides with the weekly 0.618 Fibonacci Extension.
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Ethereum (ETH) Bulls Revvs Fueled by Increased Whales’ On-chain Activity