đ $ETH Nears $4K Breakout Amidst Heavy Accumulation by Whales đ
đ Recent Ethereum Rally:
Ethereum (ETH) has shown strong upward momentum, climbing from $2,355 to $4,000 twice in the past month. However, it has struggled to sustain a move above $4,000, signaling resistance at this level.
đ° Whales Boost Accumulation:
Whales have entered the market, driving significant accumulation. Popular analyst Ali Martinez noted increased whale activity since ETH surpassed $3,330. For instance, two wallets withdrew 4,502 ETH ($17.54M) from Binance and staked it with KelpDAO. Another whale purchased 1,600 ETH ($6.3M) over 48 hours, showcasing confidence in Ethereumâs long-term value.
đ Decline in Selling Pressure:
The Large Holders Netflow Ratio has dropped to 0.58%, indicating reduced selling pressure from whales. Retail traders dominate exchange activity, while whales continue accumulating, suggesting potential for a supply squeeze and upward price pressure.
đ Can ETH Break $4K?
ETHâs increased whale accumulation has had a positive impact on its price. Trading at $3,968 (up 2.07% in a day), Ethereum has also gained 1.48% weekly and 27.33% monthly. Long-term holdersâ profits have spiked, signaling growing confidence.
đ Outlook:
If ETH breaks the $4K resistance, it could climb to $4,165. A correction may push prices back to $3,852. Whalesâ bullish sentiment and continued accumulation could propel ETH higher in the near term.
