Ethereum whales have amassed 62.76 million ETH valued at over $132 billion, indicating significant accumulation.
The creation of new Ethereum addresses surged by 94.7K this week, marking the highest uptick since July.
Mega-whales in the Ethereum space have initiated substantial buying activities, hinting at a possible bullish shift.
Within a mere two weeks, 1.67 million Ethereum wallets purchased 38.7 million ETH, amounting to $80 million.
Ethereum stands at a critical juncture, potentially eyeing a breakthrough beyond $2,147 and targeting the $2,500 mark.
Over the past few months, Ethereum has consistently grappled with the significant $2,000 zone, a pivotal psychological resistance level on its chart. However, the cryptocurrency's outlook shifted to a bullish trajectory following its breakout and subsequent closure above this crucial price point on November 9.
Despite bearish pressures attempting to undermine Ethereum's position, the cryptocurrency has managed to maintain its stance above this zone. Several factors suggest that the bears might be stepping back, paving the way for a potential surge toward a $2,500 Ethereum in the near future.
Whales' Accumulation Trend Insights from the on-chain data analytics platform, Santiment, indicate an uptick in Ethereum accumulation among whales. The 200 largest Ethereum wallets have notably accumulated approximately 62.76 million ETH, currently valued at over $132 billion. This aggressive accumulation trend began around the same time last year, and these top addresses now control around 52% of Ethereum's circulating supply.
Furthermore, Santiment's data reveals a surge in newly generated addresses, with a staggering 94.7K new ETH wallets recorded in a week. This influx mirrors similar activity seen when Ethereum previously attempted to breach the $2,000 mark.
Signs of Mega-Whales' Interest Renowned trader and analyst @ali_charts highlighted the resurgence of "mega-whales" engaging in substantial Ethereum accumulation after a nine-month hiatus. This accumulation phase, as indicated by Glassnode's chart, suggests a potential turning point toward a highly bullish Ethereum market.
Moreover, Ali pointed out that once Ethereum surpassed the resistance line between $1,982 and $2,044, around 1.67 million wallets rushed in to purchase approximately 38.7 million $ETH, totaling nearly $80 million worth of ETH within two weeks.
Chart Analysis and Price Targets Chart analysis for Ethereum points to a crucial juncture, notably targeting a breakthrough beyond the $2,147 resistance level. Ethereum's repeated attempts to breach this zone have seen setbacks in the past, but the current momentum indicates a potential rally. The Fibonacci tool on the weekly chart suggests a likely price target above $2,500, specifically around $2,531, if Ethereum successfully navigates this critical resistance.
Disclaimer: While aiming for accuracy and timeliness, Voice of Crypto disclaims responsibility for any factual omissions or inaccuracies. Given the high volatility of cryptocurrencies, conducting thorough research and making informed financial decisions is recommended.