Ethereum (ETH) Whale Thirst: Altcoin Rebound Imminent

Ethereum (ETH) has dropped to $3700, boosting whale confidence in purchasing.

Ethereum (ETH) whales are back in action, but this time, they are not selling off; instead, they are entering a critical accumulation phase. On-chain data shows that whales are increasing their purchases of ETH, and retail investors are also showing interest. Will ETH trading in the $3700 range ignite an altcoin rebound?

Ethereum whales and retail investors are present

As of November 29, the net flow of major Ethereum holders was 28,680 ETH. However, today that number has increased to 80,130 ETH. Net flow measures the difference between the amount of tokens whales are buying and selling.

Positive net flow indicates that the buying volume of whales exceeds the selling volume, which is typically a bullish signal. Negative net flow indicates increased selling pressure, which may lead to a price drop.

According to the latest data, Ethereum whales have accumulated approximately 51,450 ETH (around $188 million) in just two days. If this buying enthusiasm continues, the ETH price may break through $3700.

Aside from whales, CryptoQuant data shows that the Coinbase premium index is rising. This index measures the difference between the ETH/USD price on Coinbase and the price on Binance. A negative value indicates selling pressure, particularly from U.S. investors, while a positive value indicates increased buying pressure. Currently, ETH is observed to be trending positively.

Ethereum Price Prediction: Strong Support and Higher Value

On the daily chart, the Parabolic SAR indicator is positioned below the ETH price. The Parabolic SAR is a technical indicator used to determine the price direction of an asset. When the indicator points are above the price, it indicates resistance, making it difficult for the price to rise. However, for ETH, the indicator is below the price, suggesting that this cryptocurrency has established a solid foundation supporting the current upward trend.

The achievement of the $4000 target for Ethereum largely depends on the movements of the whales. If whale recruitment continues, this target may be reached. However, if whales stop buying, this prediction may fail. In that case, Ethereum could push its price down to $3425.