Last Monday, the price of Ethereum surpassed $2,000, outpacing that of Bitcoin. How ETH whales have positioned their transactions for the upcoming week is highlighted via on-chain analysis.
Last week, the price of Ethereum (ETH) exceeded that of Bitcoin (BTC) due to expectations that ETH would reach a new peak above $2,500 in 2023, sparked by Blackrock’s Spot ETF filing. The way corporate investors in ETH positioned their trades for the upcoming week is highlighted by on-chain analysis.
Over the weekend, cryptocurrency whales bought $210 million worth of ETH.
Ethereum Price Forecast: Whales Inject $210M Amid Overheated Market,Ethereum Price Forecast: Whales Inject $210M Amid Overheated Market
On Thursday, November 9, the price of Ethereum jumped over $2,000 following BlackRock’s NASDAQ filing confirming plans to introduce an Ethereum Spot ETF. A price-savvy group of large institutional investors bought up millions of dollars’ worth of ETH over the weekend, according to on-chain data, most likely in reaction to the positive news event.
The group of whales with balances between 1,000 and 100,000 ETH had an opening balance of 13.98 million ETH on November 9, according to the Santiment chart below. However, as of Sunday, November 12th, at the close of business, their total ETH holdings had risen to 14.08 million.
This suggests that the whales increased their balances by 100,000 ETH. At the current price of $2,100, this suggests that the whales made an incredible $210 million in investments over the course of the weekend.
The Whales Wallet Balances metric monitors shifts in the quantity of coins owned by wealthy investors and major corporations. If it rises, it indicates that the whales have added to their coin collection by making new investments.
The aforementioned chart demonstrates how the whales abruptly stopped their month-long selling binge on November 9, coinciding with the announcement of the Blackrock ETH ETF Filing.
Notably, though, it seems that the strategic whales avoided purchasing at the top last week rather than jumping in on the rally right away. Rather, they had bided their time until the price of ETH dropped, then intervened to quicken the accumulation of $210 million over the course of the weekend.
When cryptocurrency whales engage in such massive purchases during a price rally, it usually means they are positioning themselves for future price peaks. Investors in ETH can expect a push towards the $2,500 range in the coming week if this theory is correct.
Ethereum Price Forecast: Whales Inject $210M Amid Overheated Market,Ethereum Price Forecast: Whales Inject $210M Amid Overheated Market,Ethereum Price Forecast: Whales Inject $210M Amid Overheated Market , Ethereum coin Crypto news, Ethereum coin News