As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have witnessed numerous price surges and corrections throughout my career. Yet, the recent Ethereum price movement has piqued my interest more than ever before. The strong whale accumulation and optimistic on-chain metrics suggest that we might be on the cusp of a new all-time high for ETH.
In the past day, the price of Ethereum has forcefully climbed above $4,000 and increased its weekly growth to more than 9%. This breakout beyond a significant barrier occurs during a period of substantial Ethereum hoarding by large investors (whales), backed by optimistic statistics from the blockchain. Financial analysts are optimistic that Ethereum will reach a new record high in the near future.
Ethereum Price Surge Amid Strong Whale Accumulation
According to blockchain analysis provider Santiment, there are currently 104 Ethereum wallets that possess at least 100,000 ETH each. Together, these large-scale investors control approximately 57.35% of the total Ethereum supply, which equates to a substantial $333.1 billion. Additionally, an impressive 92% of Ethereum holders are presently experiencing profits.
Conversely, wallets containing between 100 and 100,000 Ether have reached an unprecedented low in terms of their share of the total supply, currently standing at 33.46%. Meanwhile, smaller wallets with less than 100 Ether hold a 9.19% share, which is close to its lowest point in nearly four years. According to Santiment, this increasing centralization of Ethereum among significant stakeholders could serve as a long-term positive indicator that may propel the Ethereum price towards new record highs of approximately $5,000.
According to crypto expert Venturefounder, Ethereum’s recent price rise above the $3,800 support level on the weekly chart signifies a continuation of the bullish trend. This is in line with the “cup and handle” pattern that Ethereum has been exhibiting, indicating a surge in positive market momentum. The potential future price targets for Ethereum could be a revisit to its all-time high ($4,900), followed by significant milestones at $5,349, $6,457, and $7,238. Venturefounder anticipates that this upward trend might culminate no later than the end of Q1 2025.
As an analyst, I’ve observed that while there’s been widespread doubt, Ethereum could unexpectedly surge and keep climbing, leaving investors in awe. According to Venturefounder, the long-term price target for Ethereum stands at a staggering $15,937, a milestone they predict will be reached by May 2025.
According to Glassnode’s analysis, Ethereum has surpassed Bitcoin and other popular cryptocurrencies such as Solana over a 30-day period. While Bitcoin experienced a 17.49% increase in value during this timeframe, Ethereum saw a more substantial growth of 26.99%. Furthermore, Glassnode suggests that there’s been a significant shift towards Ethereum among top altcoins, with Solana experiencing relatively modest gains of only 1.69% over the same period.
ETH-BTC Showing Strength
Lately, Ethereum’s price has been surpassing Bitcoin’s, which means the Ethereum-to-Bitcoin pair (ETH/BTC) is demonstrating robustness once more, as pointed out by analyst Venturefounder.
“The situation with Ethereum (ETH) and Bitcoin (BTC) remains unchanged. A similar pattern that was seen during the 2016-2017 market bottom is being repeated now. We believe that the bottom has already been reached, so a significant price increase could occur at any moment.
As a crypto investor, I’m keeping an eye on the predictions by VanEck’s head of digital assets, Matthew Sigel. Much like what we saw in 2020, he believes the Ethereum (ETH) and Bitcoin (BTC) pair is gearing up for a dramatic surge, or as he puts it, “parabolic.” This means both ETH and BTC could experience significant growth over the coming period.
Currently, Ethereum’s price stands at approximately $4,005, representing a 1.34% increase. Its market capitalization amounts to a staggering $482 billion. In the past 24 hours, the total value of positions forced to close, known as liquidation, has surged to an impressive $80 million. Notably, $54 million of this amount is due to short liquidations.
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2024-12-17 10:04