As a seasoned researcher with over two decades of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The recent surge in Ethereum (ETH) price to $2,600 has certainly caught my attention, but the news of whales selling off approximately $45 million worth of ETH is a cause for concern.
Recently, the value of Ethereum (ETH) has skyrocketed to reach around $2,600. Despite this bullish trend, significant amounts of Ethereum, estimated at about $45 million, were offloaded by either whales or institutional investors over the weekend.
Ethereum Whales Sell $45 Million ETH as ETH Price Hits $2,600
It’s been reported that a significant amount of Ethereum (ETH) has been offloaded by two entities: one associated with Cumberland and another linked to ParaFi Capital. As per Lookonchain, the Cumberland-linked wallet moved 11,800 ETH, equivalent to around $31.88 million, to Coinbase recently. Another transaction saw ParaFi Capital withdraw 5,134 ETH, approximately $13.83 million, from the Lido platform and transfer it to Coinbase Prime about six hours later.
2 institutions are selling $ETH!
7 hours back, a digital wallet linked to Cumberland put in 11,800 Ether ($31.88 million) into Coinbase. Just an hour later, ParaFi Capital transferred 5,134 Ether ($13.83 million) out of Lido and moved it into Coinbase Prime.
Address:…
— Lookonchain (@lookonchain) September 28, 2024
The notable changes in Ethereum’s movement have sparked worries, especially within the cryptocurrency community, as such actions by institutions can indicate market transitions. Notably, influential players like Cumberland and ParaFi Capital seem to be repositioning their Ethereum holdings.
ETH Price to Hit $20K: Analyst Forecasts
Financial analyst Julien Bittel, CFA, predicts a substantial increase in the value of Ethereum, possibly reaching $20,000 as early as 2025. By drawing parallels between Ethereum’s projected trajectory in 2023 and current trends, he suggests that there may be a repeat of last year’s bullish market dynamics.
Bittel shared a chart that illustrates Ethereum’s performance from January 2023 to March 2024, mirroring its present trajectory. If this pattern holds, the ETH price forecast could see substantial gains by year-end, pushing towards the $20,000 mark by January 2025.
The cost of ETH has experienced a slight jump, now sitting at approximately $2,671.43. This represents a minimal growth of 0.05% in the past day. However, even with this minor surge, the price continues to hover between $2,643 and $2,728 over the same timeframe.
The graph shows changes in market volatility for Ethereum, with significant peaks around $2,700 and drops to approximately $2,660. Despite these fluctuations, Ethereum demonstrates strength by maintaining a position close to $2,670 as it copes with market challenges.
Regardless of the ongoing selling from institutions, Ethereum demonstrates robustness with a slight price increase. The prediction of it reaching $20,000 by 2025 brings optimism, although market volatility remains. Ethereum’s short-term stability indicates potential growth, as institutional investors reposition themselves, hinting at possible future expansion for the cryptocurrency.
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2024-09-29 18:10