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Ethereum Whales Hold Billion in ETH, Sparking $4K ETH Price Hopes - news.adtechsolutions Ethereum Whales Hold Billion in ETH, Sparking $4K ETH Price Hopes - news.adtechsolutions

Ethereum Whales Hold Billion in ETH, Sparking $4K ETH Price Hopes


Despite the ether (ETH) price crashes, whales continue to buy hundreds of thousands of ETH, raising hopes for a short-term recovery.

Main takeaways:

  • An Ethereum whale increases stash to $1.3 billion in ETH, signaling the accumulation.

  • Balene, BitMine and ETF add billions of dollars in ETH, reinforcing bullish demand.

  • A V-shaped recovery pattern is emerging, targeting the price of $4,000 ETH.

Ethereum whales buy the dip

Responding to the market correction over the last week, Ether whales took advantage of the The price of ETH drops to $3,000.

An unknown whale has amassed more than 385,000 ETH worth $1.38 billion in the past 10 days, according to data from Arkham Intelligence.

Related: Institutions must stake Ether on the decentralized infrastructure

“This whale currently owns $563.9M of ETH directly through spot holdings and $818.7M in a loan position on AAVE,” the blockchain analytics platform. he said in a Wednesday post on X, adding:

“He just added another $105.36M worth of ETH today alone.”

Ethereum whale action. Source: Arkham Intelligence

The whale also borrowed $270 million in stablecoins from decentralized credit platform Aave to potentially expand its ETH position, Arkham Intelligence added.

In addition to this whale, Lookonchain noted that another whale is also borrowing to buy ETH, with “$83,816 ETH ($288.6 M) deposited on Aave and borrowed $122.89 M in stablecoins”.

These moves coincide with BitMine’s continued push into Ethereum. During the past week, the company add 110,288 ETH morebringing his total holdings to 3.5 million ETH (valued at about $12.5 billion), thus cementing his position as the largest. owner of the company ETH.

This reinforces the narrative that whales and institutions see the recent ETH price drawdown as a good entry opportunity.

Can ETH price return to $4,000?

From a technical perspective, Ether’s price action is forming a potential V-shaped recovery chart pattern on the daily chart, as shown below.

ETH is retesting the 100-day simple moving average (SMA) at $3,450. Bulls need to push the price above this level to increase the chances of the price going down to the cliff at $4,172 and completing the V-shaped pattern.

Such a move represents an increase of 21% from the current price.

ETH/USD Daily Chart. Source: Cointelegraph/TradingView

Several analysts believe that ETH has the ability to climb to $4,000 before December, citing a falling wedge breakoutdrop exchange offer and Ethereum’s $200 billion tokenized economy.

This article does not contain investment advice or recommendations. Every investment and business move involves risk, and readers should do their own research when making a decision.