Key Points:
Ethereum whales have purchased 260,000 ETH in the past 24 hours, showing signs of accumulation.
Whales, BitMine, and ETFs have added billions of dollars in ETH, reinforcing bullish demand.
Price technical indicators are favorable for bulls, with targets between $5,000 and $6,000.
Despite price pullbacks, whales continue to buy hundreds of thousands of ETH, further boosting market confidence in Ethereum (ETH) returning to historical highs.
During the market adjustment over the past week, Ethereum (ETH) whales took the opportunity to accumulate as ETH dipped to $4,200.
Data from Santiment indicates that whale addresses holding 10,000 to 100,000 ETH increased by 4% between August 24 and Tuesday. Additionally, these large investors accumulated approximately 260,000 ETH worth $1.14 billion in the past 24 hours.
This suggests that these large investors are confident in the future of Ethereum (ETH), despite recent price pullbacks.
Cointelegraph reports that the trend of Bitcoin (BTC) whales transferring billions into Ethereum (ETH) continues.
On Monday, Arkham Intelligence announced on the X platform that a whale holding $5 billion in BTC bought and staked $1.08 billion worth of ETH through Hyperunit, adding that:
These actions correspond with BitMine's ongoing accumulation of Ethereum (ETH). Over the past week, BitMine has increased its holdings by $354.6 million in Ethereum (ETH), bringing its total holdings to 1.71 million ETH (approximately $8 billion), making it the largest corporate holder globally and the second-largest crypto asset reserve after Strategy.
🧵1/5 BitMine disclosed latest crypto holdings. As of August 24th at 5:30pm ET: - 1,713,899 $ETH, - 192 Bitcoin ($BTC) and - unencumbered cash of $562 million - fully diluted shares outstanding 221,515,180 = BMNR NAV per share $39.84 Total NAV $8.8 billion. BitMine is #2… pic.twitter.com/PjN7nry3bf
Last week, global Ethereum (ETH) investment products and Ethereum spot ETFs attracted over $1.4 billion in inflows.
This trend further reinforces Wall Street's view that the recent price adjustment in Ethereum (ETH) is a good entry opportunity.
Data from Cointelegraph Markets Pro and TradingView shows that ETH has been fluctuating within a symmetrical triangle range on a four-hour timeframe, as seen in the chart below.
A bullish trend can only be confirmed if the price breaks above the upper trend line of the triangle ($4,440). Notably, this point coincides with the intersection of the 50-period simple moving average (SMA) and the 100-period SMA.
After the breakout, the price will face resistance at historical highs between $4,800 and $4,950, and if broken, it could quickly rise to the technical analysis target of $5,249.
This move would represent a total increase of 20% from current levels.
Renowned analyst CryptoGoos states that the macro structure of Ethereum (ETH) remains strong, with ETH breaking out of a descending wedge on the weekly chart, and the upward momentum continues.
The technical analysis target for this descending wedge is $6,100, as shown in the chart below.
The analyst posted on the X platform reminding investors not to sell ETH too early.
Other indicators also show that the Ethereum (ETH) bull market cycle is not over, with several technical patterns suggesting that ETH prices could rise to the range of $10,000 to $20,000 in the coming months.
Related: Gemini files S-1 application for IPO, plans to issue 16.7 million shares of GEMI stock
Original article: “Ethereum Whales Sweep 260K ETH, Reviving $5K Recovery Hopes”
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