Ethereum In April: Aiming for $5,000 As Whales Accumulate $3.1 Billion ETH In 10 Days

In March, Ethereum’s price closed at $3,646.8, reflecting an impressive 11.8% increase throughout the month. Recent observations among large-scale ETH investors suggest a potentially promising start this April. 

Last month, Ethereum’s price began to show positive figures but encountered difficulties in maintaining its momentum following the Dencun upgrade. Recent trends indicate a shift in the catalyst behind the ETH price stickiness towards a bullish sentiment. The question is, how will Ethereum prices react in April 2024?

Strategic swing traders engaged in selling-the-news tactics and significant stakeholders taking precautionary measures to address potential network disruptions. The influx of activity flooded the market, resulting in a 13% decline within a week post-Dencun upgrade. 

Since March 20th, the top 100,000 Ethereum wallets have already accumulated 860,000 ETH amounting to roughly $3.1 billion. This follows the offloading of 30 million ETH in the week following the Dencun upgrade. 

Although, the 860,000 ETH represents only a portion of what the whales originally sold in mid-March, their continued accumulation is expected to contribute to a favorable beginning to April for two main reasons. 

First, whale investors hold considerable sway over price dynamics and influence the behavior of retail investors. Therefore, the whale’s acquisition of $3.1 billion worth of ETH in the past 10 days could convey bullish signals to retail investors and prospective newcomers, suggesting that the ETH market is now entering a recovery phase following the market-wide sell-off in late March. 

Second, whale investors are known to have longer investments, which could keep a significant portion of the $3.1 billion purchase of the market supply in the near term. 

At press time, ETH is trading at $3,543.41, showing a 1.68% decrease in the last 24 hours.