Ethereum (ETH) Surges In Whale Transactions Amid Price Recovery, Will ETH Reach A New ATH In The Next Three Months?
Ethereum (ETH) showed unusually large transactions as whale investors became more active amidst ETH price recovery.
Ethereum (ETH), has witnessed significant fluctuation in the last 24 hours. Following yesterday’s sudden sell-off, which resulted in the liquidation of tens of millions of dollars worth of positions within an hour, Ethereum’s price plummeted by 3.1% at one stage, reaching $3,411.
However, ETH was able to recover right away and just over 20 hours later, ETH is now trading at $3,559.81 showing over 5% increase from yesterday’s lowest point.
Amidst these significant fluctuations in price, analysts have taken notice of a flurry of activity from the whales, the most influential players in the market. Spot On Chain reported a substantial deposit of 9,000 ETH, equivalent to $32 million, marking the largest ETH deposit by the same entity to date.
In addition, reports from Lookonchain unveiled significant acquisitions by a whale, who purchased 10,309 ETH, equivalent to $35.82 million during the market downturn. This came from the same whale who also made another transaction before Bitcoin’s surge last April 8.
Despite Ethereum’s challenges in recent weeks, analysts believe that there is still a potential for a substantial increase in the coming weeks, which could push Ethereum’s price to a new all-time high or it can surpass the $5,000 mark
In November 2021, Etherem reached its all-time high of $4891.70. It’s possible that Ethereum could hit a new ATH within the next three months. Following the upcoming Bitcoin halving event, there may be an extended period during which crypto prices could surge once more.
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