- ETH has risen nearly 7% in the past seven days.
- Whale accumulation has increased over the past week.
ethereum [ETH] Prices rose last week, comfortably above the $35,000 level. This already looks optimistic, but things could get even better as major companies stockpile more ETH.
Whale activity is increasing
According to CoinMarketCap data, ETH investors took profits last week as ETH's value soared nearly 7%. At the time of this writing, ETH was trading at $3,520.80 and had a market cap of over $422 billion.
Interestingly, while the price of the token increased, the whale activity around the token also increased.
Lookonchain's recent Tweet It has become clear that whales are starting to accumulate ETH. According to the tweet, the whale withdrew 22,251 ETH (worth $80.06 million) from the exchange.
Another whale also withdrew 3,092 ETH worth $11.12 million from Binance. This suggests that whales are confident in ETH and expect its price to rise further, suggesting ETH could reach $4,000 soon.
To see if there was strong buying pressure from whales, AMBCrypto looked at Santiment data. We noticed that the supply of ETH held by top addresses increased last week. Currency outflows also surged, indicating increased buying pressure.
Source: Santiment
Analyzing CryptoQuant data also showed a similar trend. Ethereum’s exchange reserves were falling. However, it was a surprise to see ETH's Coinbase Premium turn red. This means that a selling mood prevailed among US investors.
Source: CryptoQuant
Ethereum’s next goal: $4,000?
AMBCrypto then checked Hyblock Capital’s data to find targets that ETH could reach if the whale accumulation turns into a bull market.
We find that ETH needs to break above some key resistance levels before reaching $4,000. If a bull market occurs, it will be important for ETH to reach $3.65,000 and $3.8,000 before reaching $4,000, as ETH liquidations will increase at these levels.
Source: Hyblock Capital
To see how likely it is that Ethereum will start a bull market, we analyzed the daily chart of the token. Our analysis reveals that Ethereum’s Relative Strength Index (RSI) has remained flat for several consecutive days.
read ethereum [ETH] price prediction 2024-25
Moreover, its MACD showed that bulls and bears are fighting to gain advantage over each other. However, Chaikin Money Flow (CMF) looked bullish as it recorded a sharp rise.
If CMF is to be believed, it seems likely that ETH will gain bullish momentum in the coming days.
Source: TradingView
