In the past 72 hours, Whales purchased an astounding 820,000 ETH, equivalent to a staggering $3.80 billion, as the price of Ethereum remains firm.
In the dynamic world of cryptocurrencies, Ethereum (ETH) continues to make headlines as analysts predict a bullish future for the digital asset.
The measured move for ETH points to bull price targets north of $10,000, according to reputed crypto analysts. This optimistic forecast follows a series of bullish signals on the ETH chart, which has been steadily surging alongside other altcoins.
In the last 72 hours, whales—large individual or institutional investors—have acquired 820,000 ETH worth approximately $3.8 billion. This significant accumulation is likely driven by institutional buying and ETF inflows amid bullish market patterns and anticipation of upgrades like Fusaka, which aim to improve Ethereum’s scalability and security.
The prices of other promising altcoins, such as ADA and XRP, are also being heavily accumulated by whales, further indicating a strong market sentiment towards altcoins.
However, the price of ETH has been on a decline since its All-Time High (ATH) and is currently in a consolidation phase after a multi-year breakout above $4,000. The crypto market is showing signs of an upcoming altseason, with the peak phase potentially arriving soon.
Analysts expect ETH price to grind before it finally begins to move, suggesting a prolonged consolidation period for ETH before a significant price movement. Despite this, the analyst predicts a bull price target of over $10,000 for ETH.
Meanwhile, the downtrend in Bitcoin Dominance, which measures the percentage of the total crypto market capitalisation owned by Bitcoin, signals the nearing fall of BTC Dominance. This shift could further boost the altcoin market, potentially making the upcoming altseason led by ETH, ADA, and XRP a reality.
As the crypto market continues to evolve, it's essential to stay informed about the latest trends and developments. Whether you're a seasoned investor or a newcomer to the world of cryptocurrencies, keeping an eye on Ethereum's progress could prove to be a valuable strategy.
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