- Analytics reveal gigantic 108,278 ETH purchase.
- This shows major whale or institutional movement.
- Analysts expect the price of ETH to pump towards higher targets soon.
Lookonchain analytics raven gigantic 108,278 ETH purchase showing major institutional or whale movement. This comes as no surprise to many seasoned traders and analysts in the crypto market, as it is entirely likely for such ETH accumulation moves to increase as the pioneer altcoin asset drifts closer to its previous ATH price in the $4,000 price range. Soon, new ATHs are set to arrive for ETH.
Analytics Reveal Gigantic 108,278 ETH Purchase
Since altseason expectations alongside a glorious ETH price pump have been growing steadily in Q2, ETH accumulation from whales and institutions has increased significantly. So much so that Ethereum Spot ETFs have been experiencing a continuous inflow amounting to millions for almost two weeks. What’s more, Bitcoin Spot ETFs are experiencing outflows. Is it time for Bitcoin capital to flow into ETH?
Institutions like BlackRock and seasoned long-time traders certainly believe so. Thus, BlackRock and other institutionshave been heavily accumulating ETH for the past few weeks ever since Q2 began and the price of ETH set a bottom at the $1,700 price range. Since then, the price of ETH has skyrocketed to hit $2,000 and even surpassed the $2,500 critical line to reclaim $2,700.
However, since BTC experienced its latest dip from $110,000 to $103,000, the price of ETH fell too, giving ETH whales and institutions another golden opportunity to accumulate more ETH. Now, the price of BTC hovers at the $105,000 price range while ETH has remained holding strong in the $2,600 price range. Analysts expect ETH price to move towards its previous ATH price at the $4,800 price target soon before heading into the price discovery phase.
Whale Activity Spurts ETH’s Next ATH Expectations
As we can see from the post above, Lookonchain analytics reveals that ETH whales and institutions are indeed hard at work accumulating Ethereum (ETH). In fact, one major move catches the eye of the crypto market, a move where either a whale or an institution just purchased a whopping 108,278 ETH worth $283 million through OTC. To highlight, the Galaxy Digital OTC wallet withdrew 89,000 ETH worth $233.5 million from exchanges and immediately transferred 108,278 ETH worth $283 million to the whale’s wallet. Currently, this wallet holds 139,476 ETH worth $365 million.
All in all, expectations for ETH to hit new ATHs can only arrive after ETH surpasses its previous ATH record. Following this feat, analysts expect ETH to hit new ATH targets that can range from $8,000, $10,000, and $12,000 in the coming months ahead. This bullish ETH action could also spur the long-awaited arrival of altseason, leading several altcoins to hit new ATH targets soon.
