Market updates
Ethereum whales add $1B in ETH — Is the accumulation trend hinting at a $5K ETH price?
Pemula
2025-01-23 | 5m
Numerous cohorts of
Ethereum addresses added over 330,000 ETH in the last two weeks. Is this a sign that a $5,000
ETH price is in the making?
Ethereum’s native token, Ether , currently ranks as the only
cryptocurrency in the top 10 by market capitalization to show a
negative return over the past 30 days. With crowd sentiment dropping to a new low each week, the altcoin is desperate for a bullish revival, and onchain data suggests it might come sooner than later.
MAXPAIN, a crypto markets analyst,
highlighted that Ether addresses holding between 1,000 to 10,000 ETH have accumulated 330,000 ETH since Jan. 7, valued at over $1.08 billion. Previously, ETH accumulation of such size occurred in April, when the same cohort of addresses amassed over 620,000 ETH. The altcoin witnessed a 66% upswing thereafter. The crypto trader also noted the consequent increase in daily active addresses, with network growth rising to 180,000, which may imply a fresh capital inflow.
With most of the market moving on from Ether’s lackluster performance over the past month, multiple traders were eyeing the current market setup as a potential bullish opportunity. Jelle, a long-term crypto investor,
identified the formation of an inverse head-and-shoulders pattern within another bullish setup of ascending triangles on the weekly chart. The probability of a bullish breakout improves significantly with the price converging within a couple of bullish confluences, as the analyst hinted at the possibility of price discovery for the altcoin.
In fact, Alec, a derivative trader,
said Ether was developing a tightening on both the 30-minute low time frame (LTF) and 1-day high time frame (HTF). With liquidity present on both sides of the spectrum, the trader said, “A larger move is on the horizon for ETH. Take the liquidity and run the opposite way? But which way??" Lastly, Cold Blooded Shiller, a markets analyst, opined on the dismissive nature of the industry on Ethereum right now and said, “$5k $ETH by March, and this will be the saltiest space on Earth.”
While $5,000 is an attainable target for Ether, its immediate hurdle remains at the $4,100 level. Since 2024, Ethereum has managed to break above a descending trendline on two separate occasions, but the overhead resistance at $4,100 has not been breached. Thus, for Ethereum to target $5,000, the immediate condition is to flip $4,100 into support on the daily and weekly chart. Once the price action has been accepted above the aforementioned level, Ether could rally to $5,000, but until then, the altcoin still needs to rally against bearish odds.
Source:
CoinTelegraph
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