- Ethereum (ETH) whales have been aggressively buying the dip.
- The recent whale activity hints at the possibility of higher ETH prices.
- Experts have predicted that ETH will outperform Bitcoin (BTC) in 2024.
Following a strong start to December 2023, the prices of several crypto assets, including Ethereum (ETH) , have since cooled down. Despite the recent price corrections, recent ETH whale activity suggests a firm belief in a bullish continuation.
Ethereum (ETH) Whales Accumulate $230M in ETH
Ethereum’s largest whales have been on a buying spree despite lackluster price movements. In an X post on Saturday, December 16, prominent crypto analyst Ali Martinez noted that this class of investors with holdings between 1,000,000 and 10,000,000 ETH had accumulated over 100,000 ETH in the past week worth a staggering $230 million.
The recent whale accumulation suggests that these investors expect prices to rally higher, an outcome that typically follows significant buying pressure from these large investors. On December 7, Santiment Feed linked ETH’s rally to a 19-month high above the $2,350 price point to a trend of whale accumulation.
Will Ethereum Rally Higher Before 2023 Ends?
ETH is trading at $2,149.30, representing a 4.2% decline over the past seven days, per CoinGecko data at the time of writing.
Analysis of the ETH’s daily price chart suggests that the asset has short-term support around the $2,148 price point. Bulls will hope that this level holds to strengthen the possibility of one more upswing before the end of 2023. A break below could suggest the formation of a more complex bullish continuation chart pattern like a bull flag, which could appear as a descending channel on smaller time frames, which could dash hopes of another strong rally in 2023.
ETH/USD daily candle price chart.
Source:
TradingView
Whatever the case, several analysts, including JP Morgan, have sounded bullish on ETH, tipping it to outperform Bitcoin (BTC) in 2024, downplaying the effects of a spot ETF approval, and arguing that the halving is already priced in.
On the Flipside
- Several other factors can affect the prices of crypto assets like ETH, such as the overarching macroeconomic sentiment.
- At current prices, ETH is already up 80.9% year-to-date (YTD).
Why This Matters
Whale activity typically impacts the prices of crypto assets. Recent ETH whale activity suggests that a price rally might be imminent.
Read this for more on ETH price action:
Ethereum (ETH) Surges to 19-Month High as Whales Accumulate
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