TL;DR
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Large investors bought around $2.4 billion worth of ETH in 48 hours, potentially triggering an upward price pressure.
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Some analysts see ETH in an accumulation phase, with targets reaching $9,000, while historical patterns suggest a strong Q1 performance similar to past bull cycles.
Is It Finally Time for a Pump?
Despite its brief price spikes in the past few weeks, Ethereum (ETH) remains one of the disappointments of this bull run. It currently trades at approximately $2,200 (per CoinGecko’s data), representing a 42% decline on a yearly scale.
And while many community members have raised skepticism that ETH would catch up with the gains its rivals have recorded in the last several months, some factors suggest there might be room for growth.
Popular X user Ali Martinez revealed that whales have purchased 1.1 million tokens in the past 48 hours, asking, “Do they know something we don’t?”
The stash’s USD valuation equals $2.4 billion (calculated at current rates). Such efforts reduce the circulating supply of ETH, possibly making it more valuable in time via scarcity. However, the bullish narrative relies on non-decreasing demand.
It is worth mentioning that whales went on a buying spree again at the end of February when the entire crypto market was bleeding heavily. Back then, ETH’s price tumbled to $2,100, but a few days later, it briefly surged past $2,500.
Another element suggesting that the second-biggest cryptocurrency may soar in the near future is ETH’s exchange netflow. According to CryptoQuant, the figure has been negative in the past four days, meaning investors might have shifted from centralized platforms toward self-custody methods. This, in turn, reduces the immediate selling pressure.
Price Targets
Contrary to the skeptics, many market observers believe the best is yet to come for ETH. X user CryptoGoos assumed that the asset is still in “the accumulation zone,” predicting a spike to a new all-time high of $9,000.
CryptoELITES also gave their two cents. They reminded that the first quarter of the bull cycles in 2017 and 2021 have been quite successful for ETH. The analyst believes this scenario might repeat during Q1 this year, envisioning a potential triple-digit price increase.
Meanwhile, Crypto Tony told his over 500,000 followers on X that holding the support zone of $2,100 is “the bulls’ mission this week.”
