Ethereum Whales Snap Up $4.5B ETH, $3000 Target on Cards?

Ethereum whales have been actively accumulating ETH, adding a nearly $4.5 billion ETH over the past month, according to data from IntoTheBlock. Currently, ETH price is witnessing a sluggish performance. However, owing to the ongoing accumulations, analysts expect Ethereum price to reclaim the $3,000 soon.

Ethereum Whales Accumulate Massive ETH Stash

According to IntoTheBlock’s large holders netflow indicator that tracks wallets holding more than 0.1% of ETH’s total supply, Ethereum whales have increased their positions by more than 1.7 million ETH in the last 30 days. This accumulation is valued at over $4.42 billion, based on an average price of $2,600 during this period.

Notably, the indicator has shown net outflows for only three days. With 27 days of continued accumulation, this indicator suggests that Ethereum whales are actively snapping up ETH, leading to significant buying pressure. Therefore, as the demand for Ether increases, the ETH price could benefit.

Over the past 30 days, ETH whale wallets have been actively accumulating, with net outflows recorded on only three days.

📊 The large holder netflow indicator tracks when wallets holding more than 0.1% of the total supply are buying or selling.

🔍 In total, these wallets have… pic.twitter.com/om1UM9tArf

— IntoTheBlock (@intotheblock) October 16, 2024

In just the past two days alone, 175,000 ETH, worth approximately $455 million, was purchased by large holders, further underlining the ongoing confidence in Ethereum’s potential. This strong buying activity suggests that these investors anticipate a price rise in the near term with $3,000 appearing as the next key psychological resistance level.

ETH Price Action

Ethereum is currently trading around the $2,600 mark, a level that many analysts are watching closely. The aggressive buying behavior from whales could fuel further upward momentum, driving ETH prices higher. However, market volatility remains a factor and macroeconomic conditions could influence future price movements.

At press time, ETH price was up by 1.03%, trading at $2,613.30 on Wednesday, October 16. This gain suggests that the bullish momentum has persisted despite significant volatility. Hence, netizens expect that if the current accumulation spree continues, Ether price could go to $3,000 next.

Also Read: Solana Outpaces Ethereum in On-Chain Volumes: Meme Coins Account for 40% of Its Trading Volume