Whales Could Boost Ethereum (ETH) Price to New ATH | Airdrop Alert Pro

Ethereum (ETH) price is currently 19% below its all-time high and is on track to reach $4,000 for the first time since March 2024. Key indicators, including rising 7-day MVRV and increasing whale accumulation, highlight the growing bullish sentiment surrounding Ethereum.

If ETH breaks above the $4,000 level, it could start a surge towards the previous high of $4,867, although failure to sustain this rally could lead to a retest of key support levels.

ETH 7D MVRV shows Ethereum price could rise further

Ethereum The 7-day MVRV has climbed to 6.1% from 0.28% two days ago. This sharp increase reflects an increase in unrealized profits for short-term holders, indicating increased market optimism. Historically, when ETH’s 7-day MVRV approaches these levels, it usually results in a correction.

However, prior to the sharp pullback, MVRV levels briefly rose to 7% and even 13%, suggesting that the current rally may have more room to rise.

MVRV (Market to Realized Value) measures the ratio of an asset’s market value to its realized value, providing insights into whether holders are making a profit or loss. A higher MVRV indicates increasing unrealized profits, which can lead to selling pressure, while a lower value indicates undervaluation.

and Ethereum The 7-day MVRV remains below 7%, and this data suggests that if market sentiment remains bullish and selling pressure does not intensify prematurely, further price gains are possible before a pullback occurs.

Ethereum whales hoard ETH

The number of wallets holding at least 1,000 ETH hit a 3-month low of 5,524 on October 30, but has since reversed course, showing new accumulation. By November 3, the indicator climbed to 5,599, the highest value since October 6.

This increase indicates that large holders or whales are re-entering the market, which may indicate growing confidence in the market Ethereum price.

Addresses with balance >= 1,000 ETH. source: glass node

Tracking whale activity is crucial as these large holders often have the power to influence market trends due to the large volumes they control.

There has been a recent increase in the number of wallets holding at least $1,000 Ethereum Could indicate bullish sentiment among major investors. This could support further price increases. If this accumulation trend continues, it may provide the basis for continued upward momentum in the price of ETH.

ETH Price Prediction: About to Hit an All-Time High?

Ethereum price The current uptrend is shown by the EMA lines, and if it can break above the $4,000 level, a new uptrend could begin. Then, as IntoTheBlock Senior Researcher Juan Pellicer explains, it could test the previous all-time high around $4,800.

“Ethereum shows strong potential to break above the $4,000 level, supported by key drivers such as record institutional inflows. Ethereum ETFmassive whale accumulation, and increased interest in staking-enabled ETF products. At the same time, the transaction volume of the second layer continues to rise, Decentralized Finance TVL sets the stage for Ethereum to challenge the old high of $4,867 in the near term. ” Pellicer told BeInCrypto.

On the other hand, if the current uptrend is not strong enough and Ethereum price If it fails to break or sustain above $4,000, it could test support areas near $3,688, $3,500 or even $3,255.