Can Ethereum Whales Push ETH Price Higher This Month?
Ethereum (ETH) whales are at it again, but this time, they are not selling the cryptocurrency as they have been at some points this year. On the contrary, on-chain data shows a clear accumulation of ETH and increasing interest from retail investors.
What does this mean for ETH? BeInCrypto reveals all the details, analyzing the progress and its potential impact on the price of Ethereum.
Ethereum retail investors, big guys are buying
On November 29, the net flow of large Ethereum accounts was 28,680 ETH, but it has soared to 80,130 ETH today. Differences between Netflow measurements Accumulate gold coins and those sold by whales.
Positive net flows indicate that whales are buying more coins than they are selling, which is a classic bullish sign. Conversely, negative net flows indicate increased selling and are generally negative for price action.
The latest data shows that Ethereum whales accumulated approximately 51,450 ETH in just two days, worth approximately $188 million. If this buying trend continues with similar volumes, ETH Price May Breakout $3,700.
In addition to whales, CryptoQuant data shows an increase in the Coinbase Premium Index. The index measures the difference between the ETH/USD Coinbase price and the Binance price.
Negative values usually indicate selling pressure, especially from U.S. investors. In contrast, a positive exponent indicates Increased buying pressure – Current observed ETH trends.
If U.S. investors continue to accumulate ETH, this growing demand could push the price of the cryptocurrency higher, Supporting its potential climbas mentioned earlier.
ETH Price Prediction: Strong Support, Higher Value
According to the daily chart, the Parabolic Stop Reversal (SAR) indicator is below ETH price. The Parabolic SAR is a technical indicator used to determine the direction of an asset’s price.
When the indicator’s dotted line is above the price, it indicates the presence of resistance. As a result, underlying assets are finding it challenging to climb higher. In the case of Ethereum, however, the indicator is trading below the price, suggesting that the cryptocurrency has strong support to keep up with its upward trend.
Additionally, BeInCrypto observed the formation of a bull flag pattern, which suggests that buyers caught sellers off guard. Considering this position, The price of ETH may rise to $4,000.
However, it is worth mentioning that Ethereum whales may also play a role in this prediction. If these major stakeholders continue to rise, then ETH may reach the above target.
On the other hand, this prediction may become invalid if whales stop buying. In that scenario, Ethereum could fall to $3,425.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
