Close Menu
ADVERTISE

Ethereum whales hold billions in ETH and spark $4K price hopes

Altcoins By
Can Shiba Inu's UAE Energy Ministry Alliance Push It to
Can Shiba Inu's UAE Energy Ministry Alliance Push It to

Ether despite the EtherETHDespite price dropdowns in the hundreds of thousands, whales are still buying ETH. There is hope for a recovery on a shorter-term basis.

The key takeaways

  • A whale of Ethereum has increased its stash from $1.2 billion to $1.3 million in ETH.

  • ETFs, BitMine, and whales have added billions in ETH to the market, boosting bullish sentiment.

  • A V-shaped recovery pattern appears, aiming at $4,000 in ETH.

Ethereum Whales Buy the Dip

Ether Whales have taken advantage of recent market fluctuations to increase their profits. ETH price drop to $3,000. 

Arkham Intelligence data shows that an unknown whale has amassed more than 385,000 Ethereum worth $1.38 Billion over the last 10 days.

Related: Institutions must stake Ether on decentralized infrastructure

“This whale currently owns $563.9M of ETH directly through spot holdings as well as $818.7M in a loan position on AAVE,” The Blockchain Analytics Platform said in a Wednesday  post on X, adding:

“He has just added another $105.36M of ETH today alone.”

Ethereum whales’ holdings Source: Arkham Intelligence

Arkham Intelligence also added that The Whale has borrowed $270 million in stablecoins to expand its ETH holdings. 

Lookonchain has also noticed that, in addition to this whale, another whale borrows ETH. “83,816 $ETH($288.6M) deposited on Aave and has borrowed $122.89M in stablecoins.”

BitMine has been pushing Ethereum for a while now. In the last week, BitMine has made a number of moves. added 110,288 more ETH. Bringing its total holdings up to 3.5 Million ETH (valuated at around $12.5 Billion), thereby cementing the position of largest corporate holder of ETH. 

The recent ETH drawdown is a sign that both whales and institutional investors see it as a favorable entry opportunity.

How much can ETH return to?

As shown in the chart below, Ether’s daily price chart is showing a possible V-shaped chart recovery pattern.

ETH is retesting its 100-day moving average at $3450. The bulls must push the price higher to improve the odds of reaching the neckline, $4.172.

A 21% price increase would result from such a change. 

The daily chart of ETH/USD. Source: Cointelegraph/TradingView

Several analyst believe that ETH could reach $4000 before the end of December. falling wedge breakoutExchange supply is falling. Ethereum’s $200 billion tokenized economy.

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.