June 21, 2024

Ethereum is holding steady above $2,000, and there’s excitement as whales invest a whopping $124 billion in the token. The significant investment by these big players raises expectations of a potential price rally for Ethereum. 

Also, the recent statement from Maaren Regterschot, a known analyst, contributed to the bullish sentiment in the market. If this present momentum continues this way, ETH’s price could reach a new high in the coming days.

Crypto Whale Now Holds $124 Billion ETH

Big Ethereum holders (whales) have been positive for a while, even when the market wasn’t doing well. Recent data from Santiment shows these large wallets are collecting a lot of Ethereum, signaling they believe the price will continue to rise. 

They’re possibly stocking up on Ethereum because they think prices will rise as BTC halving nears. According to the on-chain platform, the top 200 Ethereum wallets have been purchasing ETH since November 21, 2022. 

Presently, the data from Santiment shows that these investors control more than half of ETH’s total supply. Surprisingly, there’s another factor pushing the price of Ethereum. Santiment revealed that the number of new ETH wallets is increasing. 

The on-chain platform posted on November 21 that an additional 94,700 new “$ETH wallets were created yesterday.”It added that this number is the highest increase the ecosystem has seen since July. This suggests that investors are turning their eyes towards ETH.

Interestingly, this could increase the adoption rate of ETH and possibly attract more businesses. Note that the higher the adoption rate of an asset, the more demand the asset will have. 

When the demand increases the supply reduces, causing the price to shoot up massively.

ETH Price Action

Since the start of the month, ETH has been putting smiles on investor’s faces. Despite the recent CZ news, which caused a slight bearish sentiment in the market, ETH still maintains its price above $2,000.

Other cryptocurrencies like BNB plummeted massively, but ETH sustained its growth.

Data from CoinGecko shows that in the past 24 hours, EH has recorded a price increase of 2%. Even in the past fourteen days, ETH has been performing well, increasing by more than 7 percent.

Also, the tracking platform revealed that ETH has gained about 12% over the last 30 days. As of 10:18 a.m. EST, ETH is trading at $2,070, and its volume is sitting above $22 billion.

For context, this amount of trading activities shows the amount of ETH traded on all exchanges in the past 24 hours. Looking at how the coin is performing today, the price could remain above this region.

However, the technical analysis will provide more insight into the coin’s next potential move.

Ethereum Price Analysis: ETH Broke Structure. What’s Next?

The recent price action in Ethereum (ETH) has shown a notable break in its structure, moving towards the upper side of the chart. This breach could suggest a potential retracement to the $1,700 region, where the structure was initially broken. 

If this level holds as a strong support or order block (OB), there is a possibility of a significant price surge, potentially reaching the $3,000 mark. Notably, the $3,000 mark is a level where the market experiences imbalances. 

On the other hand, a failure to hold this level may lead to a more extended retracement or consolidation.

The current price position is at the upper region of the Donchain indicator. It suggests that the bulls are in full control of the market. Adding to this, the Moving Average Convergence Divergence (MACD) being above the signal line is a positive sign. 

This indicates that the momentum is on the upside, with the buying pressure potentially outweighing the selling pressure. In all, ETH is currently bullish, and if the momentum persists, the price could potentially reach $3,000 in the coming weeks.

One key factor that will drive the price to this level is the potential BTC ETF spot listing, which is getting closer. Also, with the next Bitcoin halving around the corner, the general crypto market may see some gains.

However, it’s important to note that these indicators are not foolproof, and market conditions can change.

Ethereum Alternative: Bitcoin ETF Token

While Ethereum’s price is going up today, more people are interested in a new affordable cryptocurrency, Bitcoin ETFRight now, it’s in the presale phase and has already raised over $1.4 million.

The community seems excited, as everyone is talking about Bitcoin ETFs. Bitcoin ETF hopes to shake the crypto market with advanced features. Also, the platform claims it has special benefits for people who hold the coin.

Bitcoin ETF Gathered More than $1.4 in Presale

>>>Visit Bitcoin ETF Token Presale<<<

Bitcoin ETF Token is on the Ethereum network, and the team has set aside 2.1 billion tokens for the presale. The presale will run in 10 parts, and the token’s price goes up after each part. Right now, in stage 4, each $BTCETF is priced at a low $0.0056. 

But in a few hours, the price might go up, so if you want to get in, you should do it fast. Prominent YouTuber Jacob Bury recently expressed his optimism on the project. According to him, the project can grow by 10 times when it goes live.

Therefore, with that in mind, interested investors should rush to the official site before this stage ends. Note that you can buy this token right now with either USDT or ETH.

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