Ethereum Price Correction: Whales Accumulate as Analysts Remain Bullish
After failing to break the $2,800 resistance level, the Ethereum price saw a significant correction, dropping to $2,530, marking a nearly 10% decline. While this may have caused panic among retail investors, whales in the crypto space are taking advantage of the dip to accumulate more ETH.
Analysts and on-chain data platforms have confirmed a series of large whale buys, with one prominent whale purchasing a stockpile of 1 million ETH valued at over $2.5 billion in just a 48-hour window. This aggressive accumulation by whales indicates a strong bullish sentiment towards Ethereum, despite the recent price pullback.
Furthermore, Ethereum continues to show strong fundamentals, with the highest net flows compared to other blockchains. This suggests that investors are still confident in the long-term potential of Ethereum, even amidst short-term price fluctuations.
Whales Are Bullish On Ethereum Price
Although the Ethereum price faced a rejection at $2,800, signaling a retracement, it does not necessarily indicate weakness in the cryptocurrency. In fact, whales are doubling down on their ETH holdings, with large purchases being made to strengthen their positions.
Notable analyst Ali Martinez highlighted a recent whale accumulation, with one entity stockpiling 1 million ETH worth over $2.5 billion. Data from Lookonchain further confirms this trend, showing a significant withdrawal of ETH from Aave, amounting to nearly $89 million.
Additionally, analyst TedPillows pointed out Ethereum’s number one spot in 3-month net flows, with a total of $1,100,1000,000. This data reinforces the bullish sentiment surrounding Ethereum and solidifies its position as a leading crypto asset in the market.
Analyst Forecast Ethereum Price to Hit $3,600 Next Month
Prominent analyst Captain Faibik believes that Ethereum has formed an ascending triangle pattern, indicating a potential price surge. According to his forecast, Ethereum could reach $3,600 by the end of June, presenting a significant upside potential for investors.
Adding to the optimism, analyst Trader Tardigrade also predicts a higher price trajectory for Ethereum once the current consolidation phase ends. This positive outlook from analysts suggests that Ethereum’s price rally is far from over, with further gains expected in the near future.
Overall, despite the recent price correction, Ethereum remains a strong contender in the crypto market, with whales accumulating and analysts forecasting a bullish trend ahead. Investors should keep a close eye on Ethereum as it continues to show resilience and strength in the face of market volatility.