- Ethereum whale resumes accumulating ETH after a 6-month break.
- This whale now holds a total of 5,000 ETH worth $9 million.
- ANalyst expects ETH price to pump exponentially as altseason approaches.
As Bitcoin works its way to 6-digit prices again, Ethereum whales are increasing their accumulation activity and letting their ETH holdings rise. Most recently, one whale resumes accumulating ETH after a 6-month break. According to Lookonchain data, this whale now holds a total of 5,000 ETH worth $9 million. Are whales seeing what analysts have been predicting, is ETH on the brink of a massive breakout?
Whale Resumes Accumulating ETH After 6-Month Break
Several analysts are anticipating a stray surge upward for Bitcoin (BTC). In fact, the price of BTC is expected to reclaim its 6-digit prices soon starting with a breakout that’ll likely take BTC price between $100,000 and $103,000. Soon ater this target is met, analysts expect BTC to reclaim its present ATH price at $109,000 and then surge further to hit much higher ATH prices starting with its first bull target at $116,000.
During this time, whales have steadily been accumulating BTC and other potentially bullish altcoins including ETH. To highlight, top financial entities and institutes like BlackRock have been heavily accumulating both BTC and ETH stirring high bullish potential for both the pioneer crypto and altcoins assets. This expectation is now seeping into other altcoins as well. For instance, an ADA ETF possibility has improved altseason pump expectations.
ETH Price Could Set New ATH Soon
Despite other altcoins like XRP and ADA growing more bullis with the latest blockchain updates, the altcoin that holds the most attention is Ethereum (ETH). ETH, the pioneer altcoin that opened the path for other altcoins to arrive and flourish is yet to hit a new ATH price of its own this bull cycle and many analysts believe that the altseason pump cannot arrive unless the price of Ethereum pumps first.
This Q1, altseason was expected to arrive based on previous bull cycle patterns. However, Q1 went through a correction phase instead, caused by BTC’s early cycle pump. Thus, altseasoned was delayed and the prolonged bull cycle pushed altcoin prices to new lows giving altcoins the chance to bottom and traders, holders, and investors the chance to heavily accumulate several bullish altcoins.
As we can see from the post above, ETH whales are one such community that has taken advantage of the new lows set by ETH. In Q1 ETH price dropped to below $1,300 and now despite it having reclaimed the $1,800 price mark, ETH whales continues to heavily accumulate meaning that they expect a major upward surge for ETH price soon.
To highlight, one ETH whale seems to have awakened from a 6-month long break. The whale has resumed a heavy ETH accumulation by first withdrawing 1,700 ETH worth $3.1 million from Binance and holds a total of 5,000 ETH worth $9 million. This whales unrealized loss sits at $3.6 million, will his holding yield a much greater profit instead as the crypto market heads towards teh altseason peak phase?
