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Bitcoin price continues to linger at higher levels, and overall losses for altcoins have halted. Although the key $67,500 level has not been reclaimed, Bitcoin’s hovering above $66,000 is positive. What are the crypto whales targeting for Ethereum? What are the current predictions?
Ethereum (ETH) Whales
Altcoin king is at the $3,100 threshold as of this writing. The largest smart contract platform remains strong due to the increasing interest of whales. This week, the upcoming ETF channel will likely be rejected and has been priced in for a long time. On the other hand, the calmness in futures suggests that the expected decision may not trigger a surprise price movement.
Addresses holding between 100,000 and 1 million ETH moved to accumulate more over the past week. This whale group collected 390,000 ETH worth $1.26 billion. Their total holdings have reached 19.94 million, nearing the 20 million mark.
This accumulation frenzy over the past week reflects strong demand and signals to investors. Such strong purchases have happened before and significantly pushed the price up.
ETH Price Predictions
According to the Global In/Out of the Money (GIOM) indicator, assets worth $18.65 billion bought between $3,000 and $3.163 can keep investors optimistic. It is not common to rush to sell at cost level, especially for an asset like ETH.
ETH, finding buyers above the Fibonacci support at $3.031, has broken out of the descending wedge it has been in since early March. This formation is known for triggering upward breakouts during bearish trend periods.
If the formation target is focused on, it would not be surprising for ETH price to see a 30% rally towards $3,873 after the breakout. The first challenging target in the process will be the $3,336 level. What if support is lost? In this case, ETH could enter a challenging phase. The main target would be losing the critical $3,000 region and testing $2,539. For now, BTC is lingering at $66,824 and ETH at $3,080.
