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Reading: Market Signals Indicate Ethereum Whale Accumulation
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COINTURK NEWS > Ethereum (ETH) > Market Signals Indicate Ethereum Whale Accumulation
Ethereum (ETH)

Market Signals Indicate Ethereum Whale Accumulation

In Brief

  • Ethereum whales show increased accumulation activity signaling market potential.

  • New wallet creations indicate rising demand for Ethereum.

  • Market potential increases with rising interest in crypto assets and memecoins.

Fatih Uçar
Fatih Uçar 7 months ago
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Market analysis firm Santiment reports that Ethereum (ETH) $2,569 whales are actively accumulating assets, signaling a potential recovery in the markets.

Contents
Increase in Whale ActivityPossible Market FactorsCurrent Ethereum Price and Expectations

Increase in Whale Activity

Santiment announced via social media platform X that there has been a significant increase in transaction volume among Ethereum whales. This rising interest from whales gives hope for an imminent rally in this leading altcoin.

Data reveals that on October 24, there were 6,428 new Ethereum wallets created, marking the highest daily wallet openings since September 5. The rise in new wallets indicates an increasing demand for Ethereum.

Possible Market Factors

Santiment also emphasized that the overall market is experiencing heightened levels of FUD (fear, uncertainty, and doubt), and the growing interest in memecoins cannot be overlooked. The firm suggests that these two factors could contribute to a market recovery in the coming days.

“Even though Ethereum’s whale activity reached a six-week high while the price dropped to $2,380 on Friday, historically, this indicates accumulation from significant investors. While it does not guarantee a quick recovery in prices, it is encouraging,” the firm stated.

During this period, projects like Solana $149, Jito, Cosmos, and Jupiter have also gained attention. Meanwhile, Bitcoin $103,084‘s price has remained stagnant as interest in memecoins continues to rise.

If these trends persist as the weekend approaches, market participants may observe a higher level of FUD. This could indicate that the market might recover at the beginning of the week.

Current Ethereum Price and Expectations

At the time of publication, Ethereum was trading above $2,600, having gained 1.9% in the last 24 hours. The accumulation by large investors and the increase in new wallets suggest that Ethereum could appreciate in value in the short term. Considering the rising demand for memecoins, an overall market increase for Ethereum appears plausible.

Market participants can closely monitor these developments to create strategies aligned with market trends.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 29 October, 2024 - 2:04 pm 29 October, 2024 - 2:04 pm
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