Ethereum (ETH) whales have ramped up activity as the cryptocurrency dipped to $3,100 levels, signaling confidence in a potential price rebound. Blockchain data reveals a surge in significant ETH withdrawals, suggesting that large investors are leveraging the current market downturn to strengthen their holdings.
On Friday, ETH briefly touched $3,098 before rebounding to $3,480, with trading volumes exceeding $61 billion. Blockchain analytics platform Lookonchain reported that ten newly created wallets collectively withdrew 17,698 ETH (valued at $61.66 million) from Binance. This strategic accumulation underscores whale confidence in ETH’s long-term trajectory, despite recent volatility.
Institutional Players Join the Action
Institutional interest in Ethereum is also on the rise. Spot Ethereum ETFs recorded renewed inflows on Friday as investors seized the opportunity to buy the dip. Notably, Donald Trump’s DeFi initiative, World Liberty Financial, continued its ETH acquisition spree, purchasing an additional 759 ETH for $2.5 million. The project has accumulated 9,587 ETH with an average cost of $3,651 per ETH, reducing its unrealized losses to $3.4 million.
Market analysts are optimistic about Ethereum’s potential to break through immediate resistance at $3,500, which could pave the way for a swift climb to $4,000. Historically, this level has served as a critical barrier. Once surpassed, ETH could eye new all-time highs, with predictions of $8,000–$10,000 in the next growth phase.
Also Read: Ethereum Price Plummets 20%: Key Factors Behind ETH’s Bearish Downturn and What’s Next
Analysts Predict Strong Growth
Crypto analyst Crypto Patel expressed unwavering confidence in Ethereum, stating, “I’m buying every $ETH dip, no matter how much it drops. Ethereum hasn’t hit its new all-time high yet, but it’s only a matter of time. My ETH target is $8,000–$10,000.” Similarly, venturefounder highlighted Ethereum’s potential to surpass $15,000 by May 2025, drawing comparisons to previous market cycles and the impact of Bitcoin halvings.
As Ethereum’s price stabilizes and whales continue their accumulation, the crypto market is poised for a potential breakout. With institutional and retail interest converging, ETH is set to navigate its next growth phase confidently.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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