Ethereum’s recent price slump to $2,387 caused concern among investors, fueled by speculation of a US investigation into Tether, the largest stablecoin issuer. This led to a significant liquidation of positions, with Ethereum traders losing $62.21 million. However, amidst the chaos, there is an encouraging sign on Ethereum’s on-chain activities, suggesting a potential rebound and bullish push in the near future. Data from Santiment reveals that whales, or large holders, have taken advantage of the dip and increased their activities on the Ethereum network.
According to Santiment, there has been a surge in whale activities on the Ethereum network, reaching a six-week high. This indicates that bulls are looking to acquire Ethereum at a discounted price. Following the dip below $2,387, 6,428 new wallets were created by large holders, marking the largest single-day accumulation since September 5. Although this accumulation may not immediately impact Ethereum’s price, it demonstrates that whales are still interested in the second-largest crypto asset, despite its recent underperformance. It’s important to note that these whales are wallet addresses holding $100,000 or more worth of Ethereum.
In addition to this positive on-chain activity, TradingView analyst Basictradingtv believes that the recent dip is the last opportunity to buy Ethereum. The analyst points out that Ethereum has corrected nearly 50% in the past few months but has maintained a bullish structure. The analyst shares an ETHUSD IM chart, indicating that Ethereum is still holding its confluence support. Based on this analysis, a 60% surge to around $4,000 is expected when Ethereum fully retests its earlier bullish break. However, a downtrend to $2,000 would invalidate the bullish structure, making it an area to watch.
Other analysts have also predicted an uptrend for Ethereum. Ali Martinez suggests that Ethereum could rise to $6,000, citing a bounce to the upper boundary of its ascending triangle. Currently, Ethereum is trading at $2,464, experiencing a 6.67% decline in the last seven days.
Disclaimer: This article provides informational content and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.
