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Ethereum, the second-largest cryptocurrency by market capitalization, has been experiencing a remarkable surge in price, fueled by significant accumulation from Ethereum whales.
The recent bullish momentum has pushed ETH to reach new multi-month highs above $3,940, sparking optimism among crypto enthusiasts and investors alike.
TLDR
Ethereum price has extended its rally above $3,850 and reached a new multi-month high above $3,940.
Ethereum whales, including Giant whale 0x7a9 and PulseChain/X, have been accumulating large amounts of ETH, totaling around 270,000 ETH (approximately $1.03 billion).
Technical analysis suggests that Ethereum’s uptrend may persist, potentially reaching the 78.6% Fibonacci retracement level at $3,872 and possibly surpassing its previous all-time high of $4,868.
If the bullish momentum continues and Ethereum maintains support around $3,872, the next potential upside target could be around $6,835, based on the 1.618 Fibonacci extension level.
Ethereum’s recent price surge and the ongoing accumulation by prominent entities reflect growing optimism and confidence in the asset’s underlying fundamentals and long-term viability.
The rally has been largely attributed to the substantial investments made by two major ETH accumulators, identified as Giant whale 0x7a9 and PulseChain/X.
These entities have reportedly acquired a staggering 270,000 ETH, equivalent to approximately $1.03 billion at current market prices, showcasing their strong conviction in Ethereum’s future prospects.
Wallets related to #PulseX and #PulseChain further spent 147.6M $DAI to buy 38,810 $ETH at $3,803 in the past 20 hours!
In total, 12 wallets linked to PulseChain/X have bought 96,482 $ETH with 360.7M $DAI at ~$3,738 in just the last 3 days.
Note that in the past month of a bull… https://t.co/eWSi41wAbL pic.twitter.com/DpcO23fSQr
— Spot On Chain (@spotonchain) March 7, 2024
Wallets associated with PulseX and Pulse Chain have also contributed to the accumulation spree, investing 147.6 million DAI to purchase 38,810 ETH at an average price of $3,803.
Furthermore, a total of 12 wallets linked to PulseChain/X have collectively acquired 96,482 ETH, utilizing 360.7 million DAI at an average price of approximately $3,738 within the past three days alone.
This concentrated buying activity underscores the growing institutional and large-scale investor interest in Ethereum, solidifying its status as a leading digital asset with robust utility and potential for growth.
Technical analysis of Ethereum’s price charts reveals a rounding bottom breakout, signaling strengthening upside momentum.
The current uptrend may persist, potentially reaching the 78.6% Fibonacci retracement level at $3,872 and possibly surpassing its previous all-time high of $4,868.
If Ethereum maintains support around the $3,872 level, certain analysts project the next potential upside target to be around $6,835, based on the 1.618 Fibonacci extension level.
However, it is essential to note that prices might experience consolidation or correction before any further upward movement.
As Ethereum continues to evolve and expand its ecosystem, the confidence displayed by whales and institutional players serves as a positive indicator for broader market sentiment.
The ongoing accumulation of ETH by prominent entities highlights the strategic importance of Ethereum within the broader cryptocurrency landscape, further solidifying its position as a cornerstone asset in the digital economy.
With ETH firmly back in recovery mode, early technical clues support the growing narrative of history repeating itself this cycle, fueling optimism among investors and enthusiasts alike.
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