Ethereum (ETH) witnessed a surge to a new 2024 peak, reaching around $3,050 on Sunday, February 24th, igniting optimism for another bullish trend in the upcoming week. Notably, on-chain data revealed a substantial investment influx from Ethereum’s largest holders, totaling approximately 170,000 ETH (equivalent to ~$514 million) over the weekend.
The momentum follows the introduction of Bitcoin ETFs for weekly trading on February 23rd, shifting attention towards ETH among crypto whale investors. After facing three unsuccessful attempts last week, the question arises whether bulls can establish a firm support level above the $3,000 mark in the coming days.
Recent market dynamics indicate Ethereum’s increasing prominence, surpassing Bitcoin in investors’ focus by over 8% in the past week. Observations suggest that ETH may continue to outpace BTC prices in the foreseeable future, with top holders demonstrating heightened interest in accumulating ETH assets.
Data from Santiment’s Supply Held by Top Addresses chart illustrates the accumulation trend among Ethereum’s top 1,000 wallets. Notably, these holders added 170,000 ETH to their balances over the weekend, bringing the total to 69.68 million ETH as of Sunday, February 25th.
At the current price of $3,040 per coin, this translates to a significant investment of over $514 million within a span of 48 hours. Such substantial purchases from major stakeholders exert upward pressure on prices, potentially signaling further bullish momentum if retail investors and strategic stakeholders follow suit.
Looking ahead, if Ethereum manages to sustain its momentum and close above $3,000, bullish sentiment could drive prices towards the $3,200 mark. However, potential profit-taking activity from addresses that acquired ETH around $3,100 poses a significant obstacle that bulls must overcome.
Breaking past this initial resistance level could pave the way for a retest of $3,200, as anticipated. Conversely, a reversal below $2,800 could undermine this bullish outlook, although the presence of a buy-wall around the $2,900 territory could offer substantial short-term support, as observed in recent trends.
Overall, Ethereum’s recent surge fueled by significant whale investments underscores the cryptocurrency’s growing prominence and sets the stage for potential price gains in the near term.
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