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Ethereum’s Whales Invest $500M in 48 hours –Here’s What to Expect

By:
Ibrahim Ajibade
Updated: Feb 25, 2024, 13:25 UTC

Key Points:

  • Ethereum (ETH) price soared to a new 2024 peak around $3,050, on Sunday Feb 24, sparking hopes of another bullish outing in the coming week. 
  • On-chain data shows that Ethereum’s 1,000 largest holders made after-market acquisition of 170,000 ETH (~$514 million) over the weekend
  • If ETH price closes above $3,000, it could open up a path to the next major resistance at $3,200 in the week ahead. 
Ethereum’s Whales Invest $500M in 48 hours –Here’s What to Expect

In this article:

Ethereum (ETH) price soared to a new 2024 peak around $3,050, on Sunday Feb 24, sparking hopes of another bullish outing in the coming week. After Bitcoin ETFs for weekly trading on Feb 23, on-chain data shows that crypto whale investors switched focus to ETH.

After 3 unsuccessful attempts last week, can the bulls finally establish a steady support level above $3,000 territory in the days ahead? 

Ethereum Top Holders Bought 170,000 ETH Over the Weekend

In a rare market dynamic, Ethereum price has overtaken Bitcoin on investors mindshare , outperforming the pioneer crypto asset by more than 8% in the past week. Recent trends observed among Crypto whales suggests ETH is now poised to further extend its lead over BTC prices in the week ahead. 

Santiment’s Supply Held by Top Addresses chart below, tracks the number of coins held in the largest wallets on a particular cryptocurrency network. As seen below, the Top 1,000 ETH wallets held a cumulative opening balance of 69.51 million ETH on Friday Feb 23. 

But interestingly, the Ethereum Top holders have added 170,000 ETH over the weekend, bringing their balances to 69.68 million ETH at press time on Sunday Feb 25. 

Ethereum (ETH) Top 1000 holders balances vs. Price | Source: Santiment
Ethereum (ETH) Top 1000 holders balances vs. Price | Source: Santiment

Valued at the current price of $3,040 per coin, the whale wallets have invested over $514 million in the last 48 hours.  When the largest stakeholders within an ecosystem make big purchases during a short period it puts upward pressure on prices.

And if retail investors and other strategic stakeholders take a cue from the whales buying trend, ETH price could have another major bullish outing in the week ahead. 

ETH Price Forecast: Breaking above $3,200 Could Trigger more Gains

Ethereum top 1,000 holders acquiring $514 million worth of ETH over the weekend appears to be the major catalyst behind the latest price upswing above $3,000. If the buying trend extends into the coming week, ETH bulls could target a move towards the $3,200 area. 

But first, ETH has to close the trading day above $3,000. In this scenario, the bulls must withstand the profit-taking wave from 3.12 million addresses that acquired 1.1 million ETH at the average price of $3,100. 

Breaking above that initial resistance, could set the stage for a $3,200 retest as predicted. 

Ethereum (ETH) Price Forecast, Feb 2024 | In/Out of the Money data | Source: IntoTheBlock

 

On the downside, the bears could invalidate this prediction by staging another reversal below $2,800. But as observed in the past week, the looming buy-wall at the $2,900 territory can offer significant short-term support.

About the Author

Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.

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