The price of Ethereum (ETH) has significantly fluctuated due to global events regarding the conflict between Israel and Iran. Concurrently, large holders of this cryptocurrency continue to gather assets.
Ethereum's Price amid Global Events
Amid escalating tensions in the Middle East, the price of Ethereum has dropped by 10%, breaking through crucial support levels. This decline has been mirrored in the overall cryptocurrency market.
Whales Accumulate Ethereum
Despite the sell-off from retail traders, data from analytics firm Santiment indicates that large holders, or 'whales', have been quietly accumulating Ethereum. Over the past month, they have added 1.49 million ETH to their wallets, increasing their holdings by 3.72%.
Analytical Price Projections for Ethereum
Analysts point out that if ETH can break its current trading range, a target price of $3,200 could be achievable.
In the face of global upheaval, the cryptocurrency market is showing significant volatility. However, the accumulation of assets by large holders indicates sustained interest in Ethereum, which could signal potential growth.
