Ethereum has captured investor attention with its critical test of the $4000 level. The recent whale activity and positive market forecasts instill optimism among traders.
ETH Whale Accumulation Boosts Price Momentum
According to on-chain metrics, 57.35% of the total Ethereum supply is held in wallets containing over 100,000 ETH tokens. These 104 wallets collectively hold nearly $333 billion in ETH, demonstrating their market dominance. Analysts view this as a positive sign for price growth.
Technical Patterns Signal Bullish Targets
Ethereum's recent price movement has formed a bullish 'cup and handle' pattern on the weekly chart, suggesting an upward price continuation. Future price targets for Q1 2025 are set at $5,349, $6,457, and $7,238.
Ethereum Price Outpaces Bitcoin
The strength of the ETH/BTC pair suggests a potential rally for ETH as institutional demand rises. Notable investment increases from companies like BlackRock highlight the growing institutional interest.
Strong fundamentals and institutional interest combined with technical indicators support optimistic forecasts for Ethereum, enhancing the likelihood of achieving new price heights.
