In May 2023, Ethereum whales significantly increased their holdings, indicating a possible price growth for the cryptocurrency.
Ethereum Whales Accumulate 1.27 Million ETH
In May, Ethereum whales holding between 100,000 and 1,000,000 ETH amassed 1.27 million ETH. This represents the largest increase since July 2022, reflecting strategic accumulation during price dips.
Ethereum Price Growth Amid Whale Activity
The accumulation by whales has led to a 46% rebound in Ethereum's price during May, currently stabilizing near $2,578. Traders are reallocating funds, boosting positive sentiment among both retail and institutional investors.
Whale Trends Indicate Potential $3,000 Target
Historical trends show that similar whale accumulations in July 2022 preceded significant price surges. Analysts suggest that if current patterns hold, Ethereum may reach a price target of $3,000 before the end of June.
The accumulation by Ethereum whales and the rise in institutional inflows signals a potential positive trend for this asset, possibly leading to price increases in the near term.
