Recent activity from large investors in the Ethereum market may indicate a potential price increase for the cryptocurrency.
Investors Accumulate Ethereum
Over the weekend, large investors holding between 10,000 and 100,000 ETH purchased 200,000 coins. This amounts to over $515 million at current rates. This group now owns 26.88 million tokens, or 22% of Ethereum's circulating supply. Accumulation by large investors often signals confidence in the asset's future performance, potentially leading retail investors to follow suit and create upward pressure on the price.
Ethereum Price Forecasts
Many in the crypto community are optimistic about ETH. Some analysts suggest the asset is 'gearing up for another run,' based on a specific pattern forming on its price chart. Forecasts indicate the possibility of Ethereum reaching price levels around $3,500 and even $4,200.
Current Market Conditions
Recent data shows that capital flowing into spot ETH ETFs has been positive in recent weeks, indicating growing investor interest. Conversely, netflows from centralized exchanges have mostly been negative, suggesting that more investors are turning to self-custody methods, reducing immediate selling pressure.
Thus, the activity of large investors and rising interest in Ethereum may create favorable conditions for future price growth of the cryptocurrency.
