Ethereum Price Prediction Amidst Heavy Whale Purchases – Will ETH Break Past $3,000 Soon?
The Ethereum (ETH) price is swinging either side of the $3,000 level as traders monitor a spike in whale purchases and ask whether the cryptocurrency could soon be set for a rebound.
On-chain-focused analytics X account @lookonchain reported on Wednesday that a whale recently accumulated $32.14 million in ETH.
A whale who is long $ETH withdrew 6,030 $ETH($18.09M) from #Binance again 20 minutes ago.
This whale has accumulated 10,758 $ETH($32.14M) from #Binance since May 2.
He swapped $ETH to $stETH and deposited it into #Aave, then borrowed $28.5M stablecoins from #Aave to buy more… pic.twitter.com/tbtXLDbvua
— Lookonchain (@lookonchain) May 9, 2024
These tokens were withdrawn from Binance, before being sent to Aave to borrow $28.5 million in stablecoins.
These stablecoins were then promptly used to buy more Ethereum.
Increased buying activity from whales is almost always taken as a good sign for a cryptocurrency.
Whales are often looked at as smart money that might have some market insight the rest of us don’t.
Ether bulls will be hoping that accumulation from this whale marks the bottom of ETH’s recent dip.
The Ethereum price, last at $3,020, is down 26% versus its early March highs.
The downturn in the Ethereum price since March is mostly a result of broader market conditions turning less bullish.
After hitting record highs above $73,000 in March on ETF demand optimism, easing ETF flows and macro headwinds have forced Bitcoin lower to the $62,000s.
However, where Bitcoin is currently down around 15% versus its March peak, Ethereum’s pullback has been harsher.
That can partially be explained by the fact that Ether is generally a higher beta asset versus Bitcoin. That’s to say, its likely to perform relatively better in times of
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