Ethereum (ETH) $2,652 Its price exceeded the level of 2 thousand 600 dollars with its recent rise. While the general trend was giving upward signals, whales, that is, large investors, sold approximately $45 million worth of ETH on Saturday.
Large ETH Transfers Worry the Altcoin Community
According to Lookonchain’s data, a wallet address associated with Cumberland transferred 11,800 ETH worth approximately $31.88 million to the Coinbase exchange. Additionally, ParaFi Capital withdrew 5,134 ETH worth an estimated $13.83 million from the Lido platform, and these ETH were recently transferred to Coinbase Prime.
Analyst Expects ETH to Rise by 20 Thousand
While these are happening in the short term, cryptocurrency analyst Julien Bittel predicts Ethereum to rise to 20 thousand dollars by the beginning of 2025. He stated that based on the 2023 trend and current data, ETH may repeat last year’s upward movement.
Bittel shared a chart showing Ethereum’s performance from January 2023 to March 2024 and stated that the current path is similar to this chart. If this model continues, ETH may make significant gains by the end of the year and make attacks towards the 20 thousand dollar target.
The price of ETH is currently trading at $2,671 and has recorded a slight increase of 0.05 percent in the last 24 hours. The price fluctuated between $2,643 and $2,728 during the same period.
The price chart shows the formation of tops around $2,700 and bottoms near $2,660. Ethereum’s overall performance continues to show resistance at $2,670 under market pressures.
Despite institutional sales, Ethereum remains stable and a small increase in its price is observed. Although the target of $20,000 by 2025 seems promising despite market fluctuations, Ethereum’s short-term stability also shows its growth potential.
Selling movements of large investors in the Ethereum market have the potential to affect general trends in the market. These movements of whales are among the important indicators that investors and market analysts should pay attention to.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
