- The Ethereum whale cohort haven’t shown any signs of FOMO in this current rally. Thus, their participation could drive the ETH price to rally further past $4,000.
- Amid the current developments surrounding the potential chances of a spot Ethereum ETF approval, the Ethereum (ETH) price rallied more than 30% in the last 2 days shooting all the way past $3,800 levels. On-chain data shows that this is the most bullish crowd sentiment in Ethereum since last September 2023.
- Ethereum co-founder says ETH to see massive demand and supply squeeze if spot Ether ETFs are approved.
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Highlights
Ethereum whale wallets have yet to enter accumulation triggering ETH price rally to new ATH.
Ethereum Whale Participation Pending
On-chain data provider Santiment reveals that the number of small Ethereum wallets, holding 10 or fewer ETH, has reached an all-time high of 121.74 million. In contrast, “smart money” wallets, holding between 10 and 10,000 ETH, have decreased by 5.8% over the past year, while large whale wallets, with over 10,000 ETH, have declined by 10.6%.
ETH Price Action Ahead
As of press time, Ethereum is trading at $3,758 with a market cap of $452 billion. Ethereum’s price is approaching high-time-frame resistance at $3850-$4050. Despite higher demand for Bitcoin, its price dropped following the ETF news., noted popular analyst CryptoAceBull.
Conclusion
Similarly, while the Ethereum ETF approval would be positive in the long term, potentially driving ETH to $12k within a year or two, short-term predictions indicate a possible rejection in this resistance zone, with a potential test at $3600. Consolidation around $3900-$4000 could push ETH to a new all-time high.
