Ethereum Price Prediction Amidst Heavy Whale Purchases – Will ETH Break Past $3,000 Soon?
- Ethereum (ETH) price is fluctuating around the $3,000 mark as traders keep an eye on a surge in whale purchases.
- A recent report indicates that a whale has accumulated $32.14 million in ETH.
- The Ethereum price, last at $3,020, is down 26% versus its early March highs.
Amidst a surge in whale purchases, Ethereum’s price is wavering around the $3,000 mark. Will this lead to a rebound in the cryptocurrency’s value? Read on for our analysis.
Ethereum Underperforming Bitcoin – Here’s Why
The downturn in the Ethereum price since March is largely due to less bullish market conditions. After reaching record highs above $73,000 in March on ETF demand optimism, Bitcoin has been forced lower to the $62,000s due to easing ETF flows and macro headwinds. However, Ethereum’s pullback has been harsher, which can partially be explained by the fact that Ether is generally a higher beta asset versus Bitcoin.
Ethereum Price Prediction – Where Next for ETH?
While whale activity has some hoping the Ethereum price could soon rebound, technical analysis suggests the outlook remains fragile. The Ethereum price remains locked within a downward trend channel that has been in play since March. A recovery to the $3,200 area is plausible, but this is a very strong area of resistance. A test of support at $2,700 in the coming weeks is very plausible, especially if Bitcoin dips back under $60,000.
Ether Turns Inflationary as Ethereum Fees Drop
The recent Dencun upgrade has reduced Ethereum fees by as much as 4x, according to CryptoQuant data. This has substantially reduced the cryptocurrency’s burn rate, with the Ether supply recently turning inflationary as a result. This has concerned some ETH traders. However, these traders must remember the chilling impact that high fees has on Ethereum’s adoption.
ETH Alternative to Consider – Mega Dice (DICE)
Crypto investors looking for investments with greater upside potential than ETH should check out presale investing. One project that analysts at CoinOtag are a big fan of is Mega Dice Casino. This already well-established crypto casino has launched a presale of its utility token, DICE. DICE holders get big cashback benefits on their wagers and can generate passive income via DICE staking.
Conclusion
While Ethereum’s price remains volatile, recent whale activity and the potential for reduced fees could lead to a rebound. However, investors should also consider alternatives such as Mega Dice’s DICE token for potentially greater returns.
