Ethereum Whales Keep Accumulating as ETH Price Approaches $3,500
Analysis
Price Impact
MedWhale accumulation is a bullish signal, suggesting increased confidence in eth's future price. approaching $3500 is a significant resistance level. breaking above this could trigger further price increases. however, the impact might be limited if the broader market sentiment remains bearish.
Trustworthiness
MedIntotheblock is a reputable analytics platform, lending credibility to the whale accumulation data. however, past performance is not indicative of future results, and market sentiment can shift quickly.
Price Direction
BullishThe combination of whale accumulation and eth approaching the $3500 resistance level suggests a potential bullish trend. however, the overall market conditions and any unforeseen events could influence this.
Time Effect
MedThe impact of whale accumulation may take some time to fully manifest in the price. the short-term price movement will depend on market sentiment and trading volume. the long-term price trend is more likely to be influenced by this accumulation.
Original Article:
Article Content:
News Fri, 17/01/2025 - 18:11 A A A Cover image via www.freepik.com Read U.TODAY on Google News According to data provided by cryptocurrency analytics platform IntoTheBlock, Ethereum (ETH) whales now control 43% of the cryptocurrency's total circulating supply after another accumulation spree. Advertisement As noted by the firm, this marks a substantial increase compared to early 2023. Back then, whales controlled only 22% of the token's total supply. IntoTheBlock has opined that this surge is likely related to the Ethereum merge and staking opportunities. HOT Stories Barry Silbert's Digital Currency Group to Pay $38 Million Fine in SEC Settlement Ethereum (ETH) Pectra Mainnet Upgrade Date Confirmed by Devs Shiba Inu's Outflow Skyrockets 883%: What's Driving Trend? SpaceX Bitcoin (BTC) Now Holding $700 Million: Details The number of unique addresses supplying ETH to the staking contract currently stands at 210,100 after growing by 8.60% over the past 24 hours. Advertisement The cumulative amount of ETH tokens sent to staking stands at 55.96 million. Related Fri, 01/17/2025 - 16:53 Bitcoin Now Has Lower Fees Than Ethereum Alex Dovbnya Ethereum is eyeing $3,500 In the meantime, the price of Ethereum (ETH) is approaching the $3,500 mark, according to CoinGecko data. The leading altcoin is up by roughly 2% over the past 24 hours, recovering in tandem with other major altcoins. Bitcoin, the top cryptocurrency by market cap, surged to as high as $105,079 earlier today. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. #Ethereum News