Price prediction for Ethereum as mega whales dictate market dynamics

3 Min Read

As the majority of assets in the cryptocurrency sector have returned to their previous state prior to the rally triggered by the fake news regarding the spot Bitcoin (BTC) exchange-traded fund (ETF) approval, Ethereum (ETH) whales have taken the cue and switched on the accumulation mode.

Specifically, Ethereum whale addresses in the billionaire tier, i.e. cryptocurrency wallets with at least 1 million ETH, currently hold 32.27% of the available ETH supply for the first time in seven years, according to the information offered by cryptocurrency market analytics platform Santiment on October 17.

Indeed, as the analytics platform’s chart analysis indicates, these “uber whale addresses with 1M+ ETH” currently own almost a third of all Ethereum supply for the first time since July 2016. At the same time, the whale transactions exceeding $1 million in ETH had their second-highest day in five weeks on October 16, counting around 520 transfers.

At the same time, Ethereum has recorded another historic moment as the number of its wallets with balance crossed 100 million, as per the recent data shared by blockchain analytics platform IntoTheBlock in an X post on October 18.

It is also important to note that the artificial intelligence (AI) algorithms used at the crypto monitoring website CoinCodex suggest that Ethereum could recover and continue its growth in the future, setting its price at $1,624.54 (+3.58%) in the next month.

On top of that, the algorithm’s forecast for the next three months suggests an increase to $3,002.68, which would represent an increase of 91.45% to its current price, whereas the website expects Ethereum at $3,967.14 (a growth of 152.95%) in six months time.

Meanwhile, ETH was at press time trading at the price of $1,568.37, which represents a decline of 1.36% on the day, a drop of 0.5% over the past week, and a loss of 4.23% on its monthly chart, according to the latest data on October 18.

All things considered, the above behavior by Ethereum’s largest whales suggests a growing interest and optimism among major investors in the future price increase for the second-largest cryptocurrency by market cap.

Share This Article
By admin
test bio
Leave a comment
Please login to use this feature.