Will Ethereum price grow as interest in whales rises?

• Whales have increased their accumulation of ETH, according to recent data.
• Network growth and ETH speed decreased significantly.

Ethereum [ETH] The recent decline in prices has not at all diminished the optimism that traders and investors had.

Ethereum whales start buying

Recent data has shown that Ethereum whales, or large-scale investors, have amassed more than 700,000 ETH in the past three weeks, representing a total of approximately $2.45 billion.

This large buying spree indicates that these whales believe in Ethereum’s long-term potential and view the recent price decline as a buying opportunity.

Their actions could be a sign of confidence in Ethereum’s future, which could keep the cryptocurrency’s price stable.

Source: X

At press time, Ethereum was trading at $3,569.40. After falling slightly below the $3,400 levels, the ETH price bounced back, perhaps due to the eagerness of the whales that collected ETH.

Although this rally was significant, it was not deep enough to break the downtrend that the price established after May 27th.

After the price showed a double top pattern during this period, ETH price saw several lower lows and lower highs.

ETH price will need significant upward momentum in order for it to breakout and reach new highs. Unfortunately for ETH, it has been observed that the CMF (Chaikin Fund Flow) is declining.

This means that the money flowing into ETH has decreased. The decline in CMF paints a bearish picture for ETH’s future.

In contrast to the CMF, the Relative Strength Index (RSI) for ETH has grown significantly over the past few days, indicating that the bullish momentum around ETH is on the rise.

If this bullish momentum continues to grow, ETH could test the $3,607.30 level again and weaken that resistance. Furthermore, the probability of a reversal will also increase, if it eventually happens.

Source: Trading Offer

Consider the data on the chain

AMBCrypto’s analysis of Santiment data revealed that ETH network growth has declined.

Read Ethereum (ETH) price forecast for 2024-25

This means that the number of new addresses showing interest in ETH has decreased significantly over the past few days. This indicates that new addresses were not willing to buy ETH even at the current discounted prices.

Moreover, the speed of Ethereum also decreased, which means a decrease in Ethereum trades, which is also not a positive sign.

Source: Santiment