Recently, cryptocurrency whales have been aggressively accumulating Ethereum (ETH) despite uncertainty about ETF approval. On-chain analytics platforms Lookonchain and Spot On Chain have highlighted significant Ethereum acquisitions by prominent wallets..
This reflects the optimistic mood of major investors.
Will Ethereum price surge by 22%?
Look on chain reported In a significant transaction, cryptocurrency whale wallet 0xACc withdrew 22,251 Ethereum worth approximately $80 million from a centralized exchange. The wallet withdrew 33,925 ETH over three days, totaling $122 million.
At the same time, Spot On Chain revealed another whale wallet, 0x435, which withdrew 3,092 ETH worth $11.13 million from Binance. Over the past three days, whales have withdrawn 24,044 ETH worth a total of $83.7 million.
Read more: Ethereum (ETH) price prediction for 2024/2025/2030
“The whale’s current ETH holdings are $86.62 million, with unrealized profits amounting to $2.93 million (+3.51%). In addition to ETH, Whale holds approximately $106 million in stablecoins of USDC and USDT, of which $97 million is being loaned to Aave,” Spot On Chain detailed.
The actions of the two cryptocurrency whales resulted in the withdrawal of approximately $205 million worth of Ethereum in just a few days.
Ethereum price is navigating a delicate phase characterized by a double bottom chart pattern. This pattern is often considered bullish and indicates a possible reversal of the recent decline.
The significant neckline for this pattern costs $3,678. If Ethereum breaks this level, analysis shows it has the potential to rise by about 22% to the $4,400 level. However, ETH may face resistance near the $4,100 level, where it hit local highs in March.
Amid these market movements, the May 23 application deadline for VanEck’s spot Ethereum ETF is fast approaching. VanEck CEO Jan van Eck expressed skepticism about the likelihood of the SEC approving such an ETF. He suggested approval was unlikely given past trends.
“The way the legal process works is the regulators will comment on your application. This has been happening for weeks, even before the Bitcoin ETF came into existence. Currently, as far as Ethereum is concerned, the pin is dropping. “There is,” van Eck explained.
Despite these regulatory hurdles, crypto whales’ aggressive accumulation of Ethereum signals strong belief in the asset’s value. This is especially noteworthy as the SEC’s decision on the Ethereum ETF remains a pivotal factor that could impact the cryptocurrency’s price trajectory.
Read more: How to Invest in Ethereum ETF
As the ETF approval deadline approaches, the market is buzzing with anticipation. Analysts such as James Seyffart and Eric Balchunas say the likelihood of ETF approval is decreasing, a sentiment that could have a major impact on Ethereum’s market value.
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