Key Points
- Ethereum (ETH) shows bullish signs due to increased on-chain activity by whales.
- Large Ethereum withdrawals from Coinbase suggest anticipation of an Ether bullish move.
Ethereum (ETH), the leading smart contracts and web3 ecosystem, with a total value locked (TVL) of over $62 billion, is hinting at a bullish future. The high-cap altcoin, boasting a fully diluted valuation of roughly $435 billion and a daily average trading volume of around $17.4 billion, has been the focus of crypto speculation following the recent approval of spot Ether ETFs in the United States.
Additionally, the Bitcoin price experienced a surge to its recent all-time high (ATH) shortly after the approval and listing of spot BTC ETFs in the United States.
Increased Activity by Ethereum Whales
With more global jurisdictions following the United States’ lead in approving spot Ether ETFs, the underlying bullish sentiment has significantly increased. On-chain data provided by market intelligence platform Santiment reveals that Ethereum addresses holding between 10k and 100k Ether added over 240k Ether, valued at over $840 million, in the past 48 hours.
CryptoQuant has noted a similar trend, with more than 336k Ether being withdrawn from Coinbase Global Inc. (NASDAQ: COIN) in the past 24 hours. The recent Coinbase Ether withdrawal of over $400 million is the fifth withdrawal exceeding 150k since the beginning of this year.
CryptoQuant stated, “These large transactions (made in a single day) range between $400 million and $1.1 billion each, it’s overly optimistic to think that individual investors are behind them. It’s highly likely that these significant Ethereum withdrawals are driven by whales or as-yet-unknown institutions.”
The recent withdrawal on June 12 could be due to internal wallet maintenance, but CryptoQuant emphasized that crypto whales have been predicting an Ether bullish move. Furthermore, the actual Ethereum balance on centralized exchanges has been decreasing recently. The latest on-chain data shows that Ethereum’s supply on centralized exchanges is at multi-year lows.
Ethereum Price Predictions
In light of expected interest rate cuts in the United States, seasoned analyst Peter Brandt has suggested that now is not the best time to short Ether. Moreover, the US dollar has been weakening against global currencies, and increased crypto speculation could push Ether to a new ATH.
The crypto analyst pointed out that Ether’s price against the US dollar has been forming a possible head and shoulders (H&S) pattern, but a potential short squeeze could reverse the trend.
As a result, Ethereum’s price could potentially spike beyond $4k in the upcoming weeks and reach around $4,404, which aligns with the weekly 0.618 Fibonacci Extension.
