The price of Ethereum (ETH) outperformed Bitcoin (BTC) last week as the introduction of Blackrock’s Spot ETF generated excitement across the pioneering smart contract ecosystem. On-chain data readings reveal that a group of price-sensitive Ethereum whales added $210 million worth of ETH to their holdings over the weekend. Technical analysis indicators point to key resistance areas to watch as bulls look to force a move above $2,500.
Ethereum (ETH) price outperformed Bitcoin (BTC) last week as Blackrock’s spot ETF filing raised hopes of ETH hitting a new peak in 2023 above $2,500. On-chain analysis highlights how corporate ETH investors positioned their trades for the week ahead.
Crypto Whales Bought $210 Million Worth of ETH Over the Weekend.
Ethereum price rose above $2,000 on Thursday, November 9, after BlackRock confirmed its plans to launch an Ethereum spot ETF in a filing on NASDAQ. On-chain data shows that a group of large, price-savvy institutional investors spent the weekend buying millions of dollars’ worth of ETH, likely in response to the bullish news event.
The group of whales with balances of (1,000 to 100,000 ETH) had an initial balance of 13.98 million ETH on November 9. But as of the close of Sunday, November 12, they had increased their accumulated holdings to 14.08 million ETH.
This implies that the whales added 100,000 ETH to their balances. When valued at the current price of $2,100, this implies that whales invested a whopping $210 million over the weekend.
The Whales Wallet Balances metric tracks changes in the number of coins held by large corporate entities and high net worth investors. When it increases, it means that the whales have made new investments to accumulate more coins.
The whales stopped their month-long selling frenzy, just as the filing of the Blackrock ETH ETF was announced on November 9.
Notably, rather than FOMO instantly participating in the rally, it appears that strategic whales sought to avoid buying at the top last week. Instead, they had waited for the price of ETH to pull back, before swooping in to accelerate the accumulation of $210 million over the weekend.
Typically, when crypto whales make such large purchases amid a price rally, it is a clear indication that they are positioned for prices to reach new peaks. If this thesis holds, ETH investors can anticipate a move towards the $2,500 range in the coming week.
ETH Price Forecast: Bulls Force Another Jump To $2,500 This Week
Last week, Ethereum price retreated as it approached its 2023 high of $2,140. However, the on-chain data discussed above illustrates how whales capitalized on the pullback to accumulate $210 million. If retail investors also hold on to the buying spree, ETH price could break that psychological resistance level and approach the $2,500 level.
On the other hand, the bears could reverse Ethereum’s price rally if the bulls fail to defend the main support territory at $1,905. However, losing that support level could cause ETH price to spike towards the 200-EMA of $1,791.
According to CryptoPredictions, Ethereum started November 2023 at $1,816,803 and is forecast to end the month at $1,539,973. During November, the expected maximum price of ETH is $2,298,719 and the minimum is $1,539,973.
Similarly, the ETH price for today (13.11.2023) is forecast to be in the price range of $1,741,940 – $2,561,677. Ethereum price is expected to end at $2,049,341 today.
By Leonardo Perez
