Ethereum (ETH) is drawing more investor attention. Signs that its price may rise are caused by fresh purchases from large asset managers, companies, and large holders. According to the blockchain and market data, recent developments point to an increase to $4,800.
Bitmine Immersion Technologies, led by Tom Lee, is one of the largest purchasers of the coin. According to Arkham data, the company has purchased an additional $69 million worth of Ethereum through Galaxy Digital. It now has a total of $8.66 billion worth of this asset.
There has also been increased demand from asset managers, with BlackRock’s iShares Ethereum Trust recording an inflow of $144.29 million on September 19. These frequent inflows indicate a rise in interest from investors in Ethereum.
Source: SoSoValue
Meanwhile, large holders of the digital asset are purchasing ETH in unprecedented amounts when compared to the 2021 bull run. According to data from Glassnode, around 1,200 wallets now contain over 10,000 ETH. The last time the number of such wallets was higher was in 2021.
The rise in the number of these wallets indicates a strong belief in the long-term growth of the cryptocurrency. Purchases by large holders usually happen just before a sharp rise in the coin’s price.
Source: Glassnode
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According to technical analysis based on the TradingView chart, the ETH price is stable above the $4,470 level. Analysis of the Fib. Retracement levels show that the next important support is at approximately $4,042, while the next resistance is near $4,646. Traders are monitoring whether Ethereum will break above $4,500. If it does, it could move up to $4,800.
Source: TradingView
Jonathan Carter, a respected market strategist, notes that Ethereum is displaying a reversal of its bear market trend of 2022. The final cycle was closed at $925, forming a long base of consolidation.
According to him, the ETH chart is now showing a double bottom, which appears similar to the previously formed double top but in the opposite direction. The analyst believes that Ethereum will continue to increase once the cycle is complete. According to Carter, there is a high likelihood that the ETH price could rise to $6,500 or $8,000. It also has the potential to reach $10,000.
Source: X
Ted Pillows stated that the ETH price is down to less than $4,500, and it does not look strong at the moment. However, he predicted that ETH could still trade above the $4,500 price yet again, and it may happen soon. But, if it cannot consistently remain above that price, it would drop towards the $4,000 to $4,200 zone.
Source: X
The presence of ETH in companies’ balance sheets, large institutional investors, and whale wallets purchasing ETH massively gives a bullish impression. Smaller price drops are possible on a short-term basis, particularly when large owners dump their position. However, the trend over the long term remains up, and it’s supported by both fundamentals and technicals.
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