Ethereum Wells Oil Price Above $3,900, ETH Will Reach $4000 This Weekend?
Ethereum, the second-largest by market capitalization, is seeing a surge in price, fueled by high reserves from the Ethereum Well.
The recent bullish momentum pushed ETH to new multi-month highs above $3,940, creating optimism among crypto enthusiasts and investors.
TLDR
Ethereum price extended its rally above $3,850 and hit a new multi-month high above $3,940. Ethereum whales, including Giant whale 0x7a9 and PulseChain/X, are hoarding a massive amount of ETH totaling around 270,000 ETH (approximately $1.03 billion). Technical analysis shows that Ethereum's growth may continue, reaching the 78.6% Fibonacci retracement level at $3,872 and possibly surpassing the previous all-time high of $4,868. If the bullish momentum continues and Ethereum maintains support around $3,872, the next potential upside target could be around $6,835 based on the 1.618 Fibonacci extension level. Ethereum's recent rise in price and accumulation by prominent entities reflects optimism and confidence in the asset's fundamentals and long-term viability.
The rally was mainly attributed to the significant investments made by two major ETH cryptocurrencies known as Giant whale 0x7a9 and PulseChain/X.
These entities are said to have acquired an astonishing 270,000 ETH at the current market value of approximately $1.03 billion, which shows their firm belief in the future of Ethereum.
Wallets associated with #PulseX and #PulseChain spent 147.6M $DAI to buy 38,810 $ETH for $3,803 in the last 20 hours!
In total, 12 wallets connected to PulseChain/X bought 96,482 $ETH with 360.7M $DAI at ~$3,738 in the last 3 days.
Note that last month of Taurus… pic.twitter.com/DpcO23fSQr
— Spot on Chain (@spotonchain) March 7, 2024
Wallets associated with PulseX and Pulse Chain contributed to the accumulation, investing 147.6 million DAI to purchase 38,810 ETH at an average of $3,803.
Additionally, a total of 12 wallets connected to PulseChain/X bought 96,482 ETH and took in 360.7 million DAI at an average price of $3,738 in the last three days alone.
This intense buying activity highlights the growing institutional and large-scale investor interest in Ethereum, reinforcing its status as a leading digital asset with strong utility and growth potential.
Technical analysis of Ethereum price charts shows a rounded bottom breakout, indicating a strengthening upside momentum.
The current trend may continue, reaching the 78.6% Fibonacci retracement level at $3,872 and possibly surpassing the previous all-time high of $4,868.
If Ethereum continues to support around $3,872, some analysts project the next potential upside target around $6,835 based on the 1.618 Fibonacci extension level.
However, it should be noted that prices may experience a consolidation or correction before any further upward movement.
As Ethereum continues to develop and expand its ecosystem, the confidence shown by whales and institutional players will serve as a positive indicator for broader market sentiment.
The ongoing accumulation of ETH by prominent entities highlights Ethereum's strategic importance in the broader cryptocurrency landscape, further cementing its position as a cornerstone in the digital economy.
With ETH firmly back in recovery mode, early technical cues support a growing narrative that this cycle will repeat itself, fueling optimism among investors and enthusiasts alike.
