Ethereum is poised for a significant breakthrough as its price hovers above the $3,500 mark. Recent on-chain data reveals a surge in whale accumulation, which, coupled with growing institutional interest—including substantial purchases by SharpLink Gaming—suggests a bullish outlook for the cryptocurrency. Analysts predict that various catalysts could lead to explosive growth for ETH in the upcoming period.
Whale Accumulation Intensifies
Recent on-chain activity indicates aggressive accumulation by a whale identified as 0x9684, a trend that has intensified in the past week. Data shared by Lookonchain on X reveals that this entity has consistently withdrawn substantial amounts of ETH from FalconX, with the latest withdrawal amounting to 19,550 ETH just minutes before this report.
In total, the whale has withdrawn 122,691 ETH, currently valued at approximately $443.68 million. Such movements imply a strategic shift towards holding, potentially for staking or long-term investment.
The whale activity aligns with broader trends in the corporate space, particularly with SharpLink Gaming—a Nasdaq-listed company—now holding 280,706 ETH. This represents an investment of around $840 million, following a successful capital raise of $413 million through a stock issuance.
SharpLink Gaming’s ascendance as the largest holder of ETH surpassing the Ethereum Foundation underscores institutional confidence, potentially reducing short-term sell pressure and fueling market optimism.
Ethereum Price Projections
The price of Ethereum surpassing $3,500 is critical for future growth. Previously, the altcoin struggled to maintain levels above $2,500, and breaking through $3,000 proved to be a challenge.
With new price peaks nearing $3,700, analysts suggest the bullish phase could soon begin. Crypto analyst Michael van de Poppe notes that inflows from spot exchange-traded funds (ETFs), regulatory changes, and other catalysts may drive ETH to unprecedented heights.
“The influx of $ETH from ETFs coupled with the approval of the stablecoin bill provides an entirely new narrative around the Ethereum ecosystem,” said van de Poppe. “These are the largest inflows in ETF history, outperforming $BTC inflows. This bull market is just starting.”
The historical peak for Ethereum was over $4,800 in November 2021. While analysts speculate that it could reach or exceed this level in the near term, van de Poppe advises investors to prepare for potential corrections.
“The reason I suggest being ready for deep corrections is that $ETH increased by $1,000 in just one week, which is quite substantial. A minor correction would be healthy, allowing us to build stamina for the next phase.”
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