Crypto Whales Accumulating Ethereum Despite ETF Uncertainty: Will Ethereum’s Price Surge 22%?
Crypto whales are making big moves in the Ethereum (ETH) market, with significant acquisitions being highlighted by on-chain analytical platforms Lookonchain and Spot On Chain. These major investors are aggressively accumulating Ethereum despite the uncertainty surrounding ETF approvals.
One notable transaction reported by Lookonchain involved a crypto whale wallet withdrawing over $120 million worth of Ethereum from centralized exchanges. Another whale wallet, as revealed by Spot On Chain, withdrew millions of dollars worth of ETH from Binance in just a few days. These actions resulted in approximately $205 million worth of Ethereum withdrawals in a short period of time.
The bullish sentiment among these whales is reflected in Ethereum’s price performance, which is currently navigating a delicate phase characterized by a double-bottom chart pattern. If Ethereum breaks through a critical neckline at $3,678, analysts predict a potential surge of around 22% to the $4,400 mark.
However, the looming deadline for VanEck’s spot Ethereum ETF application on May 23 adds a layer of uncertainty to the market. CEO Jan van Eck expressed skepticism about the SEC’s likelihood of approving such ETFs, citing past trends as a reference point.
Despite regulatory hurdles, the aggressive accumulation of Ethereum by crypto whales signals a strong belief in the asset’s value. As the ETF approval deadline approaches, market analysts are closely monitoring the situation, noting the decreasing likelihood of approvals and its potential impact on Ethereum’s market value.
As investors await the SEC’s decision on Ethereum ETFs, the market remains on edge with anticipation. While the future is uncertain, the actions of these crypto whales suggest a positive outlook for Ethereum’s price trajectory.
