Ethereum Whales Boost Holdings by 3.72% Amid Market Uncertainty

Ethereum prices experienced a brief crash below $2,500 on Friday due to escalating geopolitical tensions. The altcoin has since recovered slightly, trading around $2,567, but remains below the week’s high of $2,871. Despite these fluctuations, blockchain analytics company Santiment has shared a positive report suggesting a bullish future for Ethereum.

Santiment's report highlights that Ethereum whales, defined as investors holding between 1,000 and 100,000 ETH, have significantly increased their holdings over the past month. These whales have acquired 1.49 million ETH, worth $38.26 million, boosting their total holdings by 3.72%. This accumulation is seen as a bullish signal, indicating strong potential for long-term price appreciation. Such whale activity is likely to encourage significant levels of retail investment, potentially inciting a price rally.

Interestingly, despite the whale accumulation, Ethereum has recorded a 2.38% decline over the past month, with its price oscillating within a range of $2,400 to $2,800. This reflects market indecision amidst external pressures and a lack of clear bullish catalysts. However, the fact that whales have conducted this accumulation spree during a period of market uncertainty indicates strong investor confidence regardless of the present market situation.

At the time of writing, Ethereum trades at $2,536 following a price gain of 1.18% in the past day. The altcoin is up by 3.82% on its weekly chart after a notable brief price ascent above $2,800. The general ETH market sentiment is bullish, with the Greed & Fear Index standing at 61 (Greed). This sentiment is well reflected in the reported accumulation trend.

According to data from CoinCodex, Ethereum is expected to maintain its range-bound movement in the short term, with projections of $2,825.11 in five days and $2,767 in a month. However, their long-term forecasts paint a strong bullish future, with Ethereum predicted to reach $4,269.40 in the next three months. With a market cap of $309.46, Ethereum continues to rank as the second-largest cryptocurrency with a market dominance of 9.4%.