Are Whales Prepping for the Next Rally?
The post Are Whales Prepping for the Next Rally? appeared on BitcoinEthereumNews.com. Despite a brief pause in its trajectory, institutional appetite for Ethereum remains strong. In fact, a whopping $342 million worth of ETH has left a prominent cryptocurrency exchange. Such movements of funds are typically expected to have a bullish impact on ETH’s price. Supply Tightens According to an update shared by Lookonchain, in just the past 10 hours, four newly created wallets withdrew a total of 78,229 ETH (which is worth approximately $342 million) from Kraken. Such large-scale movements from exchanges often signal that institutions are moving assets into cold storage, which reflects a long-term bullish stance. Rising institutional accumulation reflects increasing faith in ETH’s long-term prospects as it trades above $4,430. By withdrawing significant amounts from exchanges, these investors limit circulating supply, thereby creating tighter liquidity conditions that could drive ETH prices higher if demand persists. Amid these significant withdrawals, market experts are turning to technical indicators for clues on ETH’s next move. Popular crypto analyst Ali Martinez, for one, observed that Ethereum is poised for a significant move, as he pointed to a Bollinger Bands squeeze as a technical setup for heightened volatility. Meanwhile, another market commentator, Ted Pillows, stressed the importance of key price levels: a daily close above $4,500 could open the door for a new all-time high, while a rejection at this resistance might push Ethereum down to the $4,000-$4,100 range. It is also important to note that Ethereum has surged ahead of Bitcoin across multiple fronts. Since early August, ETH captured 32.9% of spot market share versus BTC’s 32.6%, and even peaked at 41% in late August with $480 billion in spot volume. Futures momentum has been equally strong as it hit a record $3.08 trillion. Institutional appetite also remains high, with ETH ETFs drawing $10 billion in inflows this year and AUM reaching…
The post Are Whales Prepping for the Next Rally? appeared on BitcoinEthereumNews.com.
Despite a brief pause in its trajectory, institutional appetite for Ethereum remains strong. In fact, a whopping $342 million worth of ETH has left a prominent cryptocurrency exchange. Such movements of funds are typically expected to have a bullish impact on ETH’s price. Supply Tightens According to an update shared by Lookonchain, in just the past 10 hours, four newly created wallets withdrew a total of 78,229 ETH (which is worth approximately $342 million) from Kraken. Such large-scale movements from exchanges often signal that institutions are moving assets into cold storage, which reflects a long-term bullish stance. Rising institutional accumulation reflects increasing faith in ETH’s long-term prospects as it trades above $4,430. By withdrawing significant amounts from exchanges, these investors limit circulating supply, thereby creating tighter liquidity conditions that could drive ETH prices higher if demand persists. Amid these significant withdrawals, market experts are turning to technical indicators for clues on ETH’s next move. Popular crypto analyst Ali Martinez, for one, observed that Ethereum is poised for a significant move, as he pointed to a Bollinger Bands squeeze as a technical setup for heightened volatility. Meanwhile, another market commentator, Ted Pillows, stressed the importance of key price levels: a daily close above $4,500 could open the door for a new all-time high, while a rejection at this resistance might push Ethereum down to the $4,000-$4,100 range. It is also important to note that Ethereum has surged ahead of Bitcoin across multiple fronts. Since early August, ETH captured 32.9% of spot market share versus BTC’s 32.6%, and even peaked at 41% in late August with $480 billion in spot volume. Futures momentum has been equally strong as it hit a record $3.08 trillion. Institutional appetite also remains high, with ETH ETFs drawing $10 billion in inflows this year and AUM reaching…
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