Ethereum Targets $3,200: Can ETH Surpass $2,700?
The second-largest cryptocurrency on the market, Ethereum, is once again trading at crucial levels. In particular, these levels are important for long-term investors. ETH was circling the $2,650 mark at the time of writing, which is a significant daily resistance level. The upbeat outlook of the market points to a possible break above the resistance level of $2,700. This might cause ETH to aim for $3,200. However, the mechanics of the market are still unpredictable. So, any sudden shift could affect this prediction.
ETH Whale Nets $43.5M Profit, Institutional Moves Fuel Ethereum Price Speculation
Increased institutional and whale involvement further strengthened the argument for a higher ETH price. A four-month-silent Ethereum whale recently cashed in 12,979 ETH, netting $34.3 million in profit. When this whale first purchased ETH, each token was only worth $7.07. Since then, this whale has sold 15,879 ETH for a total profit of $43.5 million. Given that this whale still has 5,760 ETH, or roughly $15.5 million, larger investors are likely placing bets on ETH reaching the $3200 mark. The $3200 target is further supported by this revived whale activity, which is a strong indication of ETH’s bullish potential.
Institutional actions also have an impact on the market. Lately, ETH has been sold by two significant institutions. 11,800 ETH, worth $31.88 million, were put into Coinbase by the trading company Cumberland. Conversely, ParaFi Capital moved 5,134 ETH from Lido to Coinbase Prime after withdrawing it. In summary, the increase in whale participation indicates that many people remain positive about Ethereum’s potential price movement even in the face of this selling activity.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment