Amid the ongoing excitement in the cryptocurrency market over the ever-higher prices and institutional interest, Ethereum (ETH) is one of the digital assets benefiting from the soaring whale activity that could see it hit a new all-time high (ATH) very soon.
Specifically, Ethereum has been steadily advancing upwards, clearing every resistance on its way to another price record, and popular crypto analyst Ash Crypto said as much, noting that the world’s largest altcoin wanted a “new ATH today,” in an X post shared on August 14.
One of the reasons behind the optimism is the massive purchase of Ethereum worth over $500 million by BlackRock, which was a peculiar development considering the asset manager’s previously evident preference for Bitcoin (BTC), another thing that Ash Crypto pointed out.
However, the crypto expert also warned the crypto community not to get ahead of itself as Ethereum nearing an ATH often coincides with high volatility, and stressed that “any rejection from $4,900 could pull ETH back toward $4,500.” On the other hand, “a breakout above $4,900 could trigger a short squeeze toward $5,300.”
Whales buy ETH
At the same time, Ethereum has witnessed a major surge in whale activity, which has reached the highest level in a month, according to professional crypto trader Ali Martinez, who posted the chart demonstrating the size of this indicator in an X post on August 14.
This may have helped Ethereum get closer to overtaking its price record and briefly trade above the $4,700 level, although it has now traced back to $4,535.12, recording a decline of 3.75% in the last 24 hours, but nonetheless growing 18.34% across the week and nearly 50% on the monthly chart.
Meanwhile, Martinez said Ethereum could be looking at a price level of $5,200 and then $6,400, after he made an optimistic prediction earlier in which ETH is looking at $6,000 or $7,000 before the year’s end as it approached historically significant overvaluation zones.
What do you think?
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