Ethereum has continued to trend sideways as the crypto market remains largely stagnant. However, whales are quietly accumulating the coin despite the slow price movement. Analysts see potential for an eventual rise towards a new all-time high.
Key Takeaways:
- Ethereum whales continue to accumulate despite the seeming stagnation in the price growth.
- With such accumulation, analysts see a potential rise towards a new all-time high if the trend is sustained.
- However, the price rise may take a little longer than expected if market sentiment remains in the current state.
Data compartilhada by crypto analyst Michael van de Poppe shows that Ethereum needs to break the $3,800 to $3,900 price level for the next rise to a new all-time high begins.
How soon will the new all-time high become a reality? This depends on how long it takes for the market to flip bullish.
Accumulation Could Trigger Surge to new All-Time High
Poppe says Ethereum has entered an accumulation phase, meaning whales are buying up the coin and holding for the long run.
This implies that investors are confident in the future of the coin and are looking forward to higher prices in the near future.
Such accumulation is shown by the amount of Ethereum on centralized exchanges reaching a significantly low level as investors withdraw coins to personal wallets.
With such holding, the coin may be getting ready for the move towards the new all-time high that Poppe anticipates, but there’s a catch.
Rally May Take Longer than Expected
Although whales are accumulating Ethereum and showing confidence in the coin, the rally predicted by Poppe may take longer than most people expect.
The Bitcoin Fear and Greed Index — which determines the general sentiment in the market — currently shows extreme fear, which means most people are watching from the sidelines.
With this sentiment prevailing, it may take longer than expected for Ethereum to start heading towards a new all-time high, which other analysts have earlier predicted.
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