In a bullish trend, Ethereum surpasses $3,000, reaching a two-year high
On Sunday, February 24, the price of Ethereum (ETH) surged to a new 2024 high of over $3,050, raising expectations for another strong run in the upcoming week. On-chain data indicates that Bitcoin ETFs for weekly trading on February 23 caused crypto whale investors to shift their attention to Ethereum.
Can the bulls in the next day’s finally create a consistent support level over $3,000 territory after three failed tries last week?
Ethereum price has surpassed Bitcoin in investors’ minds in a unique market dynamic, surpassing the original cryptocurrency asset by more than 8% during the previous week. According to recent patterns seen among crypto billionaires, ETH prices are ready to gain ground on BTC prices in the coming week.
The graph below, Santiment’s Supply Held by Top Addresses, shows how many coins are kept in the biggest wallets on a certain cryptocurrency network. The combined opening balance of the Top 1,000 ETH wallets on Friday, February 23 was 69.51 million ETH, as can be seen below. However, it’s noteworthy to note that as of Sunday, February 25, press time, the Ethereum Top holders had accumulated 170,000 ETH over the weekend, increasing their total holdings to 69.68 million ETH.
The whale wallets, which are currently valued at $3,040 per coin, have made almost $514 million in investments in the past 48 hours. Prices rise when the biggest participants in an ecosystem make significant purchases in a brief amount of time.
And ETH price may have another significant bullish outburst in the next week if regular investors and other key stakeholders follow the whales’ purchasing tendency.
ETH Price Forecast
The purchase of $514 million worth of Ethereum by the top 1,000 holders over the weekend seems to have been the primary driver of the most recent price spike above $3,000. Bulls in ETH may aim for a rise into the $3,200 region if the purchasing momentum continues into the upcoming week.
To start with, though, ETH has to end the trading day over $3,000. The profit-taking wave from 3.12 million addresses that bought 1.1 million ETH at an average price of $3,100 must be withstood by the bulls in this scenario.
If that initial barrier is broken, a $3,200 retest might happen as expected.
If the market pulls down below $2,800, the bears may be able to refute my prognosis. However, the impending buy-wall in the $2,900 region might provide substantial short-term support, as we have seen over the previous week.
