- Ethereum has seen several instances of whale accumulations, including a massive $54m worth of ETH accumulated by a single investor via Wintermute.
- According to Crypto Patel, this pattern playing out means that Ethereum could be on its way towards $10,000 very soon.
- ETH is poised for bullish momentum with the anticipated Pectra upgrade set to drive major positive developments
The crypto market has been on overdrive lately, with whale accumulations across a variety of cryptocurrencies. Ethereum, in particular, has seen several instances of whale accumulations. These include a massive $110 million Bitcoin/Ethereum buy from a single investor, with $54m worth of ETH and $56.7m worth of Bitcoin via WinterMute. This move has re-sparked optimism among Ethereum maxis, with calls for a price jump towards $10,000 amid the upcoming Pectra upgrade.
Whale Moves Millions Into BTC and ETH
Blockchain monitors spotted a massive transaction on Monday 28 April. Arkham data shows that the whale bought around 600 BTC, which was worth $56.7 million at the time of the purchase, alongside 30,000 ETH at $54 million through Wintermute. This clear accumulation has added fuel to the bullish sentiment across the general market, and charts are turning green.
The crypto market has been green as of late, with Bitcoin rising by over 7% in the past week towards $94,000 and Ethereum rising 9% above the $1,800 level at publication. Such upward momentum typically shows that market participants are becoming more confident, and are buying more.
Ethereum Shows Strength But Faces Resistance
While Bitcoin is enjoying fresh inflows of interest, Ethereum doesn’t seem to be far behind. However, it does face a major challenge, when it comes to breaking through the $1,828 resistance level. If the cryptocurrency can successfully clear this barrier, the next targets could be around $1,954 and $2,104.
In essence, if ETH were to clear the $2,000 level, this would be a major win, considering how the token has yet to surpass this price zone since late March. As a matter of fact, renowned analyst Crypto Patel recently pointed towards an Elliott wave pattern on the Ethereum charts.
According to the analyst, this pattern playing out, means that Ethereum could be on its way towards $10,000 very soon. On the other hand, if the buyers lose control and Ethereum strays away from the $1,800 zone towards the underside again, bullish momentum could be weakening. This could lead to another consolidation phase before the next move up.
Analysts Watch Out for Pectra
Positive developments for Ethereum include the incoming Pectra upgrade, which, according to many speculators, is expected to be highly bullish for Ethereum. According to insights from analyst Ted Pillows, the 7 May launch could unlock massive benefits for Ethereum. The network will become faster and cheaper, its scalability will shoot through the roof and likely affect the L2 networks like Arbitrum and Optimism.
This is without mentioning the massive wave of TradFi interest from the ETF and non-ETF investors. Overall, the recent whale bets and price outlooks for Ethereum show that confidence in this network is strong. While momentum might temporarily cool, Ethereum’s long-term outlook remains bullish, and the coming weeks will likely set the tone for the rest of the year.
