Recently, crypto whales are aggressively accumulating Ethereum (ETH) despite the looming uncertainty of ETF approvals. On-chain analytical platforms Lookonchain and Spot On Chain have highlighted significant Ethereum acquisitions by prominent wallets.
This reflects a bullish sentiment among these major investors.
Will Ethereum’s Price Surge 22%?
Lookonchain reported a significant transaction where a crypto whale wallet, 0xACc, withdrew 22,251 Ethereum from centralized exchanges, valued at roughly $80 million. This wallet withdrew 33,925 ETH, totaling around $122 million over three days.
Concurrently, Spot On Chain revealed another whale wallet, 0x435, that withdrew 3,092 ETH, worth $11.13 million, from Binance. In the past three days, the whale withdrew a total of 24,044 ETH worth $83.7 million.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
“Currently, the whale’s ETH holding is worth $86.62 million, suggesting an unrealized profit of $2.93 million (+3.51%). Besides ETH, the whale also holds around $106 million in stablecoins USDC and USDT, of which $97 million is being lent on Aave,” Spot On Chain elaborated.
Both crypto whales’ actions resulted in approximately $205 million worth of Ethereum withdrawals in just a few days.
Ethereum’s price navigates a delicate phase characterized by a double-bottom chart pattern. This pattern is often viewed as bullish, indicating a potential reversal of the recent downtrend.
The critical neckline of this pattern stands at $3,678. Should Ethereum break through this level, analysis indicates a potential surge of around 22% to the $4,400 mark. However, ETH might face resistance near the $4,100 level, where it formed a local top in March.
Ethereum (ETH) Price Performance. Source: TradingView
Amid these market movements, the deadline for VanEck’s spot Ethereum ETF application is fast approaching, set for May 23. Jan van Eck, CEO of VanEck, expressed skepticism regarding the SEC’s likelihood of approving such ETFs. He suggested that, based on past trends, the chances of approval are slim.
“The way the legal process goes is the regulators will give you comments on your application, and that happened for weeks and weeks before the Bitcoin ETFs — and right now, pins are dropping as far as Ethereum is concerned,” van Eck explained.
Despite these regulatory hurdles, the aggressive Ethereum accumulation by crypto whales signals a strong belief in the asset’s value. This is particularly noteworthy as the SEC’s decision on Ethereum ETFs remains a pivotal factor that could influence the cryptocurrency’s price trajectory.
Read more: How to Invest in Ethereum ETFs?
As the ETF approval deadline nears, the market is fraught with anticipation. Analysts like James Seyffart and Eric Balchunas have noted the decreasing likelihood of ETF approvals, a sentiment that could significantly impact Ethereum’s market value.
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