Ethereum (ETH) Price Prediction: Huge Whale Activity Behind Latest Short Rally?

Ethereum (ETH) Price Prediction News: The top 2 cryptocurrency is standing out as an outlier in an otherwise stale cryptocurrency market on Thursday. While the majority of assets are largely flat, ETH is up by 1.16% in the last 24 hours. This is raising speculation around a minor rally to push the cryptocurrency’s price beyond the resistance levels. Recently, Ethereum cofounder Vitalik Buterin asked the crypto community to focus on the technology rather than looking at current prices.

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In a recent note he shared with the community, Buterin showed optimism on applications being built on Ethereum for use cases around monetary transactions. Expressing his bullish view on the technology, he also said decentralized stablecoins could be very important in the long term.

Ethereum Whales Keep Accumulating

Meanwhile, investors with deep pockets and long time Ethereum holders are adding more assets at the current prices. This could be an indication of growing sentiment for a price rise in the coming weeks, if not before the end of 2022. According to Santiment data, the big whales are adding more ETH at the current price level. As of writing, ETH price stands at $1,238, as per price tracking platform CoinMarketCap. Compared to ETH, Bitcoin (BTC) is largely flat with a small dip by 0.12% in the last 24 hours.

“Whales and sharks are adding more Ethereum while prices fluctuate around $1,230. The key shark and whale addresses own two thirds of the coin’s overall supply, adding 2.1% more collective coins to their bags in the past month.”

Also Read: XRP Price On A Surge As Whales Move 160 Million Tokens

Around two months ago, the Ethereum blockchain went through a network upgrade called The Merge. The upgrade market Ethereum’s shift from proof-of-work (PoW) consensus model to the proof-of-stake (PoS) mechanism. Although the Merge meant an improvement in infrastructure, it was said that it could take a long time for the upgrade to reflect in ETH price. Buterin said it could take as much as six months time for the Merge to get priced in.

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