Is the price of Ethereum preparing for another great rally?

TL; Dr.

• The obvious change of exchanges towards self -ocustody methods and the renewed accumulation of whales suggests that ETH could be preparing for another price pump.
• Optimists argue that ETH has touched the bottom and is prepared for a “upward” trajectory, while skeptics warn about a potential drop at $ 3,800 if the impulse weakens.

Green days incoming?

Ethereum (ETH) was at the forefront of profits in August, reaching a new historical maximum of almost $ 5,000 by the end of the month. Since then, however, the price went south and is now around $ 4,400 (according to Coingcko data).

Certain factors point out that bulls could enjoy a new resurgence soon. The popular user X Ali Martinez revealed that 500,000 ETH (with a value of more than $ 2.1 billion) have been removed From cryptographic exchanges only in the last week.

The data compiled by Cryptoquant shows that currently, the total storage stored on such platforms is around 17.3 million tokens, which represents the lowest level witnessed since the summer of 2016. This is a clear sign that investors have been changing from centralized exchanges to self -ocustody methods, which in turn reduces the immediate sale pressure.

Meanwhile, ETH whales continue to show a great appetite for the asset. Earlier this week, those large investors (have between 10,000 and 100,000 coins each) accumulated 260,000 chips in one day. As a result, their total holdings increased to 29.62 million ETH, which represents almost a quarter of the circulating supply of the asset.

Such efforts leave less coins available in the open market and could raise the price (assuming that demand does not decrease). Whales are dominant market participants and their activities They are often followed by retail investors who could decide to imitate their movement and distribute additional capital to the ecosystem.

The taking of analysts

Many cryptocurrency enthusiasts in X seem optimistic about ETH, believing that there is enough fuel to publish additional profits. The nickname analyst Mr. Crypt thought The price has reached its local fund in April when it is submerged below $ 1,400 and Now it is directed For a “upward” trajectory.

On the other hand, Ted made a somewhat bassist prognosis. He noted That ETH continues to maintain the level of $ 4,200, but said that the price “does not seem very strong” and imagined a possible drop at $ 3,800 as “a final support objective for correction.”