Ethereum whales are causing quite a stir. Bitmine, a company in the ETH treasury space, has gained attention by acquiring over 252,000 ETH in a mere three days, bringing its total holdings to a remarkable $8.84 billion. They’re not alone; other significant entities are also gathering ETH. Even though analysts are warning of a potential short-term decline, there are signs that this might just pave the way for something significantly impactful. A significant player has just acquired $15 million in ETH, and this move seems to be part of a broader trend.
Tom Lee’s Bitmine has made headlines by acquiring an impressive amount of ETH within a mere three-day window. The total stash now exceeds 2.2 million, valued at $8.84 billion. In another significant development, a notable wallet that offloaded 1,857 ETH at $2,251 just five months prior, has made a comeback. Earlier today, it acquired 1,501 units for a total of $6.17 million, with each unit priced at $4,114. Nonetheless, while large investors keep gathering assets, Ethereum ETFs are showing a different pattern. This week, the products faced substantial outflows totaling $795.56 million — representing the most considerable weekly decline since their inception. This abrupt shift wiped out a considerable amount of the progress made in August and early September, a time when inflows had propelled total net assets beyond the $30 billion threshold.
Currently, assets under management stand at $26 billion. Ethereum has had a tumultuous year, characterized by notable ups and downs, but the fourth quarter could potentially bring more promising opportunities. The last time ETH concluded Q3 with such vigor, Q4 gains exceeded double, propelling prices to remarkable heights. Analyst TedPillows states that the cryptocurrency is experiencing a healthy correction after a remarkable rally of nearly 250% from its bottom, a typical occurrence during significant uptrends. If the trend continues, after this pullback concludes, the subsequent movement could propel ETH significantly higher. Seasonal data suggests strong outcomes in the near future, and with the price staying within its established upward trend, the coming months could be crucial. Ethereum seems to be pausing for a bit to find its footing after the drop experienced last week. The price has successfully rebounded above 4,100, showing signs of stability.
The RSI remained slightly under 45, suggesting that ETH is not in an oversold state, but it still holds the possibility for upward momentum if buying interest rises. On the other hand, trading volumes have remained low, suggesting that momentum has not yet picked up. If the bulls manage to hold the 4,000 level, we could see a steady upward trend in the market. However, if that floor were to give way, we could see another decline before the recovery phase starts.