The second-largest cryptocurrency started last month on the right foot but ultimately plunged by more than 16%. In fact, this was the second-worst October in the asset\u2019s history.<\/p>\n
Some factors that likely contributed to the downfall include overall market weakness, massive outflows<\/a> from spot ETH ETFs, the multi-billion-dollar hack on Binance, which shook the sector, and persistent selling from wallets linked to the Ethereum Foundation. Lately, though, some large investors have launched a buying spree, which could open the door to a short-term rebound.<\/p>\n CryptoPotato<\/em> reported<\/a> that toward the end of October, an address tied to the Ethereum Foundation offloaded 2,785 ETH for around $6.42 million, while another investor dumped 1,500 units (about $3.46 million) after nine years of inactivity.<\/p>\n The heavy selling persisted, and several days later, another market participant linked to the Ethereum Foundation parted with<\/a> 7,594 ETH (around $17.8 million) after remaining dormant for a year. Popular analyst Ali Martinez noted<\/a> the major selling spree by whales, calling it one of the bearish factors that could push the asset\u2019s price toward $2,000 in the near future.<\/p>\n One might expect the $6.3 billion Binance hack<\/a> to spook investors and push even more to cash out, yet some appear to have interpreted the event as an opportunity to increase their exposure.<\/p>\n Lookonchain revealed that whales have been buying ETH \u201clike crazy.\u201d The analytics platform said<\/a> a trader known as 0x9EcA spent almost $38 million to buy 16,658 ETH at an average price of $2,279. Shortly after, it disclosed<\/a> that the market participant had purchased a total of 27,553 units for nearly $63 million.<\/p>\n For their part, X user Mookie revealed<\/a> that traders \u201care betting big on recovery,\u201d with long positions surpassing 380,000 ETH. According to the analyst, the figure is four times higher than the level recorded in August, when the asset surged from roughly $1,800 to more than $2,500.<\/p>\n The whales\u2019 efforts are a clear bullish sign and could precede a price rally. After all, such massive accumulations leave fewer coins available on the open market, which, combined with non-declining demand, should result in a pump. Additionally, smaller players may mimic the move and distribute fresh capital into the ecosystem.<\/p>\n As of press time, ETH trades just below $2,300, with X user Ted noting<\/a> it has successfully reclaimed the $2,250 support zone. Moreover, he thinks breaking above $2,400 could be followed by \u201ca nice rally.\u201d<\/p>\n Prior to that, the analyst was much more bullish. He expects<\/a> \u201cthe monster pump\u201d to start once ETH surpasses $4,000, predicting that it might explode to a new all-time high of $13,000-$15,000 this cycle.\u00a0CRYPTO XLARGE shared a similar thesis, saying<\/a>:<\/p>\n \u201cETH above $4,000 could be the catalyst for its next major rally. A confirmed breakout may unlock significant upside, with $13K\u2013$15K ETH remaining my target for this cycle. The key level to watch is $4,000.\u201d<\/p>\n The post Ethereum (ETH) Whales Buy Like \u2018Crazy:\u2019 Price Rally Incoming?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The second-largest cryptocurrency started last month on the right foot but ultimately plunged by more than 16%. In fact, this was the second-worst October in the asset\u2019s history. Some factors that likely contributed to the downfall include overall market weakness, massive outflows from spot ETH ETFs, the multi-billion-dollar hack on Binance, which shook the sector, […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-246663","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/246663"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=246663"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/246663\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=246663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=246663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=246663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}From Sell to Buy<\/h2>\n
The Upside Targets<\/h2>\n