The demand for Ethereum (ETH) by whale investors has grown rapidly during the past few days. According to on-chain data analysis, Ether whales have increased their holdings during the past three days amid rising calls for an ETH price retrace.
Precisely, Ether wallets with a balance of between 10k and 100k coins have added 820K ETH units, valued at about $3.8 billion, during the last 72 hours. As a result, this group of Ethereum holders currently controls a whopping 31 million ETH coins.
The Ethereum bullish growth has been bolstered by high demand from institutional investors led by spot ETH ETF issuers. The large-cap altcoin, with a fully diluted valuation of about $554 billion, must consistently rally above $4,772 in the coming weeks to invalidate midterm bearish sentiment.
According to crypto analyst Benjamin Cowen, traders should be careful as the real altseason has not yet begun. Cowen highlighted that Ethereum and the wider altcoin market will be bleeding to Bitcoin until early November, based on historical performance.
After an impressive rally in the last few weeks, Cowen expects the ETH price to retrace and retest the 21-week EMA. The crypto analysts cautioned that the ETH price could be trapped in a correction phase even if it hits $5k. Already, Cowen has made several bold predictions for Ethereum in 2025, which came to pass with a high win rate.
The Ethereum price action has closely followed Bitcoin as traders bet on more Fed rate cuts. With the Gold price printing new all-time highs during the last few days, the BTC price is well-positioned to rally exponentially in the near future.
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