A Whale’s recent accumulation of $77 million in Ethereum (ETH) suggests it may experience a surge in value in the upcoming year.
During the recent tumultuous action of the crypto market, an Ethereum whale purchased a staggering 23K ETH in a riveting turn of events. This development has incited market optimism regarding potential future developments. On Tuesday, on-chain data suggested that a whale acquired nearly $77 million in the second-largest crypto by market cap as the asset’s price hovered around $3,300. In response, market enthusiasts anticipate a $10,000 price target for ETH as 2025 commences.
Heavily Signaling Remarkable Gains Ahead, Ethereum Whale Bags
Amid the recent volatile action of the Ethereum coin, an Ethereum whale was recorded accumulating 22,919 ETH, valued at $77.2 million, according to an X post by Lookonchain on December 31. According to the data, the wallet address 0x6c.. was recorded as having made the massive accumulation.
It is important to note that this substantial acquisition occurred at an average price of $3,368 for ETH. In the interim, the trading strategy has attracted further attention, particularly in light of the trader’s prior successful strategies. According to the data, the same whale has been conducting 25 swing trades in ETH and WBTC since August 12. Additionally, 21 were highly profitable, resulting in a win rate of 84% and a profit of $4.57 million.
In light of these past profit-making strategies, market observers focus on the $3,300 price point, as the Ethereum whale accumulated substantial sums at this level. Investors anticipate that the top crypto will experience price increases as early as next year.
What is the future of ETH?
The price of ETH was down by approximately 2% intraday at the time of reporting and is currently trading at $3,353. Its 24-hour low and high were $3,298.80 and $3,425.80, respectively. It is important to note that the declining price action is consistent with the broader trend and the holiday sentiment developing across the wider landscape. Nevertheless, market participants remain optimistic about the asset’s long-term prospects.
An analysis of the price of ETH recently suggested that the token may experience a price increase and reach a level of $10,000 shortly. This bullish forecast is based on robust market technicals and historical trends. Consequently, market observers anticipate that the asset’s price will experience extraordinary increases, further bolstered by the substantial Ethereum whale accumulation.
Nevertheless, investors maintained their prudence in the face of recent market developments despite the optimistic predictions. To provide context, Justin Sun has recently deposited 29,153 ETH to HTX, which has sparked discussions regarding the potential reason for the transfer.
