Whale investors are focusing on Ethereum (ETH) as large transactions creep to a daily record, indicating a possible change in the cryptocurrency’s price direction.
Ethereum’s daily count of transactions over $100,000 has risen over 10,000, the biggest figure since August according to IntoTheBlock data. ETH whales, influential investors who can make a big splash on price, have upped the activity significantly in this spike.
Ethereum’s price trends depend largely on whale transactions, and at such a big scale, these transactions are pivotal. Occasionally, sales can occur in large numbers and cause fast costs declines, while on the other hand accumulation often backs up the cost of the cryptocurrency.
Ethereum Follows Bitcoin’s Path with Break Above $3,000
ETH has now been on a path upwards, following in the footsteps of Bitcoin which just made all time high. Ethereum broke past the $3,000 threshold earlier this week, a price it hadn’t reached since July, when it got to $3,563 before it dropped.
At the time of writing, ETH is exchanging hands for $3,211, exhibiting gains of 1.7% over past 24 hours and 13.4% over the last week. If sentiment lingers positively, this return above $3,000 is the first sign of a bullish continuation the analysts say.
Indeed, renewed investor interest in spot ETH Exchange Traded Funds (ETFs) is also apparent. Six consecutive days of inflows into ETH ETFs, $146.9 million on November 13, an increase from $135.9 million the day prior according to Farside Investors.
Daily inflows led by Fidelity’s FETH at $101.7 million, with BlackRock’s ETHA at $35.6 million and Bitwise’s ETHW at $13 million. But grayscale’s ETHE long an outflow leader for the cryptocurrency industry saw outflows of $5.6 million.
The recent rise of whale activity, returning ETF interest, and positive market sentiment brush shoulders with Ethereum positioning the newcomer cryptocurrency nicely headed into plenty of growth. If the current trends continue ETH could reach $3,500, analysts say.
