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The Ethereum Mega whales have increased its shares by 9.31%, which is a stronger accumulation than before the rally 2022.
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ETH consolidates inside the bull’s flag and by August it potentially focuses on $ 3,400.
Ethereum wallets that hold at least 10,000 Ether (Eth) increase accumulation faster than 95% rally in mid 2022.
Ether Whales have gained the most supply since 2020
The total ETH held by these “mega whales” has recovered to more than 41.06 million ETH K 7. July out of 37.56 million ETH – record low – in October 2024, according to October 2024, according to Data Glassnode.
This means an increase of 9.31%, almost double the storage pace observed from May to September 2022, before the price of ETH gathered from ~ $ 1,000 to more than $ 1,950, which is 95% increase.
A similar trend took place from November 2020 to January 2021, when the whaling increased by 4%and ETH jumped from 460 to $ 1,220.
Holder began to accumulate Well before the wider market in both cases caught. The ETH price has remained relatively flat in recent weeks, suggesting that the current storage phase is still flying under the radar.
This silent accumulation could be the forerunner of a significant upward movement that may not yet be appreciated if the past patterns take place again.
The ongoing increase in ether’s possession of the mega whale further coincides with Growing flows into investment funds focused on EthereumIncluding ETF. The recovery of the offer is also the strongest and most maintained since the beginning of the long -term descending metric in June 2020.
Bull Pennant targets 30% profits from ETH price
Ether is also traded as part of the textbook of the Bull pattern Pennant in the daily chart. The setting usually signals a continuation, often resolved by escaping in the direction of the previous trend.
Related: Bitmine earns $ 250 million to start Corporate Treasury Ethereum
Interestingly, there was an unsuccessful escape in the structure and the unsuccessful collapse, which indicates a strong consolidation.
The decisive movement above the upper limit of the flag could push ETH towards $ 3,400 by August. Some indicators even see The price hit $ 5,000 by the end of the year.
The thermal map based on the Ethereum costs shows a range of $ 2,500-2,536 as one of the strongest storage zones in recent months, according to Data Glassnode.
More than 3.45 million ETH has a cost base in this extent, underlining them as key support support.
Such a heavy concentration of long -term holders near $ 2,500 strengthens the idea that the current phase of Ether consolidation is a solid foundation for another leg up.
This article does not contain investment counseling or recommendations. Every investment and business step includes a risk and readers should do their own research in decision -making.
