Ethereum in the days when Bitcoin dominance is falling$ETH
(ETH) whales continue their efforts to accumulate.
ETH, a critical cryptocurrency for the altcoin season, is in a significant momentum phase. According to the analysis made by AMBCrypto, the ETH price may reach $ 2,900 in the near future. Whale activities are also prominent in this price analysis.
Ethereum Whales' Interest Grows
Ethereum (ETH), which has been around $ 2,500 for a long time, has started to rise with the Fed's interest rate cuts. ETH has increased by 12.7% in the last week. The decrease in Bitcoin's dominance has caused investors to turn to ETH.
ETH’s rise is considered a “general reflection of improving market sentiment” and could be further accelerated by whale activity.
AMBCrypto, while stating that there may be an increase in the ETH price, supported his analysis as follows: “Our metric assessment shows that whales have been watching the recent rally carefully. They have been accumulating since the beginning of September.” According to historical data, ETH whales had 58.12 million ETH in their wallets as of September 1, and they accumulated 360 thousand ETH (about $950 million) during this time.
Prospects for Ethereum (ETH)
Evaluating the recent rise of ETH, AMBCrypto explained the situation as follows: “This rise can be seen as a sign of recovery. Many investors may expect the price increase to continue. However, it may be misleading to expect a continuous rise.” The analysis predicts that ETH may reach levels of $ 2,800 to $ 2,900 in the short term and indicates these price ranges as potential resistance points.
AMBCrypto noted the potential selling pressure at $2,900, adding that “there is no overbought situation yet.”
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