$ETH Last week, the Ethereum price increased by more than 25%, generating a lot of interest in the crypto community. Currently, Ethereum is trading at $3,789.10 and its market cap exceeds $455 billion. This increase attracted the attention of both retail investors and whales. Whales began to accumulate Ethereum, as evidenced by the increase in large transactions. This indicates a potential bull trend. However, some indicators point to a possible price correction in the near term.

Whales Accumulate Ethereum$ETH

According to CoinMarketCap data, Ethereum had a relatively stable week until May 21, after which it entered a bullish trend. The number of transactions greater than $100k reached the highest level since late March. This increase in the number of large transactions indicates that whales are actively purchasing Ethereum. Additionally, addresses holding more than 0.1% of the total supply showed the highest daily accumulation in over a month, further supporting whale accumulation.

On-Chain Metrics and Market Analysis

AMBCrypto's analysis of Ethereum's on-chain metrics reveals mixed sentiment in the market. After the increase on May 22, Ethereum's reserves on exchanges began to decrease. According to CryptoQuant data, Ethereum's net exchange deposits are low compared to the seven-day average, indicating high buying pressure. However, the Relative Strength Index (RSI) has entered the overbought zone, which could encourage investors to sell and potentially lead to a price decline.

Potential Price Correction

Further analysis by AMBCrypto using Santiment data suggests that Ethereum may be facing a price correction. The Weighted Sentiment metric has decreased, indicating a decline in bullish sentiment. Additionally, the Network Value Transactions (NVT) ratio is increasing, indicating that Ethereum may be overvalued. Despite indicators pointing to this decline, the Market Value Realized Value (MVRV) ratio remained above 15%, indicating that positive sentiment in the market is still present.

Conclusion

Ethereum's recent price increase is supported by both whale accumulation and interest from retail investors. However, some technical indicators and on-chain data point to the possibility of a price correction in the short term. It is important for investors to make informed decisions taking into account this complex market sentiment. Ethereum's future performance can be better understood by monitoring both technical analysis and market sentiment.

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