- Ethereum price could continue its uptrend, as analysts set a price target at $3,500.
- The top 10 Ethereum whales now hold 4.3% more of the altcoin's supply compared to 2021.
- Analysts have predicted a spike in Ethereum price over the weekend, as whales accumulate ETH.
Ethereum price is likely to continue its rally ahead of the merge on the mainnet. Analysts believe Ethereum price could target $3,500.
Ethereum price prepares for massive upswing
Ethereum price could make a comeback above $3,500 as analysts predict a continuation of the altcoin's uptrend. The top 10 Ethereum whale wallets have accumulated more Ethereum over the past year; this puts their holdings 4.3% higher than 2021.
Based on data from Santiment, a crypto intelligence platform, there is a rise in Ethereum whale holdings. Accumulation of the altcoin is considered bullish by investors. Historically, when large wallet investors accumulate Ethereum, there is a reduction in circulating supply and a price rally follows. Alongside the burn implemented by the London hard fork and staking in the ETH2 contract, Ethereum is set to rally.
Ethereum's top 10 addresses accumulate ETH over the past year.
Analysts determined the direction in which Ethereum is headed using the Spent Output Profit Ratio (SOPR). This ratio is calculated by dividing the realized value by the value at creation, in simpler words, price at which the asset is sold vs. the price at which it was acquired.
When SOPR crosses 1, then investors are selling their asset profitably. Currently, SOPR is close to the baseline; proponents believe at $3,300, the metric could cross 1, indicating low-risk purchases.
Ethereum Spent Output Profit Ratio (SOPR)
FXStreet analysts have evaluated the Ethereum price trend and predicted a rally to $3,500 over the weekend. Analysts believe Ethereum price would hit resistance at the top of the Ichimoku cloud around $3,200 level. Once the altcoin crosses this level, it could continue uptrend to $3,500.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.