"ETH Whales Continue Accumulation After Decline"
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The key data Cointelegraph used as a basis for Ethereum's rebound is the accumulation trend of Ethereum whales.
Ethereum's price recorded approximately a 51% decline over three months after breaking through $4,100 in December last year. While Ethereum continued to decline and general investors sold Ethereum, it was revealed that Ethereum whales have been accumulating Ethereum.
Cointelegraph reported, based on data from multiple on-chain analysis platforms like Coinglass, that whales holding over 10,000 Ethereum have been continuously accumulating Ethereum. According to Coinglass data as of the 23rd, wallet addresses holding Ethereum worth over $100,000 have been increasing since early March, reaching 75,000 as of the 23rd.
Cointelegraph reported that as of the 22nd, the accumulated Ethereum open interest in the futures market hit an all-time high, with many futures investors anticipating Ethereum's rise.
Cointelegraph stated, "The accumulation by Ethereum whales began in earnest in early March" and "This suggests that Ethereum whales are anticipating an Ethereum rally" and "Ethereum is experiencing downward pressure due to macroeconomic risks and must defend the point above $2,200 to recover its upward momentum."
Cointelegraph cited comments from a famous cryptocurrency analyst at Ract Capital. Cointelegraph emphasized that "If Ethereum records above $2,200, it could rise to $3,900."
Reporter Seung-won Kwon ksw@blockstreet.co.kr
