The price of Ethereum (ETH)
$2,660
has recently experienced a notable increase, breaking through the $2,600 threshold. While the overall trend suggests a bullish outlook, large investors, commonly referred to as whales, liquidated approximately $45 million in ETH this past Saturday.
### Large ETH Transfers Raise Concerns in the Altcoin Sphere
According to data from Lookonchain, a wallet linked to Cumberland executed a transfer of around $31.88 million, equating to about 11,800 ETH, to the Coinbase exchange. In a similar vein, ParaFi Capital withdrew roughly $13.83 million, or 5,134 ETH, from the Lido platform, subsequently moving these assets to Coinbase Prime shortly afterward.
### Analyst Predicts ETH May Reach $20,000
In the near term, crypto analyst Julien Bittel projects that Ethereum could potentially soar to $20,000 by early 2025. He suggests that ETH may mirror last year’s upward trajectory, informed by the trends observed in 2023 and current market data.
Bittel provided a chart detailing Ethereum’s performance from January 2023 through March 2024, which demonstrates that the current movement aligns closely with this historical pattern. Should this model persist, ETH could see substantial growth by the year’s end, aiming for the ambitious $20,000 milestone.
At present, ETH is trading at approximately $2,671, reflecting a minor uptick of 0.05% over the last 24 hours. During this timeframe, the price has oscillated between $2,643 and $2,728.
The price chart shows peaks around $2,700 and troughs near $2,660, as Ethereum continues to encounter resistance around the $2,670 mark amid market pressures.
Despite the sell-offs from institutional investors, Ethereum remains relatively stable, with a slight price increase noted. The prospect of hitting the $20,000 target by 2025 looks encouraging, especially given the market’s inherent fluctuations, suggesting Ethereum’s potential for short-term growth.
The actions of major investors in the Ethereum market could significantly sway broader market trends. These whale movements serve as critical indicators for both investors and market analysts to keep a vigilant eye on.
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**Disclaimer:**
The content of this article should not be interpreted as investment advice. Investors must recognize that cryptocurrencies are highly volatile and pose risks; therefore, conducting thorough research is advisable.
