Ethereum Bulls Buy 600,000 Coins, Can ETH Price Reach $10K Ahead?

Against the backdrop of a broader crypto market slump in recent days, Ethereum bulls have capitalized on the opportunity by buying the dip. Recent whale data by a top crypto market analyst disclosed that a whopping 600,00 coins were accumulated over the past seven days, suggesting a rally ahead for ETH price.

Ethereum Bulls On Buying Spree Indicate Pump Looms

According to an X post by crypto market analyst Ali Martinez on February 12, Ethereum whales purchased 600,000 coins over the past week. Further, data revealed that the massive accumulations occurred as the asset’s price plunged from the $2,800 to $2,600 level.

Notably, the whales’ trading strategy amid this waning action flagged a ‘buy-the-dip’ opportunity in the market. For context, heightened interest among large-scale investors amid a price drop conveys optimism about the coin’s future performance.

Crypto Market Volatility: A Flash Risk?

Nevertheless, it’s worth taking into account the current crypto market volatility, which is primarily attributable to macroeconomic developments. Following U.S. Fed Jerome Powell’s hawkish stance in his testimony, risk assets like crypto witnessed immense selling pressure, CoinGape reported.

Further, the looming U.S. CPI and PPI data have also pushed investors to be cautious. However, the massive accumulation by Ethereum bulls indicated that the sector’s volatility may be short-lived. The massive buying flags the asset’s potential to recover from the current turbulence and offer massive gains ahead.

ETH Price To Rally? Analysts Remain Bullish Sparking Optimism

At the time of reporting, ETH price tanked over 4% intraday, reaching $2,601. The coin’s 24-hour bottom and high were $2,565.40 and $2,724.90, respectively. The current waning action, despite rising buying pressure, aligns with the broader crypto market trend.

However, renowned market experts have conveyed remarkable optimism about the asset’s future performance. Market enthusiast ‘Merlijn The Trader’ took to X, spotlighting that ETH’s weekly chart shows the formation of a ‘Golden Cross.’ Citing historical trends, the analyst believes this to be the catalyst for a massive upside ahead. While this bullish prediction echoed a buzz, another renowned market expert offered a bullish outlook for the asset.

‘Ash Crypto’ has recently posted on X, saying, “Ethereum in current cycle is perfectly mimicking Bitcoin last cycle.” According to the analyst, following the completion of the ‘multi-year accumulation phase’ and ‘Re-accumulation and manipulation phase,’ the coin eyes a new ATH. Per the analyst, a $10K target “is programmed this cycle.” Overall, these bullish projections solidified investor optimism on the future performance, further escorted by the heavy whale buying.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.