200,000 ETH in 2 Days: Is Ethereum’s Price Ready to Pump?

TL;DR

Whales on the Move

Ethereum (ETH), which posted significant gains in May and the beginning of June, has recently taken its foot off the gas pedal. Currently, it is worth just south of $2,600, but the whales’ latest activity suggests another resurgence could be on the horizon.

The popular X user Ali Martinez revealed that large investors (those having between 10,000 and 100,000 coins) purchased 200,000 ETH over the weekend.

The USD equivalent of the stash is over $515 million (calculated at current rates), while this cohort of investors now collectively owns 26.88 tokens (22% of Ethereum’s circulating supply).

The whales’ accumulation often signals confidence in ETH’s future performance. Their purchases might prompt retail investors to follow suit and create upward pressure on the price.

Additionally, the development leaves less coins available on the open market, which, combined with surging demand, could trigger a rally.Price Forecasts

The majority of the crypto community on X also seems optimistic about ETH. The user with the moniker BATMAN claimed the asset “is gearing up for another run” based on the formation of a “megaphone pattern” on its price chart.

“The first hurdle is the resistance at $3500, then the major resistance at $4,200. Altcoins will explode right after. Buckle up,” they predicted.

For their part, Crypto GEMs forecasted that the token’s next pump “will melt faces,” setting a short-term target of over $3,500.

The increased amount of capital flowing into spot ETH ETFs also supports the bullish thesis. Data compiled by SoSoValue shows that the daily netflows have been positive over the past several weeks, suggesting solid interest from investors.

On the contrary, the exchange netflow has been mostly negative in the last few days. This means that an increased number of investors have shifted from centralized platforms toward self-custody methods, which reduces the immediate selling pressure.