{"id":615411,"date":"2024-06-11T18:00:50","date_gmt":"2024-06-11T18:00:50","guid":{"rendered":"https:\/\/uniquehot.com\/?p=615411"},"modified":"2024-06-11T13:27:45","modified_gmt":"2024-06-11T13:27:45","slug":"ethereum-buying-pressure-critical","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-buying-pressure-critical\/","title":{"rendered":"Ethereum Buying Pressure Reaches Critical Level Amid Massive Whale Buying"},"content":{"rendered":"

Institutional investors have been accumulating Ethereum at a rapid pace after the SEC’s <\/span>recent approval of<\/span><\/a> Spot Ethereum ETFs. Crypto analyst Ali Martinez noted that this accumulation trend has created buying pressure that could be the much-needed catalyst for Ethereum to break above the $4,000 price mark.<\/span><\/p>\n

According to a social media post by Ali Martinez, the number of Ethereum addresses holding over 10,000 ETH tokens has increased by 3% in the last three weeks, showing a positive trend among large investors.\u00a0<\/span><\/p>\n

Whales Accumulating Pushes Ethereum Buying Pressure<\/h2>\n

Speculation over ETF approvals and increasing institutional buy-in have helped fuel Ethereum’s price increase earlier this year. The first price surge <\/span>occurred in February<\/span><\/a> when multiple reports came out of the SEC potentially approving Spot Ethereum ETF applications after the approval of Spot Bitcoin ETFs.<\/span><\/p>\n

Related Reading: Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery<\/a><\/div>\n

This saw the price of Ethereum surging over 83% throughout the month to reach above $4,000 again for the first time since 2021. Similarly, court rulings in May, which <\/span>increased the odds of<\/span><\/a> Spot Ethereum ETF approval, pushed the price of ETH above $3,000 again.\u00a0<\/span><\/p>\n

Now that the SEC <\/span>has finally approved<\/span><\/a> these spot ETF applications, institutional investors are taking the chance to load up their portfolios with Ethereum. According to Glassnode data, this accumulation, which has been going on for the past three weeks, has pushed the number of wallets holding over 10,000 ETH past 975 and steadily approaching 1,000 addresses. Furthermore, data shows that the number of ETH mega-whale addresses has steadily increased in the past 30 days, with the recent metric showing an addition of 15 whale addresses.\u00a0<\/span><\/p>\n

\n

The number of #Ethereum<\/a> addresses holding 10,000+ $ETH<\/a> has increased by 3% in the last three weeks, signaling an important spike in buying pressure! pic.twitter.com\/7qq5HgGP37<\/a><\/p>\n

\u2014 Ali (@ali_charts) June 9, 2024<\/a><\/p><\/blockquote>\n

On-chain data also reveals that social sentiment for ETH <\/span>has stabilized<\/span><\/a> after intense enthusiasm post-Spot Ethereum ETF approval. However, this hasn\u2019t stopped the massive withdrawal from exchanges, leading Ethereum to become scarcer on centralized exchanges. This trend has now seen the Ethereum balance on centralized exchanges <\/span>dropping below Bitcoin<\/span><\/a>, even as Spot Bitcoin ETF wallets also accumulate Bitcoins. According to <\/span>Glassnode data<\/span><\/a>, less than 10.56% of Ethereum\u2019s total supply is currently held on major exchanges.<\/span>\u00a0\u00a0<\/span><\/p>\n

ETH Price Outlook: What’s Next After Critical Buying Pressure?<\/h2>\n

With whales doubling down on Ethereum, the buying pressure has reached a critical point. This surge of interest signals a very <\/span>bullish outlook for Ethereum’s<\/span><\/a> price in the coming months, although there could be short-term volatility.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts 800% Rally To $6,000 For BNB, Here\u2019s The Timeline<\/a><\/div>\n

At the time of writing, Ethereum is trading at $3,527 and <\/span>has fallen<\/span><\/a> 3.83% in the past 24 hours. While the increase in buying pressure is a good start, the bulls still have some work to do to push Ethereum\u2019s price higher. The first major resistance wall is <\/span>around <\/span><\/a>$3,700, where 1.82 million addresses hold 1.8 million ETH.<\/span><\/p>\n

\"Ethereum
BTC price at $3,500 | Source: ETHUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Institutional investors have been accumulating Ethereum at a rapid pace after the SEC’s recent approval of Spot Ethereum ETFs. Crypto analyst Ali Martinez noted that this accumulation trend has created buying pressure that could be the much-needed catalyst for Ethereum to break above the $4,000 price mark. According to a social media post by Ali Martinez, the number of Ethereum addresses holding over 10,000 ETH tokens has increased by 3% in the last three weeks, showing a positive trend among large investors.\u00a0 Whales Accumulating Pushes Ethereum Buying Pressure Speculation over ETF approvals and increasing institutional buy-in have helped fuel Ethereum’s price increase earlier this year. The first price surge occurred in February when multiple reports came out of the SEC potentially approving Spot Ethereum ETF applications after the approval of Spot Bitcoin ETFs. Related Reading: Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery This saw the price of Ethereum surging over 83% throughout the month to reach above $4,000 again for the first time since 2021. Similarly, court rulings in May, which increased the odds of Spot Ethereum ETF approval, pushed the price of ETH above $3,000 again.\u00a0 Now that the SEC has finally approved these spot ETF applications, institutional investors are taking the chance to load up their portfolios with Ethereum. According to Glassnode data, this accumulation, which has been going on for the past three weeks, has pushed the number of wallets holding over 10,000 ETH past 975 and steadily approaching 1,000 addresses. Furthermore, data shows that the number of ETH mega-whale addresses has steadily increased in the past 30 days, with the recent metric showing an addition of 15 whale addresses.\u00a0 The number of #Ethereum addresses holding 10,000+ $ETH has increased by 3% in the last three weeks, signaling an important spike in buying pressure! pic.twitter.com\/7qq5HgGP37 \u2014 Ali (@ali_charts) June 9, 2024 On-chain data also reveals that social sentiment for ETH has stabilized after intense enthusiasm post-Spot Ethereum ETF approval. However, this hasn\u2019t stopped the massive withdrawal from exchanges, leading Ethereum to become scarcer on centralized exchanges. This trend has now seen the Ethereum balance on centralized exchanges dropping below Bitcoin, even as Spot Bitcoin ETF wallets also accumulate Bitcoins. According to Glassnode data, less than 10.56% of Ethereum\u2019s total supply is currently held on major exchanges.\u00a0\u00a0 ETH Price Outlook: What’s Next After Critical Buying Pressure? With whales doubling down on Ethereum, the buying pressure has reached a critical point. This surge of interest signals a very bullish outlook for Ethereum’s price in the coming months, although there could be short-term volatility.\u00a0 Related Reading: Crypto Analyst Predicts 800% Rally To $6,000 For BNB, Here\u2019s The Timeline At the time of writing, Ethereum is trading at $3,527 and has fallen 3.83% in the past 24 hours. While the increase in buying pressure is a good start, the bulls still have some work to do to push Ethereum\u2019s price higher. The first major resistance wall is around $3,700, where 1.82 million addresses hold 1.8 million ETH. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":616523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[167,6664,26263,14690,8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-615411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Buying Pressure Reaches Critical Level Amid Massive Whale Buying<\/title>\n<meta name=\"description\" content=\"Institutional investors have been accumulating Ethereum at a rapid pace after the SEC's recent approval of Spot 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Buying Pressure Reaches Critical Level Amid Massive Whale Buying","url":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-buying-pressure-critical\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-buying-pressure-critical\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/Ethereum-whales.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/Ethereum-whales.jpeg?fit=1792%2C1024"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","crypto","crypto analyst","crypto news","eth","eth news","eth price","ethereum","ethereum news","ethereum price","ethusd","ethusdt"],"dateCreated":"2024-06-11T18:00:50Z","datePublished":"2024-06-11T18:00:50Z","dateModified":"2024-06-11T18:00:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Buying Pressure Reaches Critical Level Amid Massive Whale Buying\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-buying-pressure-critical\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-buying-pressure-critical\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Ethereum-whales.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Ethereum-whales.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"crypto\",\"crypto analyst\",\"crypto news\",\"eth\",\"eth news\",\"eth price\",\"ethereum\",\"ethereum news\",\"ethereum price\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2024-06-11T18:00:50Z\",\"datePublished\":\"2024-06-11T18:00:50Z\",\"dateModified\":\"2024-06-11T18:00:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/Ethereum-whales.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/615411"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=615411"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/615411\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/616523"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=615411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=615411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=615411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}