Skip to content

Price prediction for Ethereum as mega whales dictate market dynamics

Price prediction for Ethereum as mega whales dictate market dynamics

As the majority of assets in the cryptocurrency sector have returned to their previous state prior to the rally triggered by the fake news regarding the spot Bitcoin (BTC) exchange-traded fund (ETF) approval, Ethereum (ETH) whales have taken the cue and switched on the accumulation mode.

Specifically, Ethereum whale addresses in the billionaire tier, i.e. cryptocurrency wallets with at least 1 million ETH, currently hold 32.27% of the available ETH supply for the first time in seven years, according to the information offered by cryptocurrency market analytics platform Santiment on October 17.

Indeed, as the analytics platform’s chart analysis indicates, these “uber whale addresses with 1M+ ETH” currently own almost a third of all Ethereum supply for the first time since July 2016. At the same time, the whale transactions exceeding $1 million in ETH had their second-highest day in five weeks on October 16, counting around 520 transfers.

Ethereum 1M+ wallets and transactions over $1M. Source: Santiment

At the same time, Ethereum has recorded another historic moment as the number of its wallets with balance crossed 100 million, as per the recent data shared by blockchain analytics platform IntoTheBlock in an X post on October 18.

Ethereum wallets with balance. Source: IntoTheBlock

Ethereum price prediction

It is also important to note that the artificial intelligence (AI) algorithms used at the crypto monitoring website CoinCodex suggest that Ethereum could recover and continue its growth in the future, setting its price at $1,624.54 (+3.58%) in the next month.

On top of that, the algorithm’s forecast for the next three months suggests an increase to $3,002.68, which would represent an increase of 91.45% to its current price, whereas the website expects Ethereum at $3,967.14 (a growth of 152.95%) in six months time.

Ethereum 6-month price prediction. Source: CoinCodex

ETH price analysis

Meanwhile, ETH was at press time trading at the price of $1,568.37, which represents a decline of 1.36% on the day, a drop of 0.5% over the past week, and a loss of 4.23% on its monthly chart, according to the latest data on October 18.

Ethereum 7-day price chart. Source: Finbold

All things considered, the above behavior by Ethereum’s largest whales suggests a growing interest and optimism among major investors in the future price increase for the second-largest cryptocurrency by market cap.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

Related posts