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Ethereum (ETH) Approaches All-Time High Amid Strong Whale Accumulation

coingape.com 21 October 2021 08:00, UTC
Reading time: ~2 m

Amid all the Bitcoin fanfare and the launch of the first U.S. Bitcoin ETF, the world’s second-largest cryptocurrency Ethereum is also making strong moves. The ETH price has rallied past $4000 and is currently approaching its all-time high of $4400.

As of press time, ETH is trading 8.38% up at a price of $4178 with a market cap of $493 billion. The recent price rally in Ethereum happens against the backdrop of strong whale accumulation taking place. As on-chain data provider Santiment reports, the Ethereum billionaire whale addresses have made heavy accumulation in the last 10 weeks.

Ethereum’s top addresses have accumulated $ETH steadily since early August, and it’s no surprise to see the #2 asset approaching an #AllTimeHigh of its own. In the past 10 weeks, addresses with 1M to 10M $ETH have accumulated 13.9% more to their bags.

Ethereum Heading to $40,000?

Well, as the Ethereum (ETH) price approaches its all-time high, analysts have started giving strong bullish targets for the world’s second-largest crypto. Popular analyst Raoul Pal predicts that the Ethereum (ETH) price can touch $40,000 levels by June by comparing the historical ETH/BTC price action.

And ETH…bigger move…$40k by March/June would only be 1 standard deviation overbought versus trend. pic.twitter.com/eUYqNDVupG

— Raoul Pal (@RaoulGMI) October 21, 2021

Adding a note of caution for investors, Pal notes: “This is not a certainty. It is a probabilistic outcome. For me, $20k ETH and $200k BTC is a shoe-in (70% + chance) What outperforms and how this plays out is anyone’s guess”.

But Raoul Pal isn’t alone in his bullish predictions for Ethereum. Recently, tech billionaire Mark Cuban said that as an investment, Ethereum has the most upside.

Furthermore, Ethereum continues to hit strong milestones in the game of decentralized finance (DeFi). More than $100 billion have been locked on Defi platforms on the Ethereum blockchain.

There is now over $100 BILLION locked in #DeFi on #Ethereum pic.twitter.com/C0vyioALCx

— Crypto Gucci 🦇🔊 (@CryptoGucci) October 20, 2021

On the other hand, the total-value-locked (TVL) in Ethereum 2.0 Deposit Contracts has recently crossed $30 billion. The developments with PoS Etheruem 2.0 have been going pretty strong as of now.

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