Ethereum at a turning point: Whales are buying massively, signaling the start of a possible bull market

Ethereum at a turning point: Whales are buying massively, signaling the start of a possible bull market

Ethereum (ETH): Signs of the start of a bull market

Over the past few weeks, various indicators have shown that Ethereum (ETH) may be at the start of a bull market. Particularly notable is the massive purchase of ETH by so-called “whales” and the exodus of Ethereum from crypto exchanges, suggesting that investors have confidence in the cryptocurrency. Analysts are optimistic and predict a turnaround after a difficult period for the market.

Supply of ETH on exchanges historically low

The last few months have been challenging for many cryptocurrencies, including Bitcoin (BTC) and other altcoins. Ethereum has suffered particularly badly, losing more than half of its value since mid-December 2024. The price fell from $4,100 to $1,900. However, the altcoin has since recovered and reached the price of $2,092.03 – an increase of 9.32 percent within a week.

The departure of billions of dollars in Ethereum from the exchanges is seen as a positive signal. It indicates that investors do not plan to sell their ETH in the short term, resulting in an all-time low in supply. Such a low offer could lay the foundation for an upcoming price rally.

Whales are massively buying ETH

In early March, whales began buying Ethereum in large quantities. According to reports, around 1.1 million ETH, worth around $2.4 billion, were acquired within 48 hours. In addition, the number of ETH whales has increased: According to data from Glassnode, the number of wallets holding at least $100,000 in ETH increased from just over 70,000 on March 10 to over 75,000 on March 22.

What is particularly worth noting is that smaller whales holding between 10,000 and 100,000 ETH are actively accumulating Ether. According to Nansen analyst Nicolai Sondergaard, these wallets have almost exclusively purchased ETH. Analysts predict that the massive buying by whales indicates that the market is still in the accumulation phase, and some even predict that a price record of $7,000 could be within reach.

Price marks and resistance levels

Several analysts have identified key price points and potential resistance levels. Rekt Capital, a well-known crypto analyst, highlights that Ethereum needs to recapture the “macro range” of $2,200 to $3,900 to initiate a real recovery. AltCryptGems' Sjuul sees $2,100 as the next hurdle and identifies $2,800 as a key resistance zone.

Overall, current developments in the Ethereum market show that both supply and buying interest are increasing. This suggests that a bull market could be on the horizon, making both investors and analysts optimistic.