The ETH price underwent a massive rally through 2021, reaching levels very close to $5,000. Since then, it has actively witnessed an extremely bearish trend reaching a low below $2000. However. The second-largest cryptocurrency is expected to experience quite a rally in the coming days as the whales have already entered the ring.
ETH 2.0 merger is on the way, which is believed to be a breakthrough in the history of the asset, which could have a major impact on the ETH price. In addition, new data has surfaced indicating that a huge step can be awaited in the coming days. According to Santiment’s data, the ETH whales have largely accumulated assets over the past year.
Nearly 10 top Ethereum whales now own 4.3% of the entire supply of ETH tokens that they have been doing for a long time. Additionally, 23.7% of the ETH held by these wallets crossed ATH levels a few months ago and is currently very close to the 5-year high. This could indicate an immense whaling action that is fast approaching, such as a huge swing in the ETH price that can be expected very soon, regardless of the direction.
In the event that the whales turn negative, Ethereum price levels could drop to $1100, as previously reported by Coinpedia. Or else, if the whales are more interested in raising the price above the current healthy consolidation, then $10,000 could be the levels as predicted by a popular analyst†