Ethereum Whale Bags $11M Coins Sparking Hopes for ETH Price Rally to $8k

ETH price has slipped today amid a broader crypto market downturn but held its $2.6k support. However, as the second-largest crypto stayed in the red, it appears that the Ethereum whales are putting their bets into the asset, reflecting their confidence in the long-term potential of the asset.

Amid this, a renowned market expert recently said that despite the recent downturn, Ethereum could rally to $8k. Adding to optimism, he also hinted towards a potential surge to $10k, if the Ether bulls continue to dominate.

Ethereum Whale Buys $10M ETH Sparking Optimism

Ethereum whale appears to be betting high on ETH, as evidenced by the recent developments in the ETH market. The latest report from the on-chain analytics platform Lookonchain showed that a prominent Ethereum whale has made a significant move, purchasing 4,150 ETH worth approximately $10.72 million from Kraken.

This robust investment has bolstered sentiment among traders and analysts, who view it as a vote of confidence in Ethereum’s potential for growth. As market sentiment remains cautious, as evidenced by the recent gloomy trading, this newly created wallet’s bet on ETH may signal a bullish trend ahead.

Meanwhile, renowned market expert Ali Martinez also highlighted a similar trend, which has caught the eyes of the traders. According to the expert, “some of the biggest whales” on the ETH network have added more than 1 million Ethereum to their holdings this week.

These massive bets signal that the traders are putting their bets into the asset. Besides, the analysts have also sparked speculations with their recent predictions over a breakout ahead for ETH price.

Can ETH Price Hit $8k?

Despite the recent downturn momentum recorded in ETH price, market pundits have shared bullish outlooks on the crypto. For context, in a recent X post, analyst Carl Moon said that Ethereum could be gearing up for a rally to $8,000 this cycle. He noted that ETH price is likely to “go parabolic this cycle,” driven by renewed investors’ confidence.

He even urged investors to put their bets into Ethereum, predicting even a surge to $10k ahead. These predictions, amid the recent Ethereum whale bets, have sparked optimism among the market participants.

Ethereum Price & Performance

ETH price today was down more than 2% and traded near $2,600 while its one-day volume fell 16% to $22.7 billion.

The crypto has hovered between $2,564 and $2,672 in the last 24 hours. Besides, Ethereum futures open interest also plunged 4%, reflecting the cautious sentiment of the traders.

However, despite the dip, Ethereum has added more than 1% over the last seven days, while witnessing a jump of over 47% in the monthly chart.

Having said that, analyst Crypto Rover said that the surge comes despite low interest from the retail traders.

Considering that, it appears that Ethereum price could be on the verge of a likely breakout, once the retail investors start flocking in. On the other hand, the US Spot Ethereum ETF inflow indicates that institutional interest is also high in the crypto.