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Amid the current developments surrounding the potential chances of a spot Ethereum ETF approval, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum (ETH) price</a> rallied more than 30% in the last 2 days shooting all the way past $3,800 levels. On-chain data shows that this is the most bullish crowd sentiment in Ethereum since last September 2023.
<h3 id="ethereum-whale-participation-pending">Ethereum Whale Participation Pending</h3>
On-chain data provider Santiment reveals that the number of small Ethereum wallets, holding 10 or fewer ETH, has reached an all-time high of 121.74 million. In contrast, “smart money” wallets, holding between 10 and 10,000 ETH, have decreased by 5.8% over the past year, while large whale wallets, with over 10,000 ETH, have declined by 10.6%.
<figure id="attachment_198089" aria-describedby="caption-attachment-198089" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-198089" src="https://coingape.com/wp-content/uploads/2024/05/Ethereum-Small-wallet.jpeg" alt="" width="2502" height="1807" srcset="https://coingape.com/wp-content/uploads/2024/05/Ethereum-Small-wallet.jpeg 2502w, https://coingape.com/wp-content/uploads/2024/05/Ethereum-Small-wallet-300x217.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/Ethereum-Small-wallet-1224x884.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/Ethereum-Small-wallet-768x555.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/Ethereum-Small-wallet-1536x1109.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/Ethereum-Small-wallet-2048x1479.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/Ethereum-Small-wallet-150x108.jpeg 150w" sizes="(max-width: 2502px) 100vw, 2502px">
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 Courtesy: <a rel="noopener noreferrer nofollow" href="https://x.com/santimentfeed/status/1793018762125574388/photo/1" target="_blank">Santiment</a>
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This clearly shows that big players have yet to participate in this market rally. If so, it could easily lead to an <a href="https://coingape.com/ethereum-eth-price-eyes-4000-as-odds-of-spot-ether-etf-improve/" target="_blank" rel="noopener noreferrer nofollow">ETH price surge above $4,000</a> thus targeting new all-time highs further.
The recent Ethereum price rally is primarily driven by anticipation of an <a href="https://coingape.com/spot-ethereum-etf-when-is-launch-timeline-if-sec-gives-approval/" target="_blank" rel="noopener noreferrer nofollow">Ethereum ETF approval</a> and significant spot buying activity on Coinbase. While some of the big players like Standard Chartered expect the approval to come by this week, other market analysts believe that it will take a few more weeks for the approval.
<h3 id="eth-price-action-ahead">ETH Price Action Ahead</h3>
As of press time, Ethereum is trading at $3,758 with a market cap of $452 billion. Ethereum’s price is approaching high-time-frame resistance at $3850-$4050. Despite higher demand for Bitcoin, its price dropped following the ETF news., noted popular analyst CryptoAceBull.
Similarly, while the Ethereum ETF approval would be positive in the long term, potentially driving ETH to $12k within a year or two, short-term predictions indicate a possible rejection in this resistance zone, with a potential test at $3600. Consolidation around $3900-$4000 could push ETH to a new all-time high.
<figure id="attachment_198090" aria-describedby="caption-attachment-198090" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-198090" src="https://coingape.com/wp-content/uploads/2024/05/ETHUSDT-1.jpeg" alt="" width="1776" height="755" srcset="https://coingape.com/wp-content/uploads/2024/05/ETHUSDT-1.jpeg 1776w, https://coingape.com/wp-content/uploads/2024/05/ETHUSDT-1-300x128.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/ETHUSDT-1-1224x520.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/ETHUSDT-1-768x326.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/ETHUSDT-1-1536x653.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/ETHUSDT-1-1030x438.jpeg 1030w, https://coingape.com/wp-content/uploads/2024/05/ETHUSDT-1-150x64.jpeg 150w" sizes="(max-width: 1776px) 100vw, 1776px">
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 Courtesy: <a rel="noopener noreferrer nofollow" href="https://x.com/CryptoAceBull/status/1793133529162797506/photo/1" target="_blank">CryptoAceBull</a>
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the analyst also added that the ETH/BTC pair is nearing its previous consolidation level. If it holds above 0.055, altcoins could perform well in the short term. However, a rejection at this level could trigger a short-term downtrend for altcoins. The analyst predicts that ETH/BTC will bottom out in Q2, potentially leading to a significant move in Q3 and Q4.
<img decoding="async" class="aligncenter size-full wp-image-198091" src="https://coingape.com/wp-content/uploads/2024/05/ETHBTC.png" alt="" width="1778" height="750" srcset="https://coingape.com/wp-content/uploads/2024/05/ETHBTC.png 1778w, https://coingape.com/wp-content/uploads/2024/05/ETHBTC-300x127.png 300w, https://coingape.com/wp-content/uploads/2024/05/ETHBTC-1224x516.png 1224w, https://coingape.com/wp-content/uploads/2024/05/ETHBTC-768x324.png 768w, https://coingape.com/wp-content/uploads/2024/05/ETHBTC-1536x648.png 1536w, https://coingape.com/wp-content/uploads/2024/05/ETHBTC-150x63.png 150w" sizes="(max-width: 1778px) 100vw, 1778px">
Ethereum co-founder Joe Lubin, who’s also the founder of crypto infrastructure firm ConsenSys stated that an approval of spot Ether ETF could lead to a “floodgate” of demand for Ethereum. “There’s going to be a pretty large amount of natural, pent-up pressure to purchase Ether” through the ETFs, he said while speaking to <a rel="noopener noreferrer nofollow" href="https://www.dlnews.com/articles/markets/ethereum-co-founder-on-why-the-etfs-will-create-a-supply-crunch" target="_blank">DLNews</a>.
The post <a href="https://coingape.com/ethereum-whales-have-yet-to-participate-in-eth-price-rally-further-upside-possible/" rel="noopener noreferrer nofollow">Ethereum Whales Missing In ETH Price Rally, Further Upside Possible?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum Whales Missing In ETH Price Rally, Further Upside Possible?

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