Ethereum Approaches $4,300 Amid Whale Accumulation and Corporate Investments
Ethereum's Recent Performance and Future Prospects
- Ethereum is approaching the $4,300 mark with a 2.2% daily gain as of September 30, currently trading at about $4,190.
- Q3 concluded with Ethereum achieving a 68% return. A similar past performance in 2020 led to a 104% surge in Q4.
- If these patterns repeat, Ethereum could exceed $8,000 by year-end.
- On September 25, Ethereum's price dipped to $3,850 but quickly rebounded. Negative funding rates were noted, often indicating market lows.
- Funding rates are now turning positive, suggesting a potential breakout, according to CryptoQuant.
Whale Activity and Institutional Moves
- Large investors continue to accumulate Ethereum. On September 30, a wallet linked to BitMine acquired 25,369 ETH worth approximately $106.7 million.
- BitMine’s Ethereum holdings have surpassed 2.65 million tokens.
- Another wallet withdrew 4,985 ETH valued at about $21 million from OKX on the same day.
- Bit Digital plans to raise $100 million through convertible senior notes, primarily for Ethereum purchases.
- Market analyst Donald Dean predicts a near-term target of $5,766, identifying $4,300 as a critical level for further price increases.
If bullish trends continue, Ethereum may soon test new highs, indicating a strong finish for 2025.