In keeping with the current crypto market trends, Ethereum’s prices experienced a momentary dip below $2,500 on Friday, a result of rising geopolitical tensions between Israel and Iran. Despite a minor recovery, the prominent altcoin trades around $2,567, still notably off the week’s high of $2,871.
Amid these developments, the world-renowned blockchain analytics firm, Santiment, released an optimistic report suggesting a bullish future for Ethereum (ETH).
On June 14, Santiment shared valuable insights into the behavior of Ethereum whales. The firm reported a significant increase in holdings over the past month for the 6,392 investors holding between 1,000 and 100,000 ETH, in contrast to retail investors. Backing this claim with data, Santiment highlighted that these Ethereum whales have added 1.49 million ETH to their holdings in just 30 days, a whopping increase of 3.72%.
Typically, such whale accumulations are interpreted as bullish signs, demonstrating strong potential for long-term price appreciation. Consequently, this recent whale activity in Ethereum could trigger substantial retail investment, leading to a potential price rally.
Interestingly, despite a 2.38% decrease over the past month, Ethereum whales have been accumulating during this period of market uncertainty, indicating a high level of investor confidence.
At the time of writing, Ethereum trades at $2,536, showing a price increase of 1.18% in the past day. Furthermore, the altcoin has risen by 3.82% on its weekly chart, even touching above $2,800 briefly. CoinCodex data reflects a bullish market sentiment for Ethereum, with the Greed & Fear Index standing at 61 (Greed).
Projections from the CoinCodex team indicate Ethereum may maintain its current range, with predictions reaching $2,825.11 in five days and $2,767 in a month. Their long-term forecasts allude to a bullish future, predicting a possible price of $4,269.40 in the next three months.
With a market cap of $309.46, Ethereum remains the second-largest cryptocurrency, commanding a market dominance of 9.4%.
