Ethereum Surges 14.5% as Big Wallets Snap Up ETH!

In Brief:

Ethereum's price surged 14.5% on Aug. 8, marking its second-best day of 2024 as big wallets accumulated ETH.

Despite the rally, Ethereum faces resistance and potential consolidation, with analysts predicting further buying opportunities.

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Ethereum Price Surges as Big Wallets Accumulate

Ethereum experienced a significant price increase of 14.5% on August 8, marking its second-best day of 2024.

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This surge came as large holders accumulated ETH, driving the price upward. Prior to this, Ether had briefly dipped to $2,111 on August 5, giving away most of its yearly gains. The ETH/BTC trading pair also showed weakness, hitting a 1,211-day low.

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Market Recovery Spurs Ethereum's Rise

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The broader market recovery played a key role in Ethereum's price rebound.

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Bitcoin rallied 12% over the past 24 hours, and Ethereum followed closely due to their high correlation.

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Analytics platform Santiment noted that after Monday's decline, the market's focus shifted to Bitcoin and Ethereum, presenting ETH as a buying opportunity.

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Accumulation by Key Ethereum Addresses

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On-chain data revealed that Ethereum accumulation addresses, holding between 10-100K ETH, have increased their holdings since July.

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After the recent dip, these addresses added a total of 757K ETH. This accumulation by large holders contributed to the price recovery.

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Analysts Predict Further Buying Opportunities

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Despite the recent price jump, analysts expect Ethereum to consolidate and possibly retest support levels. CrediBULL Crypto suggests that a minor correction in Bitcoin could lead to a more significant drop in Ethereum.

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However, CryptoPoseidonn sees this as an opportunity for investors, predicting more chances to buy ETH in the coming months.