Ethereum Surges 14.5% as Big Wallets Snap Up ETH!

Analysis

August 9, 2024 9:36 PM

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.

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.

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.

Market Recovery Spurs Ethereum's Rise

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

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

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

Accumulation by Key Ethereum Addresses

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

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

Analysts Predict Further Buying Opportunities

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.

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

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