Ethereum Price Breakout Imminent as Whales Keep Buying
The Ethereum price has been steadily increasing in recent weeks, gaining almost 9% in September. This is notable because the month of September is typically one of the weakest periods for the cryptocurrency.
Many analysts and market observers believe that Ethereum is on the verge of a major breakout, with strong institutional demand and recent whale activity supporting this view. As of this writing, ETH is worth just over $2,700, with a market capitalization of almost $330 billion.
User Gerla claimed that the asset's price chart has started looking 'dangerous' for bears and outlined $2,650-$2,900 as the key zone. Clearing this range could lead to significant price growth, with some analysts predicting a target of $4,800-$5,200.
A mysterious trader has also made large bets on Ethereum's future price, opening a $99 long position in ETH with 25x leverage and maintaining a stunning 100% win rate. The growing institutional appetite for Ethereum is another positive factor, with cumulative total net inflows into spot ETH ETFs surging to almost $14 billion.