- On July 23, Ethereum ETFs recorded $332.2M in net inflows, nearly 4x more than Bitcoin’s $86.8M.
- A whale has withdrawn 15,100 ETH (~$54M) from Kraken over the past 9 days.
- With RSI neutral and MACD signaling a bullish crossover, ETH could test $4,951 soon and soar to $13,000.
Ethereum price has risen 2.7% in the last 24 hours to trade at $3,691 as of 12:40 p.m. EST on a 14% surge in trading volume to $50 billion. Meanwhile, the amount of ETH on exchanges is dropping fast as whale investors horde Ether. Is a price spike imminent?
Ethereum Price Dips 1.4% As Whale Accumulates 15,000 ETH
Data from Onchain Lens indicates that a whale has withdrawn over 15,000 ETH, valued at approximately $54 million, from Kraken in the last nine days. The whale withdrew 2,672 ETH, worth $9.87 million, on July 23, and 2,759 ETH, worth $9.84 million today, bringing the total Ether withdrawn to 5,431 ETH.
Additionally, Ethereum ETFs recorded $332.2 million net inflows on July 23, far surpassing Bitcoin’s $86.8 million. The rise in ETF volume coincides with aggressive accumulation by whales, which could be the reason why the Ethereum price is skyrocketing.
Analysts are speculating that sustained inflows might trigger a breakout, especially with a bullish chart pattern, which could send ETH to the $4,951.83 previous ATH resistance. If it succeeds, Ether could reach $13,000 by the end of Q4 2025.
Ethereum Price Prediction — Can ETH Hit $13,000 in 2025?
The ETH/USD weekly timeframe chart displays a solid uptrend since the 2020 dip, with the price currently hovering around $3,641.33, having risen for 10 consecutive days.
The RSI sits at 57.72, sitting in neutral territory, so there is room to run. The MACD indicates a potential bullish crossover, suggesting momentum may be building. Those pink shaded zones represent Fibonacci retracement levels, and currently, the ETH price is testing the 0 level ($4,951) with a potential target near $13,455 if this trend continues.
However, it’s not all green candles. Although the volume is up 14%, which is a positive development, data from Coinalyze shows the Ether Open Interest (OI) dropped 0.09 in the last 24 hours. The drop in OI suggests some profit-taking.
If bears step in, support around $2,191.20 could get tested. The MACD’s bullish signal is not invincible and could turn into a bearish reversal if momentum fades. Still, with Ethereum’s staking upgrades and layer-2 scaling, the fundamentals are stacked.
Looking ahead, if ETF inflows continue to surge, ETH could rally to $5,500 by the end of Q3, with a slight outside chance of reaching $7,000 if FOMO (fear of missing out) kicks in.
In the short term, expect some chop around $4,000-$4,200 as traders lock in gains. Long-term, Q4 2024 could bring $10,000-$13,500 if adoption increases significantly.
The chart indicates that ETH is in a favorable position, and the ETF hype is fueling the momentum. Keep an eye on volume and RSI for overbought warnings.
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