Ethereum Poised for "Euphoric Run" as Whales Accumulate $135M in ETH Despite recent market volatility and a fluctuating price below the $4,000 mark, Ethereum (ETH) is drawing significant attention from major investors, often dubbed "whales." Analysts are pointing to signs that the second-largest cryptocurrency might be on the cusp of a substantial "price discovery rally," with some even forecasting an eventual climb to $8,000. This bullish sentiment is strongly backed by extensive whale accumulation, injecting millions into the ETH ecosystem.
Market Dynamics and Analyst Outlook
Ethereum has recently seen its price dip below $4,000, struggling to convert the $4,200 level into consistent support throughout October, even after a robust Q3 rally. This performance has occurred amidst broader market concerns influenced by the Federal Open Market Committee (FOMC) meeting and potential Federal Reserve interest rate adjustments. However, technical analysts remain optimistic. Daancrypto Trades identifies the $4,100 level as a crucial hurdle; a decisive break and hold above it could signal a strong bullish move towards new highs, while a rejection might send prices back to $3,800. Crypto Yoddha suggests that Ethereum is preparing for its "last euphoric run," drawing parallels to its 2021 performance where it achieved a massive price discovery after breaking a four-year consolidation pattern. Complementing this view, analyst Crypto Jelle highlighted a significant 18-month bullish megaphone formation on Ethereum's chart, which was successfully broken during the recent Q3 rally, further bolstering the case for an imminent upward trend. Analysts anticipate more volatility, likely fueled by Fed rate cut announcements, but the overall outlook remains distinctly positive.
Whale Accumulation Fuels Optimism
Adding substantial weight to these bullish predictions, large-scale investors have been actively accumulating Ethereum. Recent data indicates that whales have added an impressive 218,470 ETH to their holdings over the past week, signaling a gradual re-entry into the market by major players. This massive buying spree culminated in a single event where two newly created addresses collectively received 33,948 ETH, valued at an estimated $135 million, from digital asset prime brokerage FalconX. This significant acquisition is strongly linked to BitMine, reportedly the largest Ethereum-based treasury company. BitMine recently updated its holdings, revealing an astonishing portfolio now exceeding $14.2 billion. As of October 27, the company holds 3,313,069 ETH, along with 192 BTC and $305 million in unencumbered cash. This latest purchase pushes BitMine’s total ETH ownership to 2.75% of the cryptocurrency's entire supply, marking a 55% achievement toward its ambitious goal of owning 5% of Ethereum's total supply. Such substantial accumulation by institutional-grade entities underscores a deep-seated confidence in Ethereum's long-term value and future growth trajectory.
