Yesterday the price of Ethereum rebounded from its local minimum in the $2,850 area, driven by a wild shopping spree by a mysterious wallet which in less than 24 hours accumulated the beauty of 30,680 ETH, equal to a value of over 92 million dollars.
Purchases of this type by whales suggest important signals for the evolution of the price action of the crypto asset, which could now see highly bullish forecasts in the coming weeks.
Meanwhile, the macroeconomic landscape also appears to support risk-on assets, after yesterday’s CPI data indicated inflation in line with market expectations.
Let’s see all the details below.
Mysterious wallet buys 30,000 ETH and helps the crypto rebound from local lows
Yesterday, the market sentiment and short-term forecasts of Ethereum investors changed overnight, after the cryptocurrency has regained the fateful price level of $3,000, further strengthening the underlying support.
To have contributed to the rebound of the crypto, which closed the day with a +5.23%, we see the hand of a mysterious wallet that has amassed a fortune in ether.
The whale in question received 30,680 ETH in a completely new address, for a current value of $92.5 million.
Usually monitoring the money flows of these subjects and their traders can help to get an idea of which direction the market should take and how the price forecast of an asset evolves.
We don’t know who is behind the identity of the wallet, but thanks to the on-chain data we can easily see how another address that financed the loot made 7 separate transfers, each worth between $5 and $23 million in Ethereum.
These trades all occurred between May 13 and May 15, with the latest one processed just 15 hours ago, showing a strong bullish bias.
The timing of the whale was impeccable: in fact, in the last 3 days Ethereum has recorded one of its lowest values in the last 3 months, marking a bottom construct that could remain invalidated for a long time to come.
It is also very interesting to note that the wallet responsible for the transfers also holds a large quantity of coins for a total of 48 million dollarsi, divided between ETH, USDT and various altcoins.
Among the most significant alt holdings of this entity we see RDNR, IMX, GRT, UNI and LINK, for values ranging from 800,000 dollars to 1.8 million dollars.
It is curious that the same wallet yesterday, while moving 30,650 ETH to a new address, also carried out a transfer of 1.4 billion STRK equal to 1.7 million dollars for the price of another address, also fresh of age.
In addition to these 2 wallets connected to each other, other whales also took advantage of yesterday’s discounts to make purchases on the cryptocurrency market.
In fact, as “Whale Alert” reports, a user moved approximately another 30,800 ETH from an unknown address to the Coinbase Institutional account.
Meanwhile, another person has accumulated around 10,000 ETH from Bitstamp, worth $29 million.
Macro data and Ethereum price forecasts: bullish restart on the horizon after wallet expenses?
It is important to underline that in addition to significant purchases of mysterious wallets, the price of Ethereum was driven by macro events that strengthened the short and medium term forecasts of the asset.
In particular, in fact, yesterday the data came out “United States Consumer Price Index” (CPI), which measures the trend in consumer prices in the United States according to estimates by the Bureau of Labor Statistics.
As reported, the index marks a value of 3.4% in line with investor expectations, suggesting a possible reversal of the type of monetary policy adopted by the FED so far, with the chances of a first rate cut by September increasing significantly.
With inflation “under control” in fact, it is more likely that the FED will move towards a more expansionary monetary policywhich can act as fuel for speculative markets such as stocks or cryptocurrencies.
At the same time, however, there are those who, like the founder of “3FResearch” Warren Pies is not convinced of the US central bank’s change of perspective and is reluctant to believe that the burden of inflation is on the verge of disappearing.
As the researcher points out, in fact, car insurance and housing inflation represented approximately 78% of the core CPI, therefore it does not provide a general analysis framework.
According to his forecasts, disinflation is not on the wayso speculative markets will continue to bleed for a while longer.
Returning to the analysis of Ethereum prices, we can see how yesterday’s movement seems to have established the fformation of a solid local minimumwhere the bears have tried to break in 4 times in the last 30 days, without however managing to break down the barrier of acquisitions.
However, despite yesterday’s excellent performance, prices still remain below the 50-period exponential moving average on a daily time frame, signaling that control of the situation is still in the hands of shortists.
The volumes are not strongly encouraging and the RSI remains in neutral territory.
The slightly rising open interest to 8.3 billion dollars bodes well for a bullish restart in the short term, while the futures funding rate in the positive zone still supports the bulls’ operations.
At the moment we cannot confirm with certainty that the low of this quarterly cycle has just been reached, nor that Ethereum will immediately start pushing towards new highs from now on.
The price outlook and the macro scenario seem to have significantly improved, but the road still hides some uncertainty. The approval of the Ethereum spot ETF could be what is needed to support a rally in the crypto and outperforming Bitcoin.
For now without considering the ETF factor, based on what has been analyzed we can go so far as to give bullish forecasts between now and the next few months with Ethereum likely to regain $4,000unless the overall market landscape changes
