In response to rising geopolitical tensions between Israel and Iran, Ethereum prices dipped temporarily below $2,500 on Friday. The altcoin has since recovered slightly, trading around $2,567, though it remains considerably below the weekly peak of $2,871. Amid these fluctuations, blockchain analytics firm Santiment has published a positive report suggesting a bullish outlook for Ethereum (ETH).
According to Santiment’s findings shared on June 14, holdings among Ethereum whales—investors possessing between 1,000 and 100,000 ETH—have surged by 3.72% over the past month. The analytics company reported that these large investors have collectively acquired 1.49 million ETH, valued at approximately $38.26 million, which has significantly boosted their overall holdings.
Typically, increased accumulation by whales is viewed as a bullish indicator, signaling strong potential for long-term price appreciation. Consequently, the recent whale activity may spark significant retail investment, potentially leading to a price rally for Ethereum. Despite this, CoinMarketCap data reveals that the altcoin has experienced a 2.38% decline over the past month, with its price fluctuating between $2,400 and $2,800, reflecting market indecision amidst external pressures.
Currently, Ethereum is trading at $2,536, having gained 1.18% in the past 24 hours. Over the week, the altcoin has increased by 3.82%, following a brief rise above $2,800. CoinCodex data indicates a generally bullish market sentiment for Ethereum, with the Greed & Fear Index at 61, suggesting a tendency towards greed among investors.
Looking ahead, CoinCodex anticipates that Ethereum will continue its range-bound movement in the near term, projecting values of $2,825.11 in five days and $2,767 in one month. Their long-term forecast indicates a more optimistic price target of $4,269.40 within the next three months. With a market capitalization of $309.46 billion, Ethereum remains the second-largest cryptocurrency, holding a market dominance of 9.4%.
