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Click on the link to enter Tencent Meeting: https://meeting.tencent.com/p/9850662513 A rare scene occurred in the market: Whale addresses and institutional investors swept 218800 ETH worth up to $943 million in just two days. At the same time, another whale holding $11 billion in Bitcoin has also cumulatively purchased $4 billion worth of Ethereum. Despite such a huge influx of funds, the price of ETH still hovers around $4300, down about 7% from early September, creating a clear contradiction of "whale frenzy and price stagnation". 01 Whale accumulates crazily, market response is cold Recently, large investors have shown unprecedented enthusiasm for purchasing Ethereum. According to data from Lookonchain, Giant Whales and institutions have purchased 218800 ETH worth approximately $943 million in the past two days. Among them, BitMine purchased 69603 ETH worth approximately $300 million from BitGo and Galaxy Digital; Five newly built wallets purchased 102455 ETH worth approximately $442 million from FalconX. Moreover, another mysterious super whale is quietly transferring huge amounts of funds from Bitcoin to Ethereum. This whale, which holds over $11 billion worth of Bitcoin, has accumulated 886371 Ethereum holdings with a total market value exceeding $4 billion. 02 Multiple factors suppress, making it difficult for prices to take off Despite strong institutional buying, the ETH price failed to break through the trading range of $4300-4500. This is mainly caused by three factors. Seasonal fluctuations are the primary factor. In history, September has often been a month of weak cryptocurrency performance. Bitcoin has closed down in September for eight out of the past decade, and this seasonal effect has also affected Ethereum. The expiration of a large number of options has exacerbated market volatility. Recently, over $1.38 billion worth of Bitcoin options and $128 million worth of Ethereum options have expired, which typically brings additional price pressure to the market. Macro uncertainty also plays a crucial role. The uncertainty of the Federal Reserve's interest rate policy has led investors to remain cautious about risky assets, suppressing price increases. 03 Institutions are optimistic in the long term and cautious in the short term Despite the weak short-term price performance, institutional investors remain optimistic about Ethereum's long-term prospects. We are seeing institutional investors gradually expanding their allocation focus from Bitcoin to other mainstream cryptocurrency assets, "said Iliya Kalchev, Chief Analyst at Nexo Multiple institutions have provided optimistic price forecasts. Standard Commercial Bank recently raised its year-end target price for Ethereum to $7500. Other institutions, including Global X, also predict that Ethereum may reach $7500 in the next year. On chain data also supports a long-term bullish view. Data shows that over 70% of Ethereum supply is locked in collateral or long-term holdings, creating a structural shortage and laying the foundation for a long-term bull market. 04 Technical key positions determine future trends From a technical analysis perspective, Ethereum is currently in a critical position. Analysts are closely monitoring the performance of the $4200-4350 support zone. If Ethereum can hold onto this support zone and break through the resistance zone of $4800-5000, it may quickly move towards a target of $5500 or even higher. However, if it falls below the support of $4200, it may further test the $3800-4000 range. Therefore, the current price trend is crucial for the short - to medium-term trend of Ethereum. Despite the short-term stagnation of Ethereum prices, institutional funds continue to flow into Ethereum ETFs, with net purchases exceeding $1.8 billion in the past five days. Historical data shows that the weakness in September often lays the foundation for a strong rebound in the fourth quarter. The seasonal trend of the "October rebound" in the cryptocurrency market may be brewing. The whales clearly see the value of beyond short-term fluctuations and are taking advantage of market hesitation to accumulate positions in preparation for the next wave of gains. Operation suggestion: BTC 110550 long first target watch 111560 second target watch 112850 ETH 4295 long first target to watch 4355 second target to watch 4395 Join the language community communication group to obtain more services 1. Real time troubleshooting (online one-on-one question answering and sorting) 2. Professional technical analysis and theoretical learning 3. Construction and improvement of trading system- 4. Live streaming courses every day, contract termination, real-time order making, to help you successfully land! Every day, there are teachers in the group who provide precise positioning to answer questions and offer free guidance. Tencent Meeting Live: 985-066-2513 DingTalk Group Number: 120320009032 Disclaimer: The above content only represents the author's personal opinion and is intended to assist investors in understanding information related to the capital market. It does not constitute any investment advice and does not represent the position or viewpoint of AiCoin. The market is risky and investments should be made with caution.
