According to a recent analysis by the crypto research firm Santiment, the recent surge in activity by Ethereum whales could be a sign that a bull run is on the horizon for the cryptocurrency market.
Whale Activity on the Rise
The analysis found that the number of Ethereum whales holding between 10,000 and 100,000 ETH has increased significantly in recent months. This suggests that these large investors are accumulating ETH in anticipation of a price increase.
Increased Whale Transactions
In addition to the increase in holdings, the analysis also found that the number of whale transactions has also increased. This suggests that these investors are becoming more active in the market, which could further drive up the price of ETH.
Technical Indicators Flashing Bullish Signals
The analysis also found that several technical indicators are flashing bullish signals for ETH. These indicators include the Relative Strength Index (RSI), which is currently at a level that suggests that ETH is oversold.
Overall Bullish Outlook
The analysis by Santiment suggests that there are several factors that could lead to a bull run for ETH in the near future. These factors include the increase in whale activity, the increase in whale transactions, and the bullish technical indicators.
June 2024, Cryptoniteuae