Ethereum Price Prediction as Mysterious Wallet Buys Up 29,000 ETH – Bullish Signal?
The Ethereum (ETH) price is picking up on Wednesday amid a broader rally across crypto and traditional asset markets following US CPI data, with some traders focusing on a mysterious wallet that just scooped up 29,000 ETH, and some are interpreting as a bullish signal.
According to various blockchain trackers, a new wallet has accumulated almost 29,000 ETH in the last 24 hours.
Traders closely monitor activity amongst crypto whales, because these big market players are often viewed as smart money.
That is to say, it is assumed that the sophisticated players moving big funds may have a market edge.
Traders will thus be hoping that this most recent accumulation by a mysterious new wallet could be a bottom signal.
The Ethereum price had been probing multi-month low support un the $2,800s in recent days.
A break below this key support zone could have opened the door to a run lower towards $2,700 and below.
But the mysterious new ETH whale maybe have timed the market perfectly.
The Ethereum price is up close to 5% and back above $3,000 on Wednesday as traders digest US CPI data.
Decent CPI reading –
US CPI (MoM – Apr): 0.3% vs. 0.4% exp. (prior 0.4%) Core (MoM): 0.3% vs. 0.3% exp. (prior 0.4%)
Growth stocks are like coiled springs, QT-taper and rate cuts later this year likely to trigger big rally.
— Puru Saxena (@saxena_puru) May 15, 2024
After inflation worried investors after rising in the first quarter of 2024, the latest data has eased fears that the Fed won’t be able to cut interest rates in 2024.
If data in the coming weeks continues to point towards renewed disinflation, macro could now be a tailwind.
That could suggest that the recent Ethereum price bottom under $3,000 could be a local low.
Its too early for the Ethereum bulls to
