Ethereum Whales Stop Accumulating, Investors Eyeing Double Bottom Pattern

• Ethereum whales have shifted from accumulation to redistribution since early July, signaling a change in market behavior.
• A double bottom pattern forming in ETH charts suggests a potential price reversal, attracting traders attention.

Ethereum has been in the spotlight in recent months, with substantial changes in both its price and market sentiment. Ali Martinez, an on-chain analyst, has identified a crucial shift in the behavior of Ethereum whales.

According to his analysis, these significant investors ceased buying Ethereum (ETH) in early July. Since then, instead of keeping onto their assets, they have sold or redistributed them. This pattern has alarmed investors, as whale behavior is sometimes viewed as a signal of broader market swings.

#Ethereum whales stopped accumulating $ETH in early July. Since then, they've been selling or redistributing their #ETH holdings. pic.twitter.com/ySmQLL7JCD

— Ali (@ali_charts) September 8, 2024

Chart Signals Suggest Ethereum Could Be Poised for a Bullish Reversal 

In addition, well-known chartist Trader Tardigrade has identified a possible bullish pattern emerging in Ethereum’s price action. He stated that Ethereum is developing a double bottom pattern, which is a reliable chart indication indicating a likely price turnaround.

As Tardigrade explained, this pattern could imply that Ethereum is about to have a large upward rise, pushing traders and investors to monitor the market closely. With Ethereum’s recent performance, there is considerable speculation about a possible price increase.

Meanwhile, CNF earlier noted that despite Ethereum’s huge downturn, it still has long-term bullish potential. This outlook follows the current market correction affecting cryptocurrencies. According to analyst Alan Santana, Ethereum might reach $10,000 if the current slump has stabilized.

His prediction has spurred hope among long-term investors who believe Ethereum has the potential for long-term growth in the decentralized finance (DeFi) industry.

As of this writing, Ethereum is trading at $2,324.12, up 1.47% over the last 24 hours. This hike is accompanied by a 30% increase in daily trade volume, which has grown to $12.37 billion.

However, Ethereum’s performance in the ETF market is still uneven. According to Sosovalue, Ethereum’s spot ETF saw a total net outflow of $5.984 million on September 6. As we previously reported, Ethereum ETFs continue to have liquidity issues, with a 20% fall in market depth in the United States.