For the first time since August 2022, the price of ETH momentarily recaptured $1,900. According to on-chain statistics, whale investors have frantically bought Ethereum in anticipation of the Shappela network update. Next up, $2,000 in ETH?
The Shappela update, due on April 12, is anticipated by the Ethereum community worldwide. Large investors take advantage of the unfavorable social climate to amass ETH and anticipate a prospective price increase.
Despite the rise in the price of Ethereum, social sentiment is still negative.
Despite regaining an 8-month high, Ethereum's reputation has mainly remained negative. When 13 million ETH are released from the stake on April 12 following the completion of the ETH2.0 transition, bearish speculators predict that the price of ETH will plunge.
Sentiment, a blockchain analytics platform, reports that the Ethereum Net Weighted Sentiment has been negative since February. The ETH-weighted sentiment dropped from 7.21 on February 12 to -0.19 as of April 7. Prices for Ethereum (ETH) and weighted sentiment in April 2023. from Sentiment
The ratio of critical to favorable mentions of an asset throughout pertinent social media is compared via Weighted Sentiment. Investors may view a continuous trend below zero, as seen above, as the ideal moment to purchase the dip.
The whale investors' tendency to accumulate Ethereum further supports the bullish thesis.
The Sentiment figure below demonstrates how crypto whales with 100 million to 1 million coins began to buy when Weighted Sentiment started to move negatively. The whales increased their balances by 2.4 million ETH, or almost $4.4 billion, between February 12 and April 7. April 2023 Ethereum (ETH) Price vs. Whale Accumulation. from Sentiment
It is only a matter of time before the shark and other retail investors turn positive when the whales continue to amass coins over such a protracted period of time. When the present Fear, Uncertainty, and Doubt (FUD) subsides, an Ethereum price surge may result if the whale accumulation keeps on.
The whale accumulation may also encourage many ETH2.0 investors to stick to their investments rather than selling right away following a withdrawal in order to make more money.
Prediction for the Next $2,000 in ETH
The Global In/Out of Money chart from IntoTheBlock indicates that Ethereum's price may soon surpass $2,000 in value. The smallest obstacle for ETH is shown below by the 1.16 million addresses holding 1.3 million ETH on their way to $2,030. If ETH can overcome that obstacle, the price increase might reach $2,500. The 8 million addresses that had bought 26 million coins at this price, however, might go into a sell-off frenzy and drive down the price of Ethereum. Global In/Out of Money Chart for Ethereum (ETH), April 2023. From IntoTheBlock
Still, if the price of ETH drops below $1,780, the bears may win the day. The fact that 9.16 million coins were purchased by 4.17 million addresses at that price, however, makes this implausible. However, if that level of support is broken, the price of ETH might go as low as $1,630.
Disclaimer: We don,t provide any Investment advice.
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