ETH price still on track for $4K even as Bitcoin, altcoins sell-off
Main Idea
Despite a market sell-off, Ethereum (ETH) remains on track to potentially reach $4K, supported by strong whale accumulation and technical indicators.
Key Points
1. Over 540,000 ETH have been accumulated by new whale wallets since July 9, signaling strong investor confidence.
2. ETH continues to trade above the $3,500 support level, maintaining its bullish structure.
3. A confirmed breakout above $3,750 could push ETH to $4,000, while losing $3,500 may invalidate the bullish setup.
4. ETH has a record 245,000 ETH in buy orders on perpetual futures books, mostly between $3,000 and $3,400, indicating potential short-term volatility.
5. Strategic corporations have nearly doubled their ETH holdings, rising to 2.3 million from 1.2 million in four weeks.
Description
Data shows the market still favors ETH even after Bitcoin’s sharp sell-off to $115,000.
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