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Ethereum (CRYPTO: ETH) traders remain undeterred by ETH’s lackluster price performance, citing bullish catalysts like the imminent approval of ETFs for trading.
What Happened: Prominent crypto analyst Lark Davis tweeted that a massive Ethereum supply shock is brewing, with supply on exchanges at an 8-year low.
Davis compared the dynamic to Bitcoin (CRYPTO: BTC) but unlike Bitcoin, Ethereum does not suffer from miner selling pressure. The analyst concluded that "ETH could look more attractive to the institutions and retail as it typically outperforms BTC once alt season picks up."
However, another trader sees Ethereum as a ticking bomb, saying, "sentiment is dead” and pointing out the “zero hype” around the launch of ETFs.
Also Read: Ethereum’s Bull Case: ‘$5,000+ In 2024, But It Won’t Be A Straight Road,’ Says Trader
Why It Matters: Crypto chart analyst Ali Martinez highlighted in his latest tweet that Ethereum whales are accumulating.
Another trader pointed out that since February 2024, Tron co-founder Justin Sun has purchased 362,751 ETH, worth $1.1 billion, at $3,047.
IntoTheBlock data notes a 4.2% increase in large transaction volume, while daily active addresses and exchanges netflows are down 2% and 233.6%, respectively. 75% of Ethereum holders are in profit at current prices.
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
