On June 15, 2024, Ethereum (ETH) saw significant accumulation by wealthy investors, fueling bullish predictions. This activity suggests a potential for substantial price increases in the near future.
The net position change of Ethereum wallets holding between 1,000 and 10,000 ETH increased by over 818,410 ETH, equivalent to approximately $2.5 billion, marking the highest daily inflow for this cohort in over six years. These addresses collectively held more than 16 million ETH on June 15, compared to 11.87 million ETH almost a year ago.
Institutional demand for ETH is also surging, with ETH-focused funds attracting $583 million in the week ending June 13. Year-to-date net inflows to these funds reached $2.28 billion. The price of ETH has risen 90% in the past two months, driven by optimism surrounding Ethereum's Pectra upgrade and the restructuring of its foundation's core team.
Analysts, such as Milkybull Crypto, are optimistic, drawing parallels to the 2016-2017 period. They anticipate ETH to reach a short-term target of around $4,000, aligning with the upper trendline of its current consolidation channel. Milkybull Crypto has also suggested that a $10,000 ETH price target "cannot be ruled out."