Significant Ethereum (ETH) Transactions by Whales Over Last 48 Hours Revealed by Industry Expert
In a recent prediction shared with CNBC, Tom Lee, the chairman of BitMine and co-founder of Fundstrat, expects Ethereum to skyrocket within the next three months. Lee, who is known for his bullish cryptocurrency forecasts, believes that Ethereum can "make a monster move" and reach a value of around $5,500.
This prediction is based on the upcoming interest rate reduction to be announced by Federal Reserve Chairman Jerome Powell today, according to Lee. The reduction is expected to be the main trigger for Ethereum's predicted rise.
Earlier today, Ethereum reached a high of $4,548, but prior to this, it was at a local peak of $4,757. However, the rapid decline in whale holdings of Ethereum coincided with a 6.53% price drop in Ethereum, with over the past two days, large cryptocurrency whales selling nearly half a billion dollars worth of Ethereum. The whales selling Ethereum were wallets holding between 10,000 and 1,000 ETH, and it is believed that they did so to lock in their profits as the price was going down.
It is important to note that the financial and market information provided in this article is for informational purposes only and U.Today is not liable for any financial losses incurred while trading cryptocurrencies. It is recommended to conduct your own research by contacting financial experts before making any investment decisions.
At the time of writing, Ethereum has rebounded by 1.42% and is currently trading at $4,510. Tom Lee's prediction does not include a minimum price jump for Ethereum before mid-October.
Lee's prediction is based on the long-term trends he sees in Ethereum, such as stablecoin growth and the tokenization of real assets. He expects Ethereum to enter a supercycle lasting 10 to 15 years, during which he predicts Ethereum's value to continue increasing long-term.
The chart shared by crypto trader and analyst Ali Martinez, known on the X social media platform as @ali_charts, supports Lee's prediction. The chart was provided by the on-chain data company Santiment.
In conclusion, Tom Lee's prediction of Ethereum reaching $5,500 by mid-October is based on the upcoming interest rate reduction and the long-term trends in Ethereum. It is important to conduct your own research and consult with financial experts before making any investment decisions.
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