Ethereum whales drive $188 million surge

Ethereum (CRYPTO:ETH) whales have accumulated 51,450 ETH worth approximately $188 million over just two days, suggesting a strong bullish trend, according to on-chain data.  

Ethereum's large holders’ netflow surged from 28,680 ETH on November 29 to 80,130 ETH, signaling a positive buying trend.  

Netflow measures the difference between coins accumulated and sold by whales.

A positive netflow indicates a bullish sentiment, while a negative one suggests selling pressure.  

Data from CryptoQuant shows that the Coinbase Premium Index has turned positive, highlighting increased buying pressure from U.S. investors.  

The index tracks the difference between ETH prices on Coinbase and Binance, with a positive reading indicating rising demand from American investors.  

Technical analysis also supports a bullish outlook for Ethereum.  

The Parabolic Stop And Reverse (SAR) indicator, a tool for determining price direction, currently sits below ETH’s price.  

This position suggests strong support for the cryptocurrency to maintain its upward trend.  

As of now, Ethereum appears positioned for further gains, supported by robust indicators and whale accumulation trends. 

At the time of reporting, the Ethereum (ETH) price was $3,713.08.