Ethereum (ETH) is now roughly 6% away from its all-time high (ATH) of $4,891 from November 2021, as per market data. At the time of writing, ETH is trading near $4,620–up 27% in the past seven days.
According to crypto analytics firm Santiment, small traders are selling their ETH in disbelief despite this huge rally. Meanwhile large investors, also known as whales, are purchasing these coins from skeptical retail traders.
Historically, crypto prices often move opposite to what most small traders expect. When too many traders became greedy, it led to price drops; for example, this happened around June 16 and July 30 this year. Currently, there is more fear and doubt (FUD) among small traders, and Santiment says this disbelief could help push ETH prices higher.
Moreover, data from Glassnode also shows that short-term holders are selling more than long-term holders, meaning quick-profit traders may be expecting a pullback.Â
Analysts See Ether’s Price Climbing
In April, ETH had fallen by 60% from its January high, dropping below $1,500. But in the past month alone, it has jumped 53% and is now trading around $4,640.
Given the current market sentiment, many analysts think ETH could break past its old record soon. One trader said ETH is close to breaking out of a four-year price range, while another boldly predicted it could reach $10,000.
Also Read: Ethereum Nears $4,811 as ETF Inflows Surge and Inflation Cools
