Ethereum, a heavyweight in the cryptocurrency market, has recently seen significant activity from large-scale investors known as “whales.” These key players are making notable moves, as Ethereum’s valuation experiences an upward trend. As Ethereum continues to trade, the focus is on the actions of these whales and the implications of their trading strategies on the market.
Ethereum Witnesses Robust Growth
The digital currency Ethereum exhibits robust growth, with its value surging past the $2,900 mark. Currently identified as the second most significant cryptocurrency in terms of market capitalization and the leader among alternative coins, Ethereum presents a bullish demeanor. Recent reports show a 3.65% hike in its value in the previous day, while the past month recorded an over 16% increase, with Ethereum priced at $2,921.
Buyer activity overpowers seller pressure, as indicated by the Buyer Sell/Buy Ratio, which stands above 1, signaling a stronger purchasing momentum. The bulls in the market have their sights set on the $3,000 threshold, as per industry experts, marking a potential tipping point for Ethereum’s value and the altcoin market at large.
Whale Spotlights Purchase Before Price Leap
Keen observers have spotted a whale undertaking substantial purchases, amassing over 21,353 ETH, which amounts to upwards of $60 million, preceding Ethereum’s price increase. These acquisitions were executed on the Binance platform, employing the ETH/USDT pairing.
This whale also executed a significant withdrawal of 10,649 ETH, valued at over $30 million during the transaction period. This investor’s activity traces back to early February, revealing a consistent accumulation pattern now totaling about 52,759 ETH in their possession. The price uptick post-purchase has led to an estimated profit of $100 million for the whale’s address.
The behavior of Ethereum whales is characterized by their strategic accumulation during favorable market conditions. This trend is evidenced by an increase in transactions surpassing the $1 million mark. Additionally, the non-exchange Ethereum supply held by significant investors has climbed by 2 million units since February’s start. This could be attributed to the rising 30-day MVRV ratio, suggesting the potential for continued whale purchases as Ethereum’s value still lingers over 50% below its all-time peak.
