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Ethereum has always been one of the most attention-grabbing cryptocurrencies from the past to the present. What sets them apart from their competitors is nothing other than the active nature of their whales. The positions taken by Ethereum whales and their altcoin choices have always held an important place in the world of cryptocurrency. So, what price level is Ethereum trading at today, and what kind of transactions are Ethereum whales conducting?
Ethereum Price Review
Things seem to be going well for Ethereum (ETH). Recognized as the second-largest cryptocurrency by market cap and the largest among altcoins, ETH has maintained a positive outlook throughout the weekend. Just a few hours ago, it surpassed the critical level of $2,900.
According to data provided by CoinMarketCap, the crypto asset has increased by 3.65% in the last 24 hours, and over the past month, it has seen an increase of more than 16%, trading at $2,921 at the time of writing.
An analysis based on data from CryptoQuant shows that the Buyer Sell/Buy Ratio is above 1, indicating that buying pressure on ETH is stronger than selling pressure at the time of writing.
The next significant level for ETH bulls is none other than $3,000. Shivam Thakral, CEO of the Indian cryptocurrency exchange BuyUcoin, explained the situation with these words:
An important level that Ethereum needs to surpass is $3,000, and after that, we could see a potential rise in altcoin prices.
Astonishing Moves by an Ethereum Whale
The transactions of an ETH whale during the recent price surge have not gone unnoticed by market followers.
According to data provided by Lookonchain, this whale purchased over 21,353 ETH, worth more than $60 million, before the ETH price increase. The whale carried out these transactions on the Binance exchange, using the ETH/USDT trading pair.
Not stopping there, the whale also made another transaction, withdrawing 10,649 ETH worth over $30 million during the purchase.
Looking back a bit further, it was seen that this whale had been accumulating since February 8, and as of the time of writing, it held approximately 52,759 ETH coins. The price increase following the purchases allowed the whale’s address to realize a profit of $100 million.
This is not seen as a rare or coincidental event but rather as an incident that includes the general behaviors of ETH whales. Generally, Ethereum whales are known for not being shy about accumulating coins during such times, and the increase in the number of transactions valued at over $1 million indicates this.
Moreover, the supply of ETH held in high-volume addresses outside of exchanges has increased by 2 million units since the beginning of February.
One of the biggest reasons for the accumulation by whales could be the rapidly rising 30-day MVRV ratio. An analysis based on Santiment data shows that the accepted price of ETH is 16.43% higher than the average purchase price.
Considering that ETH is still more than 50% below its all-time high of $4,878 (ATH), it is conceivable that whales may continue their purchases.
