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Ethereum (ETH) remained below the $3,200 level for a while. However, recently renewed interest has pushed ETH above its previous price levels. According to data from Lookonchain, a significant whale continued to buy ETH and enter long positions in the ETH/BTC trading pair.
Whale Activity in ETH
Investor borrowed 2301 WBTC (worth $119.75 million) from AAVE and converted it into 41,947 ETH at a rate of 0.055 following the launch of a Bitcoin ETF on January 10th. Over the last three days, the whale spent $35 million USDC to acquire 10,952 ETH at $3,196 each. A significant investment by a major investor with substantial capital could boost overall confidence in the cryptocurrency.
This situation could attract other investors who might be undecided and lead to increased buying pressure. It was not only whales showing interest in ETH; an increase in demand from individual investors for Ethereum was also observed. According to an analysis by crypto analytics firm Santiment, addresses holding between 0.001 and 1 ETH started accumulating large amounts of ETH.
Santiment’s ETH Report
The interest in ETH from both whales and individual investors indicates that market sentiment across all sectors in the crypto markets is turning bullish around ETH. Due to these factors, the price of ETH has significantly increased. At the time of writing, ETH is trading at $3,311.78, having risen by 6.08% in the last 24 hours.
This movement has led to more speculation about a rise around ETH ETFs, further accelerating ETH’s upward momentum. Despite the recent price increase in the cryptocurrency, the MVRV ratio for ETH remained negative, indicating that most holders are still not profitable. It would not be wrong to assume that these investors might expect the prices to gain even more value before realizing profits. The sudden increase in ETH price also led to the liquidation of numerous short positions worth $33.02 million.
