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Ethereum whales have always occupied the market with their attention-grabbing movements. As the ETH price rose above $3,000 and then retracted, a transaction by a whale kept the crypto market busy. According to data provided by Spotonchain, the purchase of 65,000 ETH by an unknown whale appeared to hold a significant place in the global crypto market.
Current Ethereum Status
February has been a promising month for Ethereum and its investors as the altcoin hosted a major surge due to the anticipated spot ETH ETF, which has been a hot topic in the crypto world.
At the time of writing, according to data from CoinMarketcap, there has been a noticeable rise in the ETH price within the last hour, and this has once again sparked discussions about the effect of whale accumulation on ETH’s price movement.
This rise in ETH price has created a noticeable price effect in the broader crypto market, as seen in today’s ETH price increase, due to a significant reduction in the circulating token supply.
Michael van de Poppe and some analysts continue to emphasize that ETH could rise further in the upcoming period.
ETH Whale and Accumulations
According to data from Spotonchain, an unknown address with the extension 0x7a9 purchased 13,526 ETH worth $39.85 million on February 21 at an average price of $2,947, drawing all attention to itself.
On the other hand, while 10,136 ETH worth $29.85 million were withdrawn from the Binance exchange, a purchase of 3,390 ETH worth 10 million USDT was made on the 1INCH exchange. The whale accumulated a total of 64,501 ETH worth $185.5 million over the last three days.
At the same time, the mentioned whale address today withdrew 40 million USDT from the Binance exchange, leading to more speculation about potential future ETH accumulation.
These purchases by the whale could once again focus the market’s impact on Ethereum and, as a result, the price could move above $3,000 again.
What is Ethereum’s Current Price?
As of the time of writing, the Ethereum price has experienced a 0.75% decrease in the last 24 hours and is trading at $2,921. Although the token surpassed the $3,000 level in recent days, it could not maintain its position in that region and fell sharply.
During this period, Ethereum’s market cap saw a 0.75% decrease to $351 billion. Nevertheless, the trading volume increased by over 37% to $21.9 billion, demonstrating the high interest of investors in the altcoin.
