The post Time To Buy Ethereum? Crypto Whale Buys $5.92 Million of ETH appeared first on Coinpedia Fintech News

Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is poised for massive upside momentum as it has formed a bullish price action pattern on the daily time frame. In the past few hours, sentiment across the cryptocurrency market has completely changed, with the price shifting from experiencing downside momentum to upside.

Crypto Whale $5.92 Worth of ETH Purchase

Before the opening bell of the United States market, ETH was witnessing a modest price decline, but this changed completely as the price moved from the $3,190 level to the $3,445 level in a matter of six hours. This massive upside momentum gained significant attention from crypto enthusiasts, resulting in substantial accumulation.

Today, January 15, 2025, a blockchain-based transaction tracker, Lookonchain, made a post on X (formerly Twitter) stating that a newly created wallet had withdrawn a significant 1,799 ETH worth $5.92 million from Binance. In such market conditions, the withdrawal of an asset is considered a purchase and signals a fresh acquisition, making it an ideal buying opportunity.

After the #CPI data was released, a newly created wallet withdrew 1,799 $ETH($5.92M) from #Binance.https://t.co/gH11D0Nt5W pic.twitter.com/Ew3RLAkspc

— Lookonchain (@lookonchain) January 15, 2025

Current Price Momentum

This recent accumulation, upcoming political events, and the SEC’s recent plans regarding pending cases have resulted in a significant price surge in ETH. Currently, ETH is trading near $3,460 and has witnessed a price increase of over 8.2% in the past 24 hours. Moreover, during the same period, trader and investor participation jumped by 15% compared to the previous day.

Ethereum (ETH) Technical Analysis and Upcoming Level

According to expert technical analysis, ETH is back above the crucial support level and is poised to breach the falling wedge price action pattern on its daily time frame.

Source: Trading View

Based on the recent price action and historical momentum, if ETH breaches the pattern and closes a daily candle above the $3,600 level, there is a strong possibility it could soar by 15% to reach the $4,000 level in the future.

On the positive side, ETH’s Relative Strength Index (RSI) is still below the overbought zone, indicating that the asset still has enough room to soar to the predicted target.

Kazakhstan shut down 36 illegal crypto exchanges, seizing $4.8M in assets to combat money laundering.

Authorities blocked 3,500 unlicensed platforms, returning $545K to victims and freezing $120K in assets.

Kazakhstan plans to launch its Digital Tenge CBDC by 2025, integrating it with global payment platforms.

Kazakhstan’s Financial Monitoring Agency (FMA) shut down 36 illegal cryptocurrency exchanges in 2024. These platforms processed transactions worth $112.8 million. Authorities also froze assets worth $4.8 million. Fraudulent deals commonly facilitate unregulated fiat-to-crypto and crypto-to-fiat transactions. Authorities stressed that they fund cybercriminal activities and drug dealing.  

The FMA emphasized the importance of verifying users and monitoring suspicious activities. Illegal platforms lack these safeguards, creating risks for financial crimes. Authorities remain focused on eliminating unauthorized financial operations to ensure financial stability.  

Ongoing Campaigns against Financial Fraud

In 2023, according to Kazakhstan, 980 criminal platforms for buying and selling cryptocurrencies were shut down.  Authorities also initiated 9 investigations into money laundering linked to unlicensed platforms. Despite these enforcement actions, licensed exchanges like Binance, Bybit, and Upbit continue to operate legally in Kazakhstan.  

Authorities collaborated with the National Security Committee and the Ministry of Culture and Information. Together, they dismantled over 3,500 unlicensed crypto platforms. Officials uncovered two major pyramid schemes during these operations. They returned $545,000 in stolen funds to victims and froze $120,000 in suspicious assets.  

Authorities aim to strengthen financial monitoring tools. They also plan to tighten regulations to close loopholes exploited by illegal operators. These measures are part of Kazakhstan’s broader financial security strategy.  

Kazakhstan Prepares for Digital Tenge Launch by 2025

Kazakhstan officially targets to issue its CBDC known as Digital Tenge by 2025. The advancement of the CBDC was initiated in February 2023. It is supposed to enhance the transparency of transactions and bring changes to the financial system of the country.  

Officials collaborated with Visa and Mastercard to enable global payments using the Digital Tenge. Local banks are also supporting integration with plastic cards. Users will be able to make payments through platforms like Apple Pay and Samsung Pay.  

Kazakhstan’s efforts reflect a strong commitment to balancing innovation.  Financial security. Authorities are focused on building a secure and transparent financial ecosystem. The country continues to strengthen regulations to prevent misuse of financial technologies.  

Authorities remain determined to eliminate illegal financial activities. They aim to create a stable environment for licensed cryptocurrency exchanges and digital currency adoption. These measures will ensure long-term financial stability and growth in Kazakhstan.  

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