Ethereum has witnessed multiple whale movements with a total volume of 68,669 ETH on Wednesday.
ETH price exhibits bullish price movements in the past week.
Ethereum whales have drawn market attention with increasing transactions since last week. As the ETH market price has shown significant growth over the last 14 days, the whale movements have instigated an additional optimistic outlook amidst investors.
In the Asian morning hours of Wednesday, a particular whale identified with wallet address ‘0x435’ transferred a whopping 50,000 ETH. The altcoin worth approximately 192.5 million was transferred from the leading exchange Binance to the anonymous wallet.
Moreover, the whale has been accumulating Ethereum over the past month. They currently hold ETH worth $380 million. Over the past 32 days, the whale has accumulated 68,669 Ethereum which is worth $265 million at the current ETH trading price. The wallet address has been active since January 2023 according to Etherscan data.
Additionally, within four hours on Wednesday, several whale movements occurred. Four other whale transactions were observed by Whale Alert apart from the aforementioned whale. From the four, two of the transactions occurred on the exchange, Coinbase Institutional. A total of 17980 ETH moved between two different unknown wallets and Coinbase Institutional. One of the wallets accumulated the altcoin while the other deposited ETH.
Are ETH Whales Confirming Ethereum’s Bullish Rally?
While the crypto sector has witnessed increased whale movements in the recent past, ETH whales have caused waves daily. This past week has seen mounting ETH whale movements. Additionally, TradingView data suggests that the crypto asset is currently leaning toward a buying market sentiment with an 14-day RSI of 69.67.
ETH/USDT Daily Trading Chart (Source: TradingView )
Notably, spot Ethereum ETFs were approved by the SEC on May 23rd. Over the past week, the Commission’s change in attitude has fueled a price hike for Ethereum. The price upsurge was sustained post the approval. With the recent bullish rally as the causal factor, the ETH market price has inched closer to the $4K mark. At the time of writing, the leading altcoin is trading at $3,863.
The ETH whales have caught the attention of investors and the market analysing for strategies. Parallely, as Ethereum despite volatility maintains the $3.8K resistance, analysts have interpreted the whale movements as indicating Ethereum’s bullish rally.
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