A big event has been noticed in the crypto world with an Ethereum (ETH) whale depositing $9.12 million, and trading volume spiking by 79%. An early participant in Ethereum’s initial coin offering (ICO), who once received 150,000 ETH (now worth $389.7 million), transferred 3,510 ETH ($9.12 million) into the Kraken exchange after being inactive for over two years. This could indicate a renewed interest in the market.
At the same time, Ethereum’s trading volume jumped by 79.30% within 24 hours, reaching $28.21 billion. This spike in volume often suggests increased trader activity, which can lead to more price swings. Currently, Ethereum is priced at $2,656.39, up by 3.02%.
However, Ethereum’s on-chain data shows mixed signals. The Net Network Growth is neutral at 0.19%, meaning there isn’t a significant rise in new users. On the positive side, the "In the Money" metric is bullish at 11.21%, showing that many Ethereum holders are in profit, which might lower the selling pressure and help stabilize prices.
Other metrics, like whale accumulation patterns and large transactions, remain neutral without major changes. This suggests that the whale deposit hasn’t yet caused any major shifts in Ethereum’s overall on-chain activity.
Trader sentiment is slightly leaning towards the bullish side, with 52.28% of traders holding long positions, expecting Eth price to rise, while 47.72% are shorting the market as of September 23.#Write2Earn! #ETH🔥🔥🔥🔥 #Write2Earn! #ETHETFsApproved #Write2Earn!
