Over the course of the previous week, Ethereum (ETH) has garnered significant interest from investors as it steadily approaches the price range of $1900. In parallel to several assets that have experienced gains within the market rally driven by Bitcoin, Ether, also referred to as ETH, has observed a 5.85% increase over the past seven days. Consequently, its whole price surge over the course of the previous four weeks amounts to 15.17%.
Significantly, a recent migration of whales has engendered heightened conjecture regarding ETH, giving rise to predictions that the foremost alternative cryptocurrency may imminently undergo a substantial increase in value.
According to a recent publication on X, Lookonchain, a blockchain analytics platform, reported that a prominent Ethereum (ETH) investor, identified by the wallet address "0xb15," recently acquired a substantial amount of 8,698 ETH from the Binance exchange. This transaction amounted to a valuation of around $15.94 million. Additionally, during the acquisition process, the investor deposited a significant sum of 31.8 million USDT.
The aforementioned Ether investor's previous actions have garnered significant scrutiny, resulting in heightened focus on this particular transaction. Widely recognized as an intelligent cetacean, the entity referred to as "0xb15" has engaged in a total of eight Ethereum (ETH) transactions since February 12, exhibiting a notable success rate of 87.5% and accumulating a combined profit of $13 million, as reported by Lookonchain.
Specifically, this intelligent cetacean is renowned for engaging in the practice of purchasing assets at a cheap price and subsequently selling them at a higher one. In a recent transaction, a deposit of 24,495 ETH (equivalent to $45 million) was made on the Binance platform on November 2. This deposit followed the acquisition of 24,548 ETH, valued at $39.8 million. As a result, a profit margin of roughly $5.47 million was achieved.
After the acquisition made by the individual with the identifier "0xb15" on the first day of the week, it is probable that several traders are currently exercising increased vigilance, as this transaction suggests that the prominent investor is expecting a sustained upward movement in the value of Ether throughout the next period of several days.
Upon analyzing the daily chart of Ether, it can be observed that the cryptocurrency has potential to surpass the $1900 price threshold, given the sustained buying pressure. Nevertheless, it is essential for investors to take into consideration the Relative Strength Index (RSI) of the token, which now stands at 71.43. This value suggests that the token has entered the overbought territory, perhaps signaling an upcoming trend reversal.
The Market Records of #Ethereum (ETH) The weekly outflow of funds from the largest centralized cryptocurrency exchanges (CEXs) has reached its highest level since the month of August.
According to statistics provided by IntotheBlock, centralized exchanges (CEXs) have recently seen a significant outflow of Ether amounting to $210 million during the past week. This signifies the altcoin's most substantial weekly withdrawal from centralized cryptocurrency exchanges (CEXs) since the month of August.
The presented data just indicates the prevailing optimistic feeling in the ETH market, since the decrease in the token's availability on exchanges signifies heightened buying activity by investors.
As of the present moment, the current market value of Ether is at $1890.95, exhibiting a 2.61% increase throughout the past 24 hours. Nevertheless, the daily trading volume of the token has experienced a decline of 11.485 units and is currently valued at $6.02 billion. Ethereum, boasting a market capitalization of $227.4 billion, continues to hold its position as the second-largest cryptocurrency globally.
