$363 Million of #Ethereum Bought in 2 Days, Who Is This Whale?

As market sentiment remains bullish after a major reversal, it has been observed that more crypto giants and investors are making significant moves into top cryptocurrencies like Ethereum. On March 5, 2024, when the overall cryptocurrency market experienced a major fall, 11 wallets of crypto giants such as PulseX and PulseChain added a massive $363.66 million worth of Ethereum.

Are crypto whales bullish on #Ethereum ?

Today, on March 6, 2024, Lookonchain an on-chain analytics firm made a post on X (previously Twitter), stating that the crypto whales PulseX and PulseChain bought 97,296 Ethereum in just 2 days. However, these crypto whales spent nearly 363.66 million DAI tokens on this massive amount of Ethereum, with an average price at the $3,738 level.

This massive purchase took place just after the breakout of the major resistance level of $3,590. Additionally, this significant investment by these whales into Ethereum shows that top investors and crypto giants are still bullish on cryptocurrencies, particularly Ethereum. The major reason behind this extensive investment is that Ethereum is currently trading just 23% lower than its all-time high, whereas the world’s biggest cryptocurrency, Bitcoin, is trading at just 5% lower than its all-time high.

Investors may be expecting that ($ETH ) Ethereum can easily surge by more than 20% and even more. As the overall market sentiment and market structure are bullish, there is a possibility that Ethereum may experience a massive price surge in the coming days.

Ethereum technical analysis and key levels

Currently, Ethereum is trading near $3,780, and in the last 24 hours, it experienced a small bullish move of 0.04%. Looking at the performance of Ethereum over a longer period in the last 7 days, its price has soared by over 9%, while in the last 30 days, Ethereum has experienced a price surge of over 60%. This massive price surge is also the reason behind continuous inflow.

According to expert technical analysis, Ethereum is currently bullish...