Watch out for the Whale Who Likes to Buy Ethereum Before the Rise: He Made a Transaction!

The whale that was successful in sniffing the Ethereum price drew attention with its latest transaction.

Ethereum (ETH) whales continue to accumulate despite the cryptocurrency remaining below an important psychological resistance level. Finally, a whale invested approximately $12.8 million by purchasing 5,000 Ethereum.

This address had previously purchased from the bottom when Ethereum fell to $2,100 and then the price rose to $3,100.

The Ethereum price rose to $2,655, showing an 18% recovery after last week's $510 billion crypto market sell-off. However, analysts emphasize that Ethereum needs to permanently overcome the $2,700 resistance level in order to continue its upward movement.

Nansen’s chief analyst, Aurelie Barthere, says Ethereum’s 50-day moving average has fallen below the 200-day average, creating a “dead cross,” and that it is critical that it remains above this level. Despite the historic launch of the first spot Ethereum exchange-traded funds (ETFs) in the U.S., institutional inflows have been lacking. These ETFs, which began trading on July 23, have recorded net outflows of $406 million to date, negatively impacting Ethereum’s price movements.