Whales are making waves in the Ethereum market as they continue to accumulate significant amounts of the popular cryptocurrency. As per Spot On Chain, an onchain analytic firm, in the last 14 hours alone, two notable whales have made substantial purchases totaling $35.11 million in stablecoins to acquire a combined 10,322 ETH. These hefty transactions have purportedly played a role in driving the price of Ethereum above the $3,400 mark, reflecting a bullish sentiment among large investors.
One particularly noteworthy transaction involves eight wallets, likely controlled by a single entity, which spent a staggering $20.86 million in USDT to purchase 6,145 ETH at an average price of approximately $3,395. This buying spree has contributed to the upward momentum in Ethereum’s price. Additionally, another prominent whale identified as 0x5e9 invested $14.25 million in DAI to acquire 4,178 ETH at an average price of around $3,410 approximately 14 hours ago.
Interestingly, whale 0x5e9 had previously realized a substantial profit of $7.48 million from a single ETH trade and one WBTC trade. This indicates a savvy investment strategy and suggests a high level of confidence in Ethereum’s potential for further appreciation.
Further highlighted by The Data Nerd, an onchain analyst, a recent activity involving whale 0x65D adds to the intrigue, as they deposited a significant sum of 9,956 ETH (equivalent to approximately $34 million) to Coinbase just 30 minutes ago.
It’s worth noting that five days prior, whale 0x65D had accumulated these Ethereum holdings from Coinbase, with an average entry price of $3,308 per ETH. If they were to sell at the current market price, they would realize a profit of $1.1 million, underscoring the profitability of their investment decisions.
With the last known price of $3,427.60 as per Coinmarketcap data, the Ethereum market is displaying signs of neutrality, as indicated by a 1-Day RSI reading of 49.22. This suggests the potential for either a bullish or bearish movement in the near future. However, both the 1-Day MACD and KST indicators are signaling a bearish trend in the short term, with both trading below their respective signal lines.
