The movement of Ethereum whales has been a topic of interest in the market, with a total volume of 68,669 ETH being transferred on Wednesday. The price of ETH has shown bullish movements in the past week, further fueling optimism among investors.
One particular whale, identified by the wallet address ‘0x435’, made a massive transfer of 50,000 ETH from the exchange Binance to an anonymous wallet. This altcoin, valued at approximately $192.5 million, caught the attention of market participants. This whale has been accumulating Ethereum over the past month and currently holds ETH worth $380 million. In the last 32 days alone, they have accumulated 68,669 ETH, equivalent to $265 million at the current trading price. The wallet address has been active since January 2023, according to Etherscan data.
In addition to this whale, four other whale transactions were observed within a span of four hours on Wednesday. Two of these transactions took place on the exchange Coinbase Institutional, involving a total of 17,980 ETH being moved between different unknown wallets and Coinbase Institutional. One of the wallets accumulated ETH, while the other deposited it.
The increased activity of ETH whales has raised questions about Ethereum’s bullish rally. The crypto market has witnessed a surge in whale movements, particularly in the past week. Moreover, TradingView data suggests that ETH is currently experiencing a buying market sentiment, with a 14-day RSI of 69.67.
It is worth noting that spot Ethereum ETFs were recently approved by the SEC on May 23rd. This change in attitude from the Commission has contributed to the price hike of Ethereum, which has continued even after the approval. As a result, the ETH market price has approached the $4K mark and is currently trading at $3,863.
The activities of ETH whales have attracted the attention of investors and market analysts, who are closely analyzing their strategies. At the same time, Ethereum’s ability to maintain the $3.8K resistance amidst volatility has been interpreted by analysts as a sign of the cryptocurrency’s bullish rally.
In other crypto news today, Param Labs and Pixelverse have announced a cross-IP partnership to boost Web3 gaming.
