- According to Lookonchain, crypto whales have started accumulating and staking ETH.
- Loonkonchain spotted two significant whale ETH withdrawals from Binance.
- One whale withdrew 4,288 ETH, while another one withdrew 9,530 ETH.
Crypto whales have started accumulating and staking ETH, the native coin of the Ethereum blockchain, according to Lookonchain, the smartmoney on-chain analytics platform. Loonkonchain spotted two whales that made significant ETH withdrawals from the Binance exchange.
According to Lookonchain, one whale withdrew 4,288 ETH, equivalent to $7.2 million, while another withdrew 9,530 ETH, worth $16 million. Lookonchain also noted that both whales transferred all the withdrawn ETH to staking accounts. Following Lookonchain’s observation, a respondent to the post on X (formerly Twitter), Crypto Vikings, suspected that the accumulation could be in anticipation of ETH Futures ETF approval.
Lookonchain’s observation comes amid a rediscovered bullish sentiment in the price of ETH. The native coin of the flagship altcoin embarked on a recognized rally after bouncing off a local low of $1,563 on September 25. ETH has closed higher than its opening price for seven consecutive days, gaining over 11% in the process, according to data from TradingView.
The recent resurgence has resulted in a break above a crucial resistance at around $1,670. That region held ETH’s price down throughout September, as it failed to break above it despite multiple attempts.
ETH traded for $1,730 as of the time of writing after testing the next level of significant resistance at $1,750. That level was last tested on August 29, when ETH gained over 6% in a single day. If ETH breaks above $1,750, we could see the pioneer altcoin rally toward $1,800 and possibly higher, considering the developing bullish sentiment and ongoing whale accumulation observed by Lookonchain.
Apart from Ethereum, Bitcoin and other cryptocurrencies have shown signs of resurgence. Many cryptos have started the final quarter of 2023 with bullish intentions. In addition to ETH Futures ETF approval, some crypto analysts believe the upcoming Bitcoin halving plays a role in the observed crypto market resurgence.
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