- Ethereum whales shift 25,865 ETH worth $89M to exchanges, fueling market speculation.
- Whale 0xbec transfers 11,965 ETH to Binance, securing a 14.7% profit on investments.
- Despite volatility, ETH targets new highs, potentially reaching $4500 amid ETF optimism.
As the launch of Ethereum’s first Exchange-Traded Fund (ETF) nears, the crypto market is buzzing with activity. Two significant Ethereum whales have strategically moved 25,865 ETH, valued at $89 million, to centralized exchanges, according to a recent X post by Spot On Chain.
The motive behind these massive transfers remains unclear, leaving the crypto community on edge as the launch date approaches.
Whale’s Movements
As reported by Spot On Chain, one whale identified as 0xbec transferred 11,965 ETH to Binance over the past five days. This massive movement, valued at approximately $41.4 million, occurred at an average price of $3,457 per ETH.
Whale 0xbec currently holds a substantial 51,462 ETH, roughly $180 million in today’s market, and has secured an estimated profit of $29.9 million, a 14.7% gain on their investments.
Currently, Whale 0xbec boasts a substantial holding of 51,462 ETH, which translates to roughly $180 million in today’s market. Impressively, this whale has secured an estimated profit of $29.9 million, reflecting a 14.7% gain on their investments.
In parallel, a multi-signature wallet known as 0x7d6 has moved 13,900 ETH to OKX over the past nine days. The total transfer is valued at $47.6 million at an average price of $3,427 per ETH. The multisig wallet 0x7d6 currently holds a formidable 188,070 ETH across two wallets, totaling approximately $657 million in value.
ETH Price Action
Despite these massive transactions, ETH has experienced heightened volatility, fluctuating between an intraday high of $3,560.08 and a low of $3,415.44. At press time, ETH traded at $3,493.88, marking a 0.22% dip in the last 24 hours.
Source: CoinMarketCap
However, analysts expect this negative mood to be short-lived as the overall market sentiment remains bullish, with the weekly chart eyeing a 4.03% gain and a 0.02% rise on the monthly chart. This dip could present a buying opportunity.
Can ETH surpass its All-Time High?
From a technical perspective, the RSI indicator is currently positioned at 58.31, signaling that Ethereum is neither overbought nor oversold. Despite this equilibrium, the buzz around Ethereum ETF optimism suggests an upward momentum.
Experts predict that ETH could break its all-time high, aiming for new heights around $4,500, a notable 28.93% increase from its current value. The 20-day, 50-day, 100-day, and 200-day moving averages lie below Ethereum’s current price, providing robust support in any pullbacks, bolstering this bullish outlook.
Conversely, if market sentiment turns negative, a dip toward the $3,200 to $3,000 range could occur before any upward movement. This potential correction might set the stage for another rally.
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