Ethereum Whales Accumulating Astonishing Number Of ETH As Price Soars

On Oct. 24, blockchain sleuth The Data Nerd revealed on the X social media app that four new whales have acquired substantial amounts of Ethereum on the leading US-based Coinbase exchange. Besides, the Whale Alert crypto tracker has detected a massive ETH chunk withdrawn from the Binance exchange, which moved to an unknown wallet.

According to the tweet, three new whales collectively purchased a total of 47,760 ETH. The amount of coins was $82.97 million at the time of purchase. Another wallet purchased and withdrew 8,310 ETH from Coinbase, totaling $15.09 million, with a cost of $1,816 per coin.

1 hour ago, Fresh Whale withdrew 8.31K $ETH ($15.09M) from #coinbase at $1816.

There have been 3 Fresh Wallets jointly accumulated a total of 47.76K $ETH ($82.97M) in the last 24H.

Bullish 🚀 pic.twitter.com/sIzlMci76V

— The Data Nerd (@OnchainDataNerd) October 24, 2023

On the same day, an unidentified wallet transferred 30,710 ETH, equivalent to about $56.78 million, to crypto exchange Binance, Onchain analyst Yu Jin reported. Since September 20, the same account has reportedly withdrawn a total of 42,311 ETH from Binance, equating to roughly $70.55 million. These transactions have been executed at an average price of around $1,667 per ETH. This suggests that Whale is possibly transferring coins to Binance to make a profit.

注意：
这个 9/20 以来累计从 Binance 提出 42,311 ETH($70.55M) 的巨鲸，5 分钟前将 30710 ETH($56.78M) 转入了 Binance。

他的 ETH 均价约 $1,667。https://t.co/FdtGzeAX7j

推文由 @Bitget_zh 赞助 https://t.co/wvXKjZ6FmJ pic.twitter.com/N4d9lpVTST

— 余烬 (@EmberCN) October 24, 2023

The ETH transfers have sparked many discussions and speculation about the reasons behind whales’ substantial actions. Market experts are keeping a close eye on the situation, striving to decipher the possible effects on the overall cryptocurrency landscape.

Ethereum Sees A Continued Uptrend

Ethereum has been experiencing a continuous price increase for almost seven days, bringing positive news for its investors. At the time of writing, it was trading around $1,800, showing a 3% price increase. This increase adds to the already notable 6% uptrend seen on October 24th. Remarkably, this continuous surge has pushed Ethereum into a strongly bullish position.

According to the latest data, the Relative Strength Index (RSI) showed that Ethereum is now in the overbought zone. While this suggested a bullish trend, it may also signal the potential for a price correction in the near future. Furthermore, the continued accumulation of ETH by Market whales could be a sign of a prolonged upward trend.

Ethereum and the broader crypto market have been experiencing an upswing, closely tracking the leading cryptocurrency, Bitcoin. The surge in price is a result of the growing hype about the potential approval of the Bitcoin spot ETF by the SEC regulator later this year.