Ethereum Whales Accumulating Astonishing Number Of ETH As Price Soars

Oct. 25, 2023
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 Besides, the Whale Alert crypto tracker has detected a massive ETH chunk withdrawn from the Binance exchange, which moved to an unknown wallet.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.

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 Since September 20, the same account has reportedly withdrawn a total of 42,311 ETH from Binance, equating to roughly $70.55 million.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.

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.

Ethereum price chart
Source: TradingView

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.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.