ETH whales activity isn’t a new phenomenon for anyone invested in cryptocurrencies. Traders, analysts, and investors keep tracking whale activity to understand the direction of crypto investors with big pockets. Bitcoin (BTC) and Ethereum (ETH) are the two biggest crypto projects that have been crypto whales’ top darlings over the years.
Earlier this year, whales were seen moving out of Ethereum but the trends have changed in the past few weeks. According to the data released by IntoTheBlock, whales have doubled up their interest in Ethereum in the last week. In the latest move, an Ethereum whale bought a total of 97,220 ETH tokens worth $254 million on October 15.
ETH Whales Are At It Despite Increased Exchange Inflows
Despite an increase in exchange inflows, Ethereum whales have been actively buying ETH tokens in the past few weeks. Crypto experts believe that the whales are once again active in the biggest altcoin of all time because Ethereum’s price breached the psychological threshold of $2,600 for the first time in many weeks.
They also stated that typically an increase in a digital asset’s whale net flow depicts big accumulation. As per the industry figures, the Ethereum Exchange has transitioned from outflows to inflows recently. Ethereum Exchange witnessed net inflows of 15k ETH whales on Tuesday as against net outflow of 5,700 Ethereum recorded on October 13. Crypto analysts observed that it could be a clear sign of short-term positions from big whales.
Ethereum Price Back Above $2,600
Ethereum’s price has surpassed the psychological barrier of $2,600 for the second time since hitting a recent low of $2,238.71 on September 31. The last time ETH price smashed $2,600 was on September 23, when it was seen trading at $2,673.82. After staying above $2,600 until October 2, when it witnessed another selling pressure that pushed Ethereum’s price lower to $2,489.70. Analysts believe that the recent major gains resulted from two weeks of bearish consolidation.
Ethereum Price Movement Review
Talking to The BIT Journal on Wednesday, crypto analysts stated that Ethereum chart hinted at a big profit-taking moment between 02:00 PM UTC and 03:00 PM UTC on Tuesday. The profit-taking plummeted Ethereum’s price from an intraday high of $2,685 to $2,540 in the space of an hour, which saw around $16.6 billion wiped out from the Ethereum market capitalisation.
Advertisement Banner
At 07:30 AM EST on Wednesday, Ethereum was seen trading at $2,636.76, showing an increment of 1.15% or $30.04 in the last 24 hours and a surge of 15.74% or $358.65 over a month.
What Lies Ahead for Ethereum
Ethereum is the biggest altcoin in the crypto market. With a market capitalisation of $317.99 billion and $23.05 billion daily trading volume, Ethereum has the potential to spark a new bullish or bearish trend in the market. However, analysts say Ethereum lacks a strong catalyst to help it continue the northward momentum.
The Final Thoughts
Ethereum has been a leading crypto project for the past many years. Like Bitcoin, Ethereum also has a legacy that has inspired many other crypto projects to find success. However, Ethereum has been facing the music over the past few months, which sparked a debate among crypto enthusiasts about whether it has what it takes to lead the altcoins. However, Ethereum is regarded as a sleeping giant this year by many experts, which means it may rebound in bullish ways in the coming weeks.
The rise in whale activity can go both ways. While on one hand it might be a sign of upcoming selling pressure, but on the other it could the indication of a massive buying interest in the crypto project.
Crypto analysts and enthusiasts have mixed opinions about whether Ethereum will continue its march towards $3,000 in the weeks to come amid high anticipations of an October rally. However, one thing is for sure; if Ethereum manages to stay above $2,600 mark for the next few days, it might unlock the doors for another shot at $3,000.
Stay tuned to The Bit Journal to know more about Ethereum price movements and predictions. Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
