Ethereum Whales Scoop Up $230 Million In ETH In One Week – Price Hike Next?

Christian Encila

1 year ago

3 mins read

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In the past week, some of the biggest Ethereum whales, those with holdings ranging from 1 million to 10 million ETH, have accumulated an impressive 100,000 ETH, valued at a staggering $230 million.

This active buying stance by influential investors highlights their unwavering belief in the long-term potential of Ethereum, even in the face of recent price corrections.

Despite the recent downtrend in prices, indications from recent Ethereum whale activities suggest a persistent confidence in a bullish market continuation.

Wealthy Traders Accumulate Millions In Ethereum

Subsequent to the promising start in the initial days of December 2023, various cryptocurrency assets, notably Ethereum, displayed robust performance.

Crypto whales have reportedly devoured hundreds of millions of dollars’ worth of Ether, the leading altcoin, during the past seven days, according to a well respected expert.

Some of the largest #Ethereum whales have been on a buying spree, scooping up over 100,000 $ETH in just the past week – that’s a whopping $230 million! pic.twitter.com/jWHY6MXDgs

— Ali (@ali_charts) December 16, 2023

On the social networking site X, cryptocurrency strategist Ali Martinez informs his 36,100 followers in a new thread that wealthy traders have amassed tens of thousands of Ethereum during the previous seven days.

Price rallies are usually the result of heavy purchasing demand from wealthy investors, and the recent whale accumulation indicates that this is the case.

On December 7, Santiment Feed connected a whale accumulation pattern to ETH’s surge, which culminated in a 19-month high over the $2,350 price point.

As a rule, whale activity affects cryptocurrency asset prices. Recent activity among ETH whales indicates that a price rally may be approaching.

Ethereum currently trading at $2,235 on the daily chart: TradingView.com

Although there is a lot of buying pressure in the market right now, caution is advised because the bottom could not have yet been achieved.

RSI And Stochastic Neutral, Ethereum Uncertainty

Relative Strength Index (RSI) and stochastic are both currently in neutral territory, according to data from CryptoQyant. There is still uncertainty regarding the market’s genuine bottom notwithstanding the buying activity.

We looked at the liquidation heatmap to try and estimate Ethereum’s possible support levels. Based on the analysis, there was a rise in liquidations in the $2,140–$2,170 range.

This implies that before Ethereum’s price initiates its next bullish rebound, it is likely to drop below these levels. But in the event of a rally, Ethereum would have to overcome a significant resistance level close to $2,380.

Source: Santiment

Ethereum’s near-term price changes are difficult to forecast because to the complex interaction of market indicators and liquidation data.

Meanwhile, the $2,148 price mark appears to be the asset’s short-term support, according to an analysis of the ETH daily price chart. In order to increase the likelihood of one more rise before the end of 2023, bulls will hope that this level holds.

If there is a break below, it may indicate the construction of a more intricate bullish continuation chart pattern, similar to a bull flag. On smaller time frames, this pattern may resemble a descending channel and undermine expectations for another significant rise in 2023.

Ether and other cryptocurrency values are sensitive to a number of external variables, including generalized macroeconomic sentiment. Ethereum has already risen 81% year-to-date at its current price.

Featured image from Shutterstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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