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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Ethereum Surges 4% As Whales Show Elevated Activity

Keshav Verma
Keshav Verma
2 years ago
3 mins read
Ethereum

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Ethereum has seen an upwards push of 4% in the last couple of days as whales have displayed elevated levels of activity.

Ethereum Whale Transactions At Highest Level Since December 16th

As per data from on-chain analytics firm Santiment, whales have made 611 transactions in the past day. The relevant indicator here is the “whale transaction count,” which measures the total number of Ethereum transfers taking place on the chain that is worth more than $100,000.

When the value of this metric is high, it means whales are making a large number of transactions right now. Since whale transactions involve the movement of a significant number of coins, enough of them taking place close together can cause visible effects on the price of the crypto. Thus, periods with high values of the metric can be quite volatile.

On the other hand, low values suggest whales aren’t that active at the moment, which can lead to the price not observing any significant action. Now, here is a chart that shows the trend in the Ethereum whale transaction count over the past month:

Ethereum Whale Transactions

The value of the metric seems to have been relatively high in recent days | Source: Santiment

As the above graph displays, the Ethereum whale transaction count has observed a surge in the past day. During this period of elevated activity, whales have made 611 transactions so far, which is the highest level since December 16, when the price of the crypto saw a sharp downward move and created a local bottom of around $1,160.

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This spike on the December 16 bottom was higher in magnitude than the current one and was a sign that a large number of whales were buying up the crypto at those low prices. The latest spike, on the other hand, has occurred while the ETH price has been climbing up, as is apparent from the chart.

One possibility is that this could imply whales are optimistic about this latest buildup and are thus buying more while they still can. Such backing from these humongous holders could sustain the rally further, and take Ethereum to higher levels.

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However, another probable scenario is that these rapid transactions might be happening for the purpose of selling instead, which, if true, would rather provide an obstacle to this latest price push, as already happened with the rally above $1,300 in the first half of December.

ETH Price

At the time of writing, Ethereum’s price floats around $1,250, up 4% in the last week.

Ethereum Price Chart

Looks like the value of the crypto has seen some uplift during the last couple of days | Source: ETHUSD on TradingView
Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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