It has been observed that following the potential approval of the spot Ethereum Exchange Traded Fund in the United States, investors and institutions are placing significant bets on the world’s second-largest cryptocurrency, Ethereum. Recently, a crypto whale added a significant amount of Ethereum at the current exchange rate.
Why investors are buying Ethereum?
According to the on-chain analytics firm SpotOnChain, on February 19, 2024, a whale address (0x7a95f1554ea2e36ed297b70e70c8b45a33b53095) bought a significant amount of over 54,721 Ethereum worth around $155 million, with an average of $2,845 in the last 24 hours. This transaction took place on the world-leading cryptocurrency exchanges Binance and 1inch.
However, this Ethereum whale added this substantial amount of Ethereum in separate transactions. Initially, the whale added 32,002 Ethereum (ETH) worth $90 million over the past 19 hours. The transactions involved swapping 60 million USDT for 21,353 ETH through the platform 1inch and withdrawing 10,649 ETH ($30 million) from Binance. The USDT used in the purchase was also taken from Binance. Following this significant accumulation of Ethereum worth around $155 million, it caused a price surge of over 2.6%.
Later, the same whale added 22,719 Ethereum (ETH) worth $65.7 million in the last 50 minutes. They withdrew $55.6 million worth of ETH from Binance and exchanged 10.1 million USDT for 3,493 ETH through 1inch.
One thing that may surprise you is that this whale, in the last 19 days, significantly accumulated and currently holds over $261 million worth of Ethereum in its wallet, according to data from the SpotOnChain platform.
Ethereum technical analysis and upcoming price
According to expert technical analysis, Ethereum is currently bullish, and it is also heading toward the $3,600 level. The reason behind this speculation is the breakout of the ascending triangle pattern and additionally, the breakout of a small consolidation zone. Besides this technical analysis, the interest of these crypto whales and institutions in Ethereum causes a significant price movement.
Following this significant accumulation of Ethereum by a whale, the cryptocurrency is currently trading near the $2,900 level. In the last 24 hours, it experienced over a 3.5% upside momentum. If we look at Ethereum over a longer period, in the last 7 days, the Ethereum price has soared by over 16%, whereas in the last 30 days, the Ethereum price has surged by over 17%.
Besides this recent accumulation of Ethereum (ETH), earlier on February 15, 2024, another whale address (0xdde0d6e90bfb74f1dc8ea070cfd0c0180c03ad16) accumulated over 69,500 Ethereum worth around $179 million, as reported by Todayq News.
