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Home»ALTCOIN NEWS»Ethereum Whale Accumulates $1 Billion in ETH: Signs of a Rally?
ALTCOIN NEWS

Ethereum Whale Accumulates $1 Billion in ETH: Signs of a Rally?

By Crypto FlexsDecember 1, 20242 Mins Read
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Ethereum Whale Accumulates  Billion in ETH: Signs of a Rally?
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  • Recently, smaller ETH holders have been selling more ETH and whales have been absorbing these sales.
  • ETH continued its upward trend.

Ethereum (ETH) recently witnessed extraordinary movement as whale investors purchased over 280,000 ETH, worth approximately $1 billion, in 5 days.

This accumulation has led to considerable speculation about Ethereum’s future trajectory, especially with the asset trading close to $3,700.

aspirateWith changes in exchange flows and increased on-chain activity, all eyes are on whether Ethereum can maintain its strength or face a correction.

Ethereum whale activity sparks optimism

The sudden surge in whale accumulation seen in on-chain data highlights growing confidence among large investors.

This surge coincides with Ethereum’s recent price rally and breakout of the $3,500 resistance level.

ETH whale

Source: Santiment

Santiment’s chart analysis highlights the continued addition of ETH by wallets holding between 100,000 and 1,000,000 ETH.

The chart shows that whales went into accumulation mode earlier this month. These movements may indicate long-term bullish sentiment.

Exchange netflow reflects market behavior.

A key indicator supporting the bullish case is the net flow of Ethereum to and from exchanges. Analysis of Glassnode data has revealed significant fluctuations over the past few weeks.

However, there are more ETH outflows from exchanges, suggesting traders are moving their holdings.

Ethereum NetflowEthereum Netflow

Source: Glassnode

Trends in exchange flows show that whale movements have had an impact, balancing retail selling.

This trend indicates that the likelihood of immediate selling pressure has decreased, which could further stabilize the Ethereum price.

Challenges to Maintaining Ethereum’s Momentum

Despite these optimistic signs, risks remain. Ethereum price is approaching overbought levels, which could trigger a short-term correction. As of this writing, ETH is trading slightly higher at around $3,709.

Additionally, a golden cross appears to be imminent, with the 50 moving average (MA) approaching above the 200 MA.

ETH price trendETH price trend

Source: TradingView


Read Ethereum (ETH) Price Prediction for 2024-25


Ethereum’s recent whale accumulation and favorable on-chain indicators have set the stage for potential gains. However, caution is required considering the overbought technical indicators of the asset and the possibility of profit taking.

If broader market conditions remain supportive, Ethereum is likely to see a prolonged rally.

Next: XRP rises 6% in 24 hours and surpasses $107 billion in market capitalization. What’s next for $2?

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