According to on-chain data platform Lookonchain, an unnamed cryptocurrency whale known for trading Ethereum (ETH) in the past in a timely manner. purchased Amid turbulent market conditions, an additional $5.53 million worth of ETH was secured on Binance.
Ethereum Whale purchases increase
According to a November 22 post by used You get ETH for about $1,971. As whales appear to be increasing their ETH purchases, Lookonchain speculates that the same traders are bracing for an upcoming ETH breakout above the stubborn $2,100 resistance level that could signal a new bull market.
It is important to note that despite ETH’s recent expansion, the $2,100 level remains an important reaction point for traders. The only time prices surged above this level was in late July and early November 2023. Prices continue to rise at the time of writing but remain below the liquidation line.
Binance and Changpeng Zhao reach agreement with US authorities
The Ethereum whale is doubling its growth despite news that the U.S. Department of Justice fined Binance more than $4 billion for regulatory violations, which led founder Changpeng Zhao to resign as CEO on November 21. . According to reports, the founders will pay $50 million for Binance. Agreement with US authorities.
Although the fine caused a brief drop in cryptocurrency prices, the market has since stabilized, with the price of ETH recently recovering around 5% to $2,100. Based on this, more upside could emerge if whale traders’ predictions become more accurate over time.
Meanwhile, BNB, the base currency of the BNB chain and used to incentivize Binance trading, is relatively solid, although it is still under pressure. The coin failed to reverse its losses on November 21, but the losses were contained on November 22.
Following revelations over the past two days, some experts now suggest that the Binance consensus provides validation that would allow existing coins like Bitcoin to be robust and resilient enough to withstand the legal storm. For example, while the DOJ’s punishment triggered liquidations among altcoins, Bitcoin appears to have been largely immune, trading above $36,500 but below the $38,000 resistance.
In addition, Paul Tuchmann, a former U.S. attorney and partner at the law firm Wiggin and Dana, said: Believe Binance is now too big to fail, as the DOJ announced a deferred prosecution agreement, effectively cushioning innocent shareholders, customers, and others associated with the exchange from suffering the full impact of this ruling. Under this agreement, the exchange will pay the fine over 15 months.
Featured image from Canva, chart from TradingView