Ethereum (ETH) has been gaining significant attention in recent weeks as it steadily approaches the $1900 price region. The cryptocurrency has seen a 5.85% increase in the last seven days, contributing to a total price surge of 15.17% over the past four weeks. However, it’s a recent whale movement that has sparked speculation of an impending price surge for ETH.
On Sunday, blockchain analytics platform Lookonchain reported that an ETH whale, identified by the wallet address “0xb15,” had purchased 8,698 ETH from the Binance exchange. The transaction, valued at $15.94 million, involved depositing 31.8 million USDT. This whale, often referred to as a “smart” investor, has a history of successful transactions and substantial profits.
According to Lookonchain, the whale with the wallet address “0xb15” has conducted eight ETH transactions since February 12, with a commendable win rate of 87.5% and an aggregate profit of $13 million. This investor is known for buying low and selling high, maximizing their profits. Notably, in early November, the whale deposited 24,495 ETH worth $45 million on Binance, shortly after purchasing 24,548 ETH valued at $39.8 million, resulting in a profit margin of approximately $5.47 million.
The recent purchase by “0xb15” has raised the alertness of many traders, signaling that the whale anticipates further price appreciation for Ether in the coming days. Looking at Ether’s daily chart, the altcoin appears to be on track to break into the $1900 price zone if the current buying pressure persists. However, caution is advised as the token’s Relative Strength Index (RSI) has reached 71.43, indicating an overbought condition and potential for a trend reversal.
In a separate development, centralized exchanges (CEXs) have witnessed a significant outflow of $210 million worth of Ether in the past week, according to IntotheBlock data. This marks the highest weekly outflow from CEXs since August. The reduction in Ether’s supply on exchanges reflects increased purchasing activity by investors, further reinforcing the prevailing bullish sentiment in the ETH market.
At the time of writing, Ethereum is trading at $1890.95, reflecting a 2.61% gain within the last 24 hours. However, the daily trading volume for the token has decreased by 11.485 and is now valued at $6.02 billion. These figures indicate continuous interest and activity in the market, despite the potential for a future price reversal.
The recent purchase of 8,698 ETH by a prominent whale investor has triggered speculation of a price surge for Ethereum. This whale, known for their ability to strategically buy low and sell high, has a track record of successful transactions and significant profits. While the altcoin’s daily chart suggests a possible breach of the $1900 price zone, the token’s overbought condition may also signal a trend reversal. Additionally, the substantial outflow of Ether from centralized exchanges highlights the increasing purchasing activity by investors, supporting the prevailing bullish sentiment in the market. As the ETH market continues to evolve, traders and investors need to stay vigilant and monitor these developments for potential trading opportunities and risk management strategies.