As a seasoned crypto investor with a decade of experience under my belt, I’ve learned to decipher the dance of whales and market trends like a seasoned choreographer. The recent surge in Ethereum (ETH) whale activity has me intrigued, to say the least. On one hand, the accumulation by these large holders suggests bullish sentiment, which could potentially drive prices higher. However, the deposit of 11,286 ETH to Binance by two other whales raises concerns about a possible sell-off and downward price pressure.
The well-known digital currency, Ethereum (ETH), which ranks second in terms of market value among all cryptocurrencies, has recently experienced an increase in whale transactions. These whales, who are significant investors, have been making strategic market moves, causing speculation about the potential impact on pricing.
As reported by Lookonchain, a new wallet belonging to a large investor (whale) has just acquired about 7,389.5 Ether (ETH), which is roughly equivalent to $23.44 million. This latest transaction increases the whale’s total ETH holdings to approximately 18,049 ETH, or around $59.3 million, over the past three days.
As a crypto investor, I’m excited to share that another whale has been adding to its Ethereum stash! Just three hours ago, a new whale wallet picked up 7,389.5 ETH (approximately $23.44 million). Over the past three days, this whale has amassed a total of 18,049 ETH ($59.3 million), a significant investment indeed!
— Lookonchain (@lookonchain) November 13, 2024
As a researcher examining Ethereum transactions, I’ve noticed that unlike my own recent deposits, two other whales collectively deposited approximately 11,286 ETH, equivalent to around $36 million, into Binance. Such large-scale deposits of ETH into an exchange like Binance could potentially signal an impending sell-off. This mass selling could exert a significant downward pressure on the price of ETH.
The varying behaviors of these whales illustrate the intricate workings within the cryptocurrency market. On one hand, when whales amass holdings, it often indicates a positive outlook and might boost prices. Conversely, substantial transfers to exchanges could be a precursor to selling, potentially triggering price declines.
Ethereum marks $157 million inflow
Based on the latest findings from CoinShares, there’s been an inflow of approximately $1.98 billion into digital asset investment products. This has driven the total assets under management (AuM) to hit a record high of $116 billion globally.
Last week saw Bitcoin leading inflows with approximately $1.8 billion, bringing the total to around $9 billion since the U.S. Federal Reserve lowered interest rates for the first time during this cycle in September. Conversely, Ethereum, which has been facing challenges, experienced a significant uptick in inflows amounting to $157 million last week – the highest since the launch of its ETF back in July. This inflow suggests a notable improvement in investor sentiment towards Ethereum.
On November 12, the price of Ethereum peaked at $3446 following seven straight days of increases. However, it subsequently dropped afterwards.
As I pen this down, Ethereum (ETH) has dipped 0.56% over the past 24 hours, currently sitting at $3,192. If today ends in the red, it would mark the third consecutive day of decreases for ETH. However, if we manage to break through the resistance level at $3,446, there’s a potential for ETH to climb up to $3,800 and possibly even reach $4,094 in the future.
Meanwhile, the short-term advantage will shift to bearish if the ETH price falls below $2,900.
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2024-11-14 18:38