Whales Resume Ethereum Purchases After Six-Month Hiatus
#Ethereum #ETH #CryptoWhales #Binance #BullMarket
After a six-month pause, Ethereum whales are back in action, signaling renewed confidence in the second-largest cryptocurrency. Recent on-chain data reveals significant accumulation by large investors, with a notable whale withdrawing 1,700 ETH ($3.1M) from Binance just hours ago, according to Lookonchain. This whale now holds 5,000 ETH ($9M), despite an unrealized loss of $3.6M, showcasing strong conviction in Ethereum’s long-term potential. This resurgence of whale activity aligns with a broader trend of strategic buying, as savvy investors position themselves for a potential price surge.
The timing is intriguing. Ethereum’s price has shown resilience, trading at approximately $3,228 with a 3.2% intraday gain, bolstered by a six-day recovery from $2,380 to $3,220—a 36% surge. This rally, backed by increasing trading volume, broke a three-month accumulation phase and a falling wedge pattern, signaling a bullish shift. The breakout above key daily EMAs (20, 50, 100, and 200) further fuels optimism, with analysts eyeing Ethereum’s all-time high of $4,981. Whale accumulation often precedes major market moves, and this renewed interest could drive ETH toward that target.
This whale resurgence coincides with broader market dynamics. Bitcoin’s recent rally to a new all-time high above $80,000 has spilled over to altcoins, with Ethereum sustaining above $3,000. Spot ETH ETFs in the US, approved on May 20, have seen consistent inflows, reflecting growing institutional interest. Long-term holders are now acquiring 40,000 ETH daily, up from 5,000, pushing major investors’ holdings to 16M ETH from 15.4M.
The crypto community is watching closely. Will this whale activity propel Ethereum to new highs, or is it a prelude to volatility? Share your thoughts below!