#ETH Ethereum Whales Show Mixed Behaviour, Will ETH Price Rally Continue?

Ethereum whales jumped in after the 20% ETH price surge to $2,400, doubled down by buying 9,023 ETH worth $20.55 million at $2,277 per ETH.

Highlights

An ICO participant Ethereum whale sold further on the rise, reducing their holding.

Institutional players like World Liberty Financial have been accumulating Ethereum following the recent correction.

Veteran trader Peter Brandt highlighted a bullish congestion pattern for Ethereum, eyeing major rally ahead.

Amid the sharp ETH price pump on Friday, Ethereum whales have been showing mixed behavior, with some seeing this as a “sell on rise” opportunity, while others are building fresh positions. On the other hand, after a 20% pump, ETH remains firm, flirting around $2,400 levels.

Ethereum Whales Show Mixed Behaviour

As per the data from Arkham Intelligence, a major Ethereum Initial Coin Offering (ICO) participant, who acquired 76,000 ETH at Genesis for $23,560—deposited their remaining 1,900 ETH (valued at $4.44 million) to crypto exchange Kraken.

Additionally, Arkham reported that the Ethereum whale, who sold all their Ethereum holdings three months ago at an average price of $2,740, incurred a loss of approximately $11 million on the trade. However, the investor has re-entered the market with aggressive purchases over the past month.

One month ago, the Ethereum whale returned to the market, purchasing 2,713 ETH for $4.07 million at a price of $1,502 per ETH. As ETH price surged, the whale doubled their bet, acquiring an additional 9,023 ETH for $20.55 million at $2,277 per ETH.