The second largest asset, Ethereum, is experiencing significant increases in large transactions. This development signals renewed and increased activity among crypto whales.
According to data from IntoTheBlock, the number of ETH transactions exceeding $100,000 increased significantly yesterday, reaching its highest level since the end of March. This development means that whales are becoming increasingly active in the market.
The question that comes to mind in the midst of this activity is whether whales are buying or selling?
IntoTheBlock’s analysis shows that mobility indicates accumulation rather than liquidation. Addresses holding more than 0.1% of Ethereum’s total supply showed the highest daily accumulation in more than a month. This trend suggests that large holders are increasing their positions and potentially expecting further price gains.
Ethereum Price Performance
This increased activity among whales comes amid a strong ETH price increase. As of the latest data, Ethereum is trading at $3,732. Additionally, it represents a modest increase of 0.96% over the last 24 hours.
Even more impressively, ETH is up 28.79% in the last seven days, underlining the strong market momentum. Various technical indicators also give bullish signals for Ethereum. The Relative Strength Index (RSI) for ETH is currently at 69.29. An RSI above 70 typically indicates that an asset is overbought. However, values just below this threshold indicate strong buying interest before reaching overbuying conditions.
Additionally, the Moving Average Convergence Divergence (MACD) level was recorded at 104.47. MACD is a trend-following momentum indicator that shows the relationship between two moving averages of an asset’s price. A positive MACD indicates that the price is in an uptrend, further supporting the bullish outlook for Ethereum.
Combination of whale accumulation and bullish technical indicators, altcoinIt paints a positive picture regarding the near-term prospects of . The increase in large transactions indicates confidence among large investors who often have important insights into market trends and fundamentals. The accumulation of these investors can attract more interest and investment from smaller retail investors, creating a positive feedback loop that supports higher prices.
