Analytics firm Lookonchain tweeted today that a whale has bought 4,833 Ethereum in the last 24 hours. According to the post, the whale spent 9.7 million DAI to purchase ETH at an average price of $2,004.50. At the time of writing, Ethereum was trading at $1,931.
Ethereum whale makes a move
Blockchain tracking firm Lookonchain revealed in a tweet earlier today that an Ethereum (ETH) whale has purchased a significant amount of Ethereum in the past 24 hours. According to the post, he spent 9.7 million Dai (DAI) to purchase 4,833 ETH with an average purchase price of $2,004.50.
According to Lookonchain, this isn’t the whale’s first major Ethereum transaction. In January of this year, the whale sold 7,500 Ethereum after the altcoin leader’s price soared. Then in March, he bought 9,691 ETH as USD Coin (USDC) split from the Dollar. Whale last sold 5,190 ETH before its price dropped on June 7, 2023.
What does buy mean for recent Ethereum?
This latest purchase will indicate that the whale expects a significant move for the largest altcoin by market cap in the next few days. On the other hand, the daily trading volume of ETH increased by 116% in the last trading day. As a result, the total volume was approximately $13,031,465,236.
From a technical standpoint, Ethereum has seen higher highs and higher lows over the past few weeks. It was important that ETH managed to break above the $1,934 and $1,970 key resistance levels during this period. On the other hand, the positive momentum continued in the last 48 hours as it turned these levels into support.
The price of ETH may drop slightly in the next 24 hours as investors and traders may want to take profits from the recent price increase of ETH. In such a case, Ethereum could decline to the aforementioned $1,900 level in the next 24-48 hours. On the other hand, if there is another influx of buying volume for ETH in the next few days, Ethereum will attempt to climb to the next major resistance at $2,050.00. However, this bullish thesis will be invalidated if ETH falls below $1,920 in the next 48 hours.
PEPE whale invests $7.2 million in Binance
According to data from cryptocurrency transaction tracking service Whale Alert, a major PEPE transfer took place on the Ethereum blockchain the other day. The transaction in question included the movement of 3.94 trillion PEPE. Accordingly, at the time the transfer took place on the network, the figure was worth almost $7.2 million.
The movements of the whales are something to watch out for. However, how such transfers can affect the market depends on the precise intention behind the investor. As you can see above, the sending address in this PEPE transfer is an unknown wallet. In other words, an address that is not connected to any known central platform. This increases the likelihood of an investor having a personal wallet.
What does the whale’s move mean?
The receiving address, on the other hand, is like a wallet connected to a central platform. More specifically, this address is affiliated with the cryptocurrency exchange Binance. Such transfers, in which coins pass from their own wallets to exchanges, are called “stock market entries”. One of the main reasons investors deposit their coins on these platforms is to sell. Therefore, stock market entries will provide clues about selling pressure in the market.
In the current situation, the Ethereum whale has made a pretty big debut on these platforms. Therefore, it is possible for the meme coin’s price to get bearish results from this. Naturally, this would only be the case if the whale actually made this move for the purpose of selling. Again, cryptocoin.com Considering that the stock market entry came after the rapid 17% increase in the value of the meme coin, it is probably a reasonable possibility that the whale really wants to sell and take advantage of this profitable exit opportunity.
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