Ethereum Accumulations Soar As ETH Price Slips Below $2,500
In an exciting turn of events witnessed within the cryptocurrency landscape, Ethereum whale accumulations appear to be on the rise as the token’s price has recently noted a significant downturn. As per on-chain data surfacing over the crypto horizon, two prominent whales appear to be on a buying spree, accumulating Ethereum at price dips. These whales have previously been observed accumulating ETH at price lows, thereafter selling them at price highs, nabbing noteworthy profits.
Meanwhile, as the accumulations emerge amid the token’s price plunge, market sentiments for Ethereum are taking a thrilling twist, hinting at bolstered prices shortly ahead.
A Closer Look Into The Report
According to the data revealed by Spotonchain, a platform offering blockchain tracking insights, the two whales, 0x347 and 0xc47, accumulated colossal amounts of ETH today, January 19. Aligning with this, the whale 0x347 withdrew 3,600 ETH, worth $8.84 million, from Binance at $2,456. Whereas, the whale 0xc47 accumulated 5,580 ETH, worth $13.76 million, from Coinbase.
Intriguingly, these whales have been noted, accumulating similar amounts of ETH and converting them into profits in the past. The whale 0xc47 returned after two years of dormancy within the market, jotting an estimated gain of $31.1 million with ETH between September 8, 2020, and March 9, 2022. Meanwhile, the whale 0x347 was noted, accumulating ETH during last year’s bear market, further depositing it to CEXs amid price rises.
Also Read: Cathie Wood & Elon Musk Bullish On Bitcoin, Ark Buys More ARKB ETF With BITO Holdings
Ethereum Price Plunges
As of writing, the Ethereum price showcased a significant fall in the past 24 hours, dropping 2.09%, reaching $2,482. Moreover, its weekly chart also showcased a plunge of 4.92%, aiding the whales in buying the dip. However, the token’s 24-hour trading volume marked a substantial upswing of 15.28% and is currently resting at $11.93 billion. The surge in trading activity mirrors the recent whale chronicle, building additional inferences for the token.
Also Read: Oaktree Co-Founder Deems Bitcoin And Gold Equals In Intrinsic Value Debate
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