Ethereum Whale Bags 69.5K ETH Amid Price Rally, What Next?

In an exciting turn of events, Ethereum, the world’s second-largest cryptocurrency by global market cap, nabbed significant attention globally following a massive whale accumulation surfacing within the broader crypto market amid ETH’s price pump. Blockchain data revealed by tracker Lookonchain showcased a whale’s phenomenal accumulation today, February 15, gathering ETH from numerous CEXs.

Meanwhile, data also spotlighted that the accumulations began on February 1, when the ETH price surged 24% to date. The Ethereum price continued to gain an upward momentum today, surpassing the $2,800 mark as of press time, although it portrayed a constant flux around that mark.

Ethereum’s fear and greed index also showcased a bullish climate within the broader crypto market, displaying an extremely greedy sentiment prevailing within the crypto realm.

Ethereum Whale Accumulation Mirrors Open Interest Upswing

According to the data revealed by Lookonchain, an unknown Ethereum whale accumulated 69.5K ETH, worth a whopping $179 million, from four CEXs since February 1 to date. These CEXs encompass Binance, Bybit, Bitfinex, and OKX.

What’s intriguing is that this whale’s significant accumulation might be aiding the recent price upswing witnessed by Ethereum. Usual market sentiments of supply reduction and demand upswing appear to further support this price rally.

The derivatives data highlighted by Coinglass illustrated a 2.66% upswing in Ethereum’s open interest, resting at $10.02 billion. This, when aligned with the price upswing, might signal an uptrend. However, with the volume showcasing a drop of 22.08%, the market may be ready to enter a consolidation phase.

The aforestated metrics further aligned with Ethereum’s constant flux around the $2800 mark today, although the token primarily traded in the green.

Also Read: Telefonica Partners Chainlink Boosting Security Against SIM Swap Scams

Ethereum Price Jumps

As of writing, the Ethereum price noted an upswing of 1.27% over the past 24 hours and is currently trading at $2,790.71. Whilst the token briefly sprinted past the 2,800 mark a couple of times today, its constant flux around the $2800 mark appears to have ignited speculations among crypto market enthusiasts across the globe.

Aligning with the law of supply and demand, further Ethereum whale accumulations might push the price upward additionally as supply decreases. The extreme greed sentiment further propels bullish sentiments on the token, weighing in on Ethereum’s run jumping past the $2,800 mark. In the interim, the anticipation of an imminent Ethereum ETF further weighs in on the token’s bullish stance across the market.

Additionally, leading crypto market analyst JACKIS spotlighted Ethereum’s break above the key area, drawing parallels with Bitcoin’s breakout in October 2023. The analyst claimed Ethereum isn’t poised for further retraces. Also, there is no resistance until the $4000 mark.

Also Read: Top Analyst Warns Bitcoin Correction For Next Four Days, Here’s Why