Ethereum Whales Buy 12,000 ETH From Kraken Ahead of Dencun

Ethereum price crosses the $3,100 barrier this Sunday, marking a new 52-week high at $3,153. As the market expects this peak as a placeholder, the Whales anticipate a massive jump, leading them to accumulate more Ethereum. 

The ETH price is skyrocketing with multiple bullish catalysts like the new and upcoming Dencun upgrade, the Ethereum ETF, and overall market sentiments. Amidst this bull run, we have identified three whale wallets buying ETH like there’s no tomorrow. 

Ethereum Whales Strategic Buy from Kraken

In a striking move, one of many Ethereum whales has made a significant purchase, acquiring 6,000 ETH worth an impressive $80.69 million from Kraken in just the last week. 

The wallet address has a total balance of 26,380 ETH worth $80.69 Million. This significant investment signals a strong belief in the programmable blockchain’s future prospects and highlights the whale’s aggressive positioning in the market.

Not far behind, two new whale addresses have made their mark by collectively buying 3,000 ETH, accounting for $9 million. These purchases, also made through Kraken, echo the confidence of the biggest player, suggesting a growing consensus among top investors about Ethereum’s value.

Wallet 1, with the address 0xba74c929501740ecabd88c896b261c09c5abc0a3, and Wallet 2, at 0x8fa5f73c8eb873f875167379f7936eb4f723076d, are now on the radar as significant players.

ETH Price Enters Short Correction

Following the recent 4% jump this Sunday to cross $3,100, the ETH price dropped by 2.03% today. Leading to a piercing candle and threatening a reversal from the overhead resistance trendline, Ethereum is ready for a $3,000 retest. 

Source: TradingView

If the price drop gains momentum, we can witness a pivotal phase for ETH price at the $3,000 milestone level. However, with the upcoming Dencun upgrade, the bullish drive is unlikely to lose any of its momentum.

Grayscale Takes Pro-Dencun Stance

Grayscale attributes Ethereum’s recent surge to the upcoming Dencun upgrade on March 13, 2024. This upgrade is expected to boost transaction efficiency. It aims to make Ethereum more competitive with faster networks like Solana. 

Despite lagging behind Solana’s 900% growth in 2023, Grayscale remains positive. They see potential in the upgrade, a possible Ethereum ETF, and Ethereum’s deflationary supply and revenue generation.