Ethereum Whales Show Mixed Behaviour, Will ETH Price Rally Continue?
Highlights
- An ICO participant Ethereum whale sold further on the rise, reducing their holding.
- Institutional players like World Liberty Financial have been accumulating Ethereum following the recent correction.
- Veteran trader Peter Brandt highlighted a bullish congestion pattern for Ethereum, eyeing major rally ahead.
Amid the sharp ETH price pump on Friday, Ethereum whales have been showing mixed behavior, with some seeing this as a “sell on rise” opportunity, while others are building fresh positions. On the other hand, after a 20% pump, ETH remains firm, flirting around $2,400 levels.
Ethereum Whales Show Mixed Behaviour
As per the data from Arkham Intelligence, a major Ethereum Initial Coin Offering (ICO) participant, who acquired 76,000 ETH at Genesis for $23,560—deposited their remaining 1,900 ETH (valued at $4.44 million) to crypto exchange Kraken.
Additionally, Arkham reported that the Ethereum whale, who sold all their Ethereum holdings three months ago at an average price of $2,740, incurred a loss of approximately $11 million on the trade. However, the investor has re-entered the market with aggressive purchases over the past month.
One month ago, the Ethereum whale returned to the market, purchasing 2,713 ETH for $4.07 million at a price of $1,502 per ETH. As ETH price surged, the whale doubled their bet, acquiring an additional 9,023 ETH for $20.55 million at $2,277 per ETH.
As reported by CoinGape, World Liberty Financial was also quick to buy the Ethereum dips under $2,000, adding 1,587 ETH, worth $3.5 million yesterday. Other institutional players have also been looking for potential entries after the heavy ETH correction this year.
ETH Price – Pump or Dump at $2,400?
In a swift god candle recovery on Thursday, ETH price surged 20%, shooting to the crucial resistance of $2,400, while extending its weekly gains to more than 32%. The open interest still remains high at $27.5 billion, showing traders are willing to take bullish bets.
Veteran market trader Peter Brandt has also shared a bullish outlook for ETH, noting that Ethereum’s current congestion pattern could set the stage for a significant price surge.
Other market analysts also believe that Ethereum could be ready for a parabolic rally ahead. Prominent crypto commentator Mister Crypto has highlighted Ethereum’s ($ETH) attempt to reclaim its yearly open, a move that previously triggered a parabolic ETH price surge, coupled with Ethereum whale activity.
In a recent post, Mister Crypto remarked, “Ethereum is trying to reclaim the yearly open. Last time this happened, $ETH went parabolic. This time won’t be different!”
Market analysts are hopeful the current Ethereum price action could kickstart altcoin season which traders have been waiting for long.
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