Ethereum Whales Waking up, Transactions Hit Highest Level Since August
Analysis
Price Impact
HighHigh volume of transactions from whales can significantly impact ethereum's price. whale purchases can drive prices up, while sell-offs can lead to price drops.
Trustworthiness
HighThe data from intotheblock, a reputable crypto analytics firm, supports the increase in whale activity. this, combined with recent price gains, suggests a strong market sentiment.
Price Direction
BullishIncreased whale activity, combined with eth's recent price gains and positive sentiment, suggest a potential for further price increases. the recent breakout above $3,000 is a positive sign, and the ongoing inflows into spot eth etfs add to the bullish momentum.
Time Effect
ShortThe impact of these whale transactions is likely to be felt in the short term, potentially leading to a quick price surge.
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Article Content:
News Thu, 14/11/2024 - 13:08 Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News Ethereum (ETH) has seen a massive surge in whale activities, with the daily count reaching a historic high. This surge comes amid bullish momentum in Ethereum on the daily and weekly price chart. Implications of soaring whales to ETH’s price According to IntoTheBlock data, Ethereum's large transaction daily count surpassed 10,000, the highest figure recorded since August. Ethereum whales are waking up, with the daily count of large transactions surpassing 10,000—the highest level since August. pic.twitter.com/xpnaMz5vHk — IntoTheBlock (@intotheblock) November 14, 2024 Related Thu, 11/14/2024 - 10:09 Binance Releases Report on AI Agents in Crypto: Details Dan Burgin Large transactions refer to those above $100,000 conducted over a given period. These transactions might signal increased whale activity, either buying or selling. Whale investors usually influence the price of a cryptocurrency. For Ethereum, a large sell-off from these whales can cause the price to drop. On the contrary, consistent ETH accumulation may lead to bullish price outcomes. Meanwhile, Ethereum has recently drawn favorable sentiment, following Bitcoin’s all-time high. ETH broke the $3,000 barrier earlier this week after seeing five consecutive days of gains. Ethereum's return above $3,000 marks the first since July of this year, when its price plummeted after reaching a high of $3,563. As of this writing, ETH trades at $3,211, up 1.7% in the last 24 hours and 13.4% in the past week. Spot Ethereum ETFs make comeback Notably, spot ETH Exchange-Traded Funds (ETFs) are seeing improving inflows after days of underwhelming performance . Data from Farside Investors shows six consecutive days of consistent inflows. On Nov. 13, the nine Ethereum ETFs registered a cumulative inflow of $146.9 million, higher than the previous day's $135.9 million. Related Wed, 11/13/2024 - 14:02 Ethereum (ETH) Has Never Outperformed XRP Since 2021: Here's Why Arman Shirinyan Fidelity’s FETH led the daily inflow with $101.7 million. Two other top inflows came from BlackRock (ETHA) and Bitwise (ETHW), with $35.6 million and $13 million, respectively. On the contrary, Grayscale’s ETHE registered outflows of $5.6 million. Analysts believe Ethereum could reach $3,500 soon if ongoing sentiment is sustained. #Ethereum