Ethereum Whale Activity Skyrockets — Will Prices Follow?

News Thu, 14/11/2024 - 15:33 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) , the second-largest cryptocurrency by market capitalization, has seen a significant surge in whale activity. Whales, or large holders, have been making notable moves on the market, raising questions on what this implies for price. According to Lookonchain , a fresh whale wallet recently accumulated 7,389.5 ETH, valued at approximately $23.44 million, some hours back. This recent purchase brings the whale's total accumulation to 18,049 ETH, worth around $59.3 million, over the past three days. Whales continue to accumulate $ETH ! A fresh whale wallet accumulated 7,389.5 $ETH ($23.44M) again 3 hours ago. The whale has accumulated a total of 18,049 $ETH ($59.3M) in the past 3 days. https://t.co/SQuMHXIHB9 pic.twitter.com/mFkHEY3DPz — Lookonchain (@lookonchain) November 13, 2024 In contrast, two other whales deposited a combined total of 11,286 ETH, valued at $36 million, to Binance, according to Lookonchain. Depositing large amounts of ETH to an exchange like Binance could indicate a potential sell-off, which might exert downward pressure on the price. Advertisement Related Sun, 11/10/2024 - 14:06 Ethereum Surpasses $3,000, Three Reasons Behind Comeback Tomiwabold Olajide HOT Stories BTC Creator Satoshi Nakomoto Now 19th Richest Person in World: Report Elon Musk’s Dogecoin Tweet Drives DOGE Army Nuts With Excitement ‘Planning The Bitcoin $100,000 Party’: MicroStrategy’s Michael Saylor BlackRock Discloses New Position in IBIT The contrasting actions of these whales highlight the complex dynamics at play on the cryptocurrency market. While accumulation by whales typically suggests bullish sentiment and can drive prices higher, large deposits to exchanges might signal impending sales, which could lead to price drops. Ethereum marks $157 million inflow According to the most recent CoinShares report, digital asset investment products saw inflows of $1.98 billion, while price action pushed global AuM to a new high of $116 billion. Bitcoin topped inflows with $1.8 billion, totaling $9 billion since the U.S. Federal Reserve reduced interest rates for the first time this cycle in September. Ethereum, which has been struggling, had inflows of $157 million last week, the highest inflow since the ETF launched in July of this year, marking a considerable improvement in sentiment. Related Tue, 10/01/2024 - 14:26 Ethereum (ETH) Skyrockets 230% in Massive Whale Activity Tomiwabold Olajide Ethereum price reached a high of $3446 on Nov. 12 after seven consecutive days of gains before dipping. At the time of writing, ETH was down 0.56% in the last 24 hours to $3,192 and would mark the third day of declines if today closes in red. If the $3,446 level is surmounted, ETH might rise to $3,800 and eventually $4,094. Meanwhile, the short-term advantage will shift to bearish if the ETH price falls below $2,900. #Ethereum News