After lying dormant for a while, a big Ethereum (ETH) whale has abruptly sprung to life and transferred 10,000 ETH in one transaction.
Lookonchain claims that when ETH prices rose beyond their pre-dump level, a massive whale emerged from its three-year hibernation and deposited 10,000 ETH worth $38.5 million at an average price of $3,850 to Bitfinex.
On March 5, the price of Ethereum dropped precipitously from a peak of $3,829 to a low of $3,205. The price of Ethereum is now rising in tandem with the cryptocurrency industry as a whole. Cryptocurrency asset deposits on exchanges signify a sale decision, but withdrawals might suggest a purchase.
https://x.com/spotonchain/status/1765308204181844047?s=20
Lookonchain claims that on January 21, 2021, the whale paid just $1,386 (equivalent to $153 million) for 110,000 Ethereum at Bitfinex; the whale still possesses 100,000 Ethereum, which is valued at $385 million. His ETH investment is predicted to yield a total profit of $270 million (+177%).
The substantial transfer of 10,000 ETH to Bitfinex, valued at millions of dollars, caught the attention of traders, investors, and industry insiders.
Market players were initially concerned about whether this move indicated a major shift in the whale’s investing strategy or a possible sale of the remaining 100,000 ETH in its holdings.
Whales can trade for a number of reasons, including profit-taking, portfolio rebalancing, or tactical manoeuvres inside the cryptocurrency ecosystem. The big ETH whale’s move’s precise motivation is still a mystery.
ETH price action
On February 29, Ethereum experienced profit booking, but buyers swiftly snapped up the decline.
The critical $3,900 mark is getting closer for the bulls: after hitting intraday highs of $3,897, ETH is currently up 5% over the past 24 hours at $3,881. Should they be successful, Ethereum might begin the second part of its ascent, rising past $4,000 and ultimately $4,200.
Bulls are in control, according to the upward-sloping moving averages, but there is a risk of a brief decline because the RSI has been in the overbought area for a number of days. On the downside, $3,300 is the first immediate support level, followed by $3,205.
