Ethereum Whale Withdraws 5160 Tokens Worth $20 Million
Ethereum (ETH) has been on a rollercoaster ride in the past month, trading in an upward trend. After hitting a low of $2,355, the altcoin surged to reach $4,096. However, it has since experienced a correction, dropping back to $3,501. As of the latest update, Ethereum is trading at $3,899, marking a 0.6% decline on the daily charts.
During this market pullback, an interesting trend has emerged – large holders, also known as whales, are taking advantage of the dip to accumulate more ETH. According to on-chain tracker Lookonchain, a whale recently created a new wallet and withdrew 5160 ETH tokens worth a staggering $20 million from Binance. This move indicates confidence among large holders, as they continue to accumulate ETH despite the price fluctuations.
Whales Accumulating ETH
The trend of whales accumulating ETH is further supported by Ethereum’s MVRV long/short difference, which has been on the rise over the past week. It has increased from 5.17% to 8.56%, signaling not only market confidence but also rising profitability for long-term holders.
Chart Analysis
AMBCrypto’s analysis suggests that Ethereum is currently experiencing a strong bullish sentiment, driven by buying pressure from large holders. This trend is evident in the rising outflow volume from exchanges, which has surged from $1.56 billion to $3.89 billion over the past week. This indicates that more investors are moving their ETH tokens into private wallets rather than keeping them on exchanges.
Additionally, the exchange supply ratio for Ethereum has been declining, dropping from 0.1468 to 0.143. This decrease suggests that investors are bullish on ETH and prefer to hold their assets off exchanges. Furthermore, the large holder netflow has seen a significant surge from negative 7.16k to 48.96k, indicating a substantial influx of capital into Ethereum.
Price Prediction
Given the positive sentiments among large holders and the increased accumulation of ETH, the future looks promising for Ethereum. If these trends continue, Ethereum could potentially reclaim the $4,000 mark in the short term. However, if buyers fail to regain control of the market, ETH could see a dip to $3,713.
In conclusion, Ethereum’s price outlook remains optimistic, fueled by the actions of whales and the overall market sentiment. Investors should keep a close eye on the developments in the Ethereum ecosystem as the cryptocurrency continues its journey towards new highs. the perspective of a food critic reviewing a trendy new restaurant in town.
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