A significant Ethereum whale has once again made headlines by moving a substantial amount of ETH. According to on-chain data from SpotOnChain, the wallet in question sent 15,000 ETH, valued at approximately $70 million, to Bitfinex just a few hours ago.
This latest transfer is just the latest in a series of big moves by the whale this week, leading to speculation about potential price fluctuations or a shift in their Ethereum trading strategy.
Over the past two days, the whale has transferred a total of 30,000 ETH, worth around $138.4 million, to Bitfinex. With an average transfer price of $4,612 per ETH, it appears that the whale may be taking profits as Ethereum approaches key resistance levels.
Such large deposits can sometimes raise concerns about potential selling pressure. When whales move coins to exchanges, it can indicate plans to sell, particularly during uncertain market conditions.
Interestingly, the whale has not only been sending ETH to Bitfinex but has also transferred 23,278 ETH, valued at about $109.3 million, to two new wallets. Analysts suggest that these could be new “storage” or “cold” wallets, used to securely hold crypto for the long term. This combination of exchange deposits and storage transfers may indicate a balanced approach, possibly involving partial profit-taking while maintaining a significant position for the future.
Despite these significant transfers, the whale still holds a total of 70,785 ETH, valued at nearly $332.4 million, across four wallets. While some traders view the Bitfinex deposits as a warning sign of potential sell-offs, others see it as a routine portfolio reorganization. In any case, movements of this magnitude do not go unnoticed.
As for the current Ethereum price, it is trading around $4,704, showing resilience with a modest 2.58% gain in the last 24 hours. Technical analysts point to a crucial resistance zone between $4,700–$4,800, with the coin nearing its 2025 high of $4,956. Increased institutional interest and new liquidity inflows into the ecosystem could drive ETH to targets around $5,000 in the near term and potentially exceed $6,650 in the coming months, supported by upcoming network upgrades and scaling initiatives.
In conclusion, while whale activity can cause volatility, Ethereum remains stable at key support levels. A break above the $4,800 resistance could propel it towards $5,000. Analysts see a path to $5,000 if Ethereum breaks above the $4,700-$4,800 resistance zone, with long-term targets extending towards $6,650 based on market structure.
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