Last week, Ethereum (ETH) attracted the attention of many investors as it gradually approached the $1,900 price area. Similar to many assets benefiting from a Bitcoin-fueled market rally, ETH, also known as Ether, has risen 5.85% in the past seven days, bringing the total price increase in the past four weeks to 15.17%.
Interestingly, the recent whale movement has now added to further speculation around ETH, sparking suggestions that the largest altcoin could see a price rise soon.
‘Smart’ whale buys $15.94 million worth of ether – what could they know?
In a Sunday post on
This deal has attracted a lot of attention due to the ethereum investor’s past history. Lookonchain, popularly known as the “smart” whale, reports that “0xb15” has conducted 8 ETH transactions since February 12, recording a win rate of 87.5% and a total profit of $13 million.
Bought a smart whale $ Ethereum once again!
Whale deposited 31.8 million $USDT to #Binance 8698 withdrew $ Ethereum($15.94 million) 3 hours ago.https://t.co/heBjvbk1Oihttps://t.co/hDNN69qn3h pic.twitter.com/n0SmpqMsVI
– Loconchain (@loconchain) November 4, 2023
In particular, this smart whale is known for buying low and selling high. Most recently, they deposited 24,495 ETH ($45 million) on Binance on November 2, shortly after purchasing 24,548 ETH, worth $39.8 million, resulting in a profit margin of about $5.47 million.
Following the purchase made by “0xb15” on Sunday, many traders are likely on high alert as it indicates that the whale is anticipating a continued rise in the price of Ethereum over the next few days.
Looking at the daily chart of Ether, the altcoin is about to break through the $1,900 price area if this buying pressure continues. However, investors should note that the currency’s Relative Strength Index (RSI) is now at 71.43, indicating that it is now overbought and may face a trend reversal.
ETH market records largest weekly inflow on CEX exchanges since August
In other news, central exchanges (CEXs) just recorded an outflow of $210 million worth of ether in the past seven days, according to data from IntotheBlock. This represents the largest weekly inflow of the altcoin off CEX exchanges since August.
This data only reflects the strong bullish trend surrounding the ETH market, as the reduced supply of tokens on exchanges reflects an increase in buying activity by investors.
At the time of writing, Ethereum is trading at $1,890.95, with a 2.61% gain in the last day. However, the daily trading volume of the coin decreased by 11,485 and was valued at $6.02 billion. With a market capitalization of $227.4 billion, Ethereum remains the second largest cryptocurrency in the world.
ETH trading at $1,896.73 on the daily chart | Source: ETHUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview