ETH Whale Accumulates Over 7K ETH at $3,016 Average While Price Rebounds
Key Takeaways
- An ETH whale with 0x73781209F3B0f195D0D3fA9D6b95bB61c54c1ca6 wallet address has accumulated over 7k in yesterday.
- The total holding of the aforesaid whale has reached 12.89k ETH.
- The ETH whales have reportedly accumulated over 440,000 ETH in one week.
- The Ether is currently trading at around $3,031.18 today.
- The price edged up by 3.06% in the past 24 hours.
- The Ether ETFs were in green yesterday, and the open interest rate has increased in the past 24 hours, but the ETH exchange reserves have gone up
- ETH has shown signs of recovery, but a rebound has yet to be confirmed as the macro uncertainties continue.
ETH Whale Accumulates Over 7k ETH at $3,016 to Reach 12.89k ETH
An ETH whale with 0x73781209F3B0f195D0D3fA9D6b95bB61c54c1ca6 wallet address has accumulated over 7k yesterday to reach a total holding of 12.89k ETH. Under the current price of $3,016, the holding is worth around $38.83 million. The whale accumulations suggest that the long-term holders are optimistic about Ether despite the broader crypto market reeling under pressure. The whale is continuing its accumulation spree with the most recent transaction done just 4 hours ago.
Moreover, the ETH whales have reportedly accumulated over 440,000 ETH in one week. The whale accumulations usually act as a bullish stimulus for the market. Amid the increased whale activity, the Ether is showing signs of recovery after recording a monthly price decline of over 26%.
How is Ether Faring Now?
The Ether is currently trading at around $3,031.18 today. The price edged up by 3.06% in the past 24 hours. The market cap touched $365.71 billion. Yet, the 24-hour trading volume is down by 5%, suggesting that traders are not entirely confident of a strong rebound.
On the other hand, the Ether Exchange Traded Fund (ETFs) has recorded a moderate gain of $60.82 million. The BlackRock iShares Ethereum Trust (NASDAQ: ETHA) registered a net inflow of $50.22 million. The ETF inflows exhibited high volatility in the past week, mirroring the fluctuations in the broader crypto market.
Additionally, the ETH exchange reserves have gone up, suggesting that the sustained selling pressure is yet to cool off. Nonetheless, the open interest rate has gone up in the past 24 hours. The opening of the new positions is anticipated to bring more volatility to the market.
But more liquidity supports a rebound. The token is currently trading above the 10-day Exponential Moving Average, and Simple Moving Average, and the 14-day Relative Strength Index (RSI) value of 41 indicates a neutral position.
The Bottom Line
The Ether price tumbled in the past weeks along with other dominant tokens as the crypto market faced a myriad of challenges, ranging from macro uncertainties, liquidations, and whale offloading. Today, the ETH has shown signs of recovery, but a rebound has yet to be confirmed. Besides, the uncertainties over upcoming Fed rate cuts are forcing investors to take a risk-averse approach. Even so, the Fusaga upgrade is estimated to happen on December 3. If the upgrade successfully delivers its promises, a rally may be just around the corner.
Crypto & Blockchain Expert