Ethereum Whales Buy 611,960 ETH Amid Price Breakout

Key Insights

• Ethereum whales have bought 611.96k ETH over the past day

• ETH prices breaks out of consolidation driven by whale activity

Ethereum Whales Purchase 611.9k ETH

Ethereum whales have made a strong comeback in the market after taking a step back over the past weeks. In the last 24 hours, the whole crypto market recovered where we saw Bitcoin rally again back to $110k.

A significant Ethereum whale transaction just occurred, with 30,000 ETH worth $82.76 million sent to a Wintermute deposit address.

According to On-chain monitors, Ethereum whales have bought and sold massively over the past day. According to Lookonchain, a whale who bought 30K $ETH worth $75.39 million OTC 2 weeks ago just sold 30K $ETH worth $82.76 million OTC 20 minutes ago, making another $7.3M.

Two weeks ago when prices stagnated, this whale spent another $75.39 million to buy 30,000 $ETH($76.91M now) at $2,513 through OTC making $1.52 million in profit.

Read also: Will Ethereum price rally to $3k?

Another transaction observed by Lookonchain involved Metalpha. According to Lookonchain, Metalpha bought 18,000 $ETH $48.45 Million from Binance. Thirdly, another whale bought 1,866 $ETH $5.16 million. In total as per IntoTheBlock data, whales have bought 611.96k ETH.

Such significant buying spree from large holders indicates growing confidence, and optimism. Often when whales turn to massive accumulation, it leads to higher prices through demand. The laws of economics and points towards a higher value once demand rises within supply remaining constant.

Graph illustrating Ethereum's exchange inflow trends alongside price fluctuations from May 10 to June 11, showing significant inflow volumes peaking around mid-May and early June, with prices reaching $2,710.

Despite the massive buying spree from whales, other investors and traders are selling aggressively. Amid price upsurge, Ethereum exchange inflow has surged to hit 1.16 million ETH.

Thus Ethereum's exchange netflow has held within positive for two days even after prices surges indicating massive profit taking. With Ethereum whales selling, how did it affect ETH price movement

Did it Have any impact

With other investors aggressively selling, Ethereum whales are standing as the positive light in the market. Therefore, Ethereum price surge is largely driven by whale activity.

Ethereum price chart illustrates a steady climb, reaching $2,749 on Coinbase. The RSI indicates a strengthening momentum, as trading volume shows significant activity.

Thus, ETH prices have surged by 6.8% to complete a breakout from a descending channel.

ETH has broken out from a 2 week downtrend hitting the higher level of the consolidation. To finish this uptrend, ETH price charts have to close above $2.8k. A daily close above these levels, will strengthen ETH to hit $3k.

However, since it's only whales who are buying while others are selling, the mismatch in market sentiment risks a correction. Thus, if these investors continue to sell, despite whales buying, ETH can face correction and decline to $2.5k.