Ethereum experiences a surge in whale activity, with large transactions surpassing 10,000 daily.
Whale movements, including buys and sells, can significantly impact Ethereum's price direction.
Spot Ethereum ETFs see rising inflows, fueling optimism and potential price growth to $3,500.
Ethereum is witnessing a remarkable surge in whale activity, with large transactions hitting their highest point since August. This surge comes amid strong bullish momentum in the market, with Ethereum’s price chart showing gains on both daily and weekly timeframes.
Whale transactions have surpassed 10,000 for the first time in months, signaling that major players are making significant moves. This uptick in whale activity is raising questions about its potential impact on Ethereum’s price and market dynamics.
https://twitter.com/intotheblock/status/1856995331612791093?t=E4uERs5NhDNj834-zykkeA&s=19 How Whale Movements Affect Ethereum’s Price
Large transactions— above $100,000—often indicate strategic actions by big investors. When whales start buying, the demand can push prices higher. However, selloffs by whales can have the opposite effect, leading to a price drop.
Given the recent surge in whale transactions, the market is watching closely to see whether these investors will continue accumulating Ethereum or begin unloading their holdings. Currently, Ethereum is experiencing positive sentiment. After Bitcoin’s recent all-time highs, Ethereum followed with a significant price rally.
Earlier this week, Ethereum broke through the $3,000 barrier, a milestone not seen since July. The price had struggled after peaking at $3,563, but the renewed push above $3,000 is reigniting optimism. As of now, Ethereum is trading at $3,211, up by 1.7% in the last 24 hours and showing a 13.4% gain over the past week.
Ethereum ETFs Gaining Traction
In addition to whale activity, Ethereum ETFs are also gaining attention. After a period of underwhelming performance, spot Ethereum ETFs are now seeing steady inflows. According to Farside Investors, these funds have seen six consecutive days of inflows, with a notable $146.9 million on November 13.
Fidelity’s Ethereum ETF (FETH) led the pack with $101.7 million in daily inflows, while BlackRock’s (ETHA) and Bitwise’s (ETHW) ETFs followed with $35.6 million and $13 million, respectively. Despite these positive inflows, Grayscale’s ETHE ETF recorded an outflow of $5.6 million.
As whale activity continues and Ethereum ETFs see renewed interest, analysts believe the price could reach $3,500 soon if the current momentum persists. The market is poised for a potential breakout, with whales and institutional investors playing a key role in driving Ethereum’s next move.
The post Ethereum Whale Activity Surges, Transactions Reach Highest Point Since August appeared first on Crypto News Land.
