Ethereum’s price has seen modest 1% gains over the past 24 hours, trading around $2245 at press time. However, what ETH investors should pay close attention to is the recent whale accumulation happening behind the scenes.
According to crypto analytics firm SpotOnChain, a massive Ethereum whale recently made a $48 million buy of 21,192 ETH at an average price of $2265. This recent purchase adds to the whale’s accumulating of ETH over the past year too.
Since January 13th 2023, the whale has purchased a total of 79,500 ETH from decentralized exchanges (DEXs) and Binance at an average price of $1790. This means the whale’s ETH holdings now have approximately $36.84 million in unrealized profit based on today’s prices, representing a 25.9% return on investment so far.
The whale financed these large ETH buys using loans from lending protocols like Aave and Liquidity, indicating they have a bullish long-term outlook on Ethereum.
Massive accumulation from whales often precedes major price rises, as large buyers help absorb selling pressure in the market. If other large ETH investors follow suit and continue building positions, it could signal growing confidence in Ethereum’s price outlook for 2024.
ETH breaking out above the $2300-$2400 resistance would be the next key test, which could happen in the short-term if whale support remains strong.
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