Originally published on: November 14, 2024
Ethereum saw an impressive 29% surge last week, breaking through the $3,000 mark, a level not seen since August. Despite Bitcoin’s recent 13% increase, Ethereum’s upward momentum has slowed down.
Recent data indicates that whales are eyeing Ethereum as a lucrative opportunity for long-term accumulation at its current price point. While whale activity was high in Q3 with aggressive selling, a new whale address has emerged as ETH prices surge in Q4.
According to onchain wallet tracker Lookonchain, a new whale wallet has accumulated a significant amount of ETH, totaling $23.44 million in value over the past 24 hours. This whale address, active since Nov. 9, has purchased over 18,000 ETH at an average price of $3,201, now valued at $57.8 million.
What sets this whale apart is its focus solely on Ethereum and holding $19.3 million in Tether (USDT), indicating a potential for further accumulation if attractive price dips occur.
In the past, notable ETH whales have made substantial profits, with one turning a $38,000 investment into $30 million after 8 years. Another whale address moved $20 million worth of ETH to Kraken exchange, mirroring past activity of selling ETH holdings on the platform.
Despite recent price discovery in Bitcoin, Ethereum has yet to surpass its previous all-time high from 2021, facing resistance as it strives to break the $3,500 mark. Analysts suggest that Ethereum may find support around the $3,000 range based on technical indicators.
With bullish momentum potentially returning to Ethereum, the question remains: will the accumulation of new whales drive ETH above $3,500 and beyond? Stay tuned for more insights and updates on the evolving crypto market landscape.
