Ethereum’s (ETH) recent 20% price surge to the $2,400 level has sparked mixed reactions from whales and institutional investors. While some are seizing the opportunity to offload their holdings, others are re-entering the market with fresh buys, indicating a potential shift in sentiment.
Ethereum Whales Show Mixed Behaviour
Data from Arkham Intelligence reveals that a major Ethereum Initial Coin Offering (ICO) participant, who initially acquired 76,000 ETH for just $23,560, recently moved their remaining 1,900 ETH, valued at $4.44 million, to Kraken. This move suggests a possible sell-off despite the ongoing bullish momentum.
Additionally, another Ethereum whale, who sold all their holdings three months ago at an average price of $2,740 and incurred an $11 million loss, has re-entered the market with substantial purchases. Over the past month, this whale acquired 2,713 ETH for $4.07 million at $1,502 per ETH, followed by an additional 9,023 ETH for $20.55 million at $2,277 per ETH.
Meanwhile, institutional players like World Liberty Financial have also joined the buying frenzy, snapping up 1,587 ETH worth $3.5 million during the dip under $2,000.
Also Read: Ethereum [ETH]: Whale Accumulation Signals Potential Breakout
ETH Price – Pump or Dump at $2,400?
Ethereum’s price surge to $2,400 has reignited speculation of a potential parabolic rally. Veteran trader Peter Brandt noted that the current congestion pattern could signal a substantial price breakout. Similarly, crypto analyst Mister Crypto emphasized Ethereum’s attempt to reclaim its yearly open, a move that previously triggered a parabolic surge.
Despite the mixed whale activity, market analysts remain cautiously optimistic. With open interest still high at $27.5 billion, bullish sentiment appears to be holding firm. However, whether Ethereum can maintain its momentum or face another sell-off remains to be seen, as market participants brace for the next big move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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