Ethereum Whales Accumulate 470,000 ETH, Driving 10% Price Surge
1min read Ethereum bulls are gearing up for a significant upward movement after weeks of negative sentiment. A key factor driving this optimism is the recent surge in whale activity, with large investors making substantial purchases. This trend follows the recent upturn in Bitcoin and the broader crypto market, as holders anticipate similar price movements for Ethereum.
Over the past 48 hours, on-chain data has revealed significant ETH purchases, indicating a shift in trader sentiment. One Ethereum whale acquired 7,100 ETH, valued at approximately $14.2 million, while another withdrew 4,709 ETH, worth $9.47 million, from a major exchange. These transactions, along with others, suggest a growing trend of accumulation among whales. Today, a trader withdrew assets worth $2.6 million from another exchange, and another purchased assets valued at $5.4 million. The market responded positively, with ETH prices gaining momentum in hourly trading data.
Historically, outflows from centralized exchanges signal accumulation, as whales aim for long-term holdings rather than increasing exchange reserves. This trend builds market confidence and strengthens retail demand. This week, whales purchased 470,000 ETH, with bulls eyeing a potential recovery. Institutional optimism for a rebound has been a significant morale boost for traders in recent weeks. Last year, traditional investors increased their exposure to crypto assets, particularly Bitcoin and Ethereum.
As the market prepares for recovery, traders project similar demand in the second quarter of 2025, despite the previous dip. Ethereum's institutional volumes have also shown a slight recovery compared to past weeks. Digital asset enthusiast Kim noted that increased whale activity could position ETH for a breakout. "Taking into account Ethereum whale activity, key support levels, and market sentiment, ETH appears poised to break out. The combination of decreasing exchange reserves, increased whale activity, and technical indicators suggest price momentum."
Ask Aime: What impact will whale activity have on Ethereum's price movement?
Amid rising sentiments, traders are at a crossroads regarding the ETH bull peak. The general consensus favors a massive recovery after months of losses due to macro and industry-related factors. Ethereum’s price has reclaimed the $2,000 level, with whales increasing their appetite ahead of the projected $2,500 price in April. This is a fall-off from the anticipated $4,000 price last year. However, recent developments and a wider market recovery could spur the asset to new heights. Ethereum remains a key asset for wealth managers' foray into digital assets, citing its staking and smart contract architecture.
