Ethereum Attracts Attention as Price Approaches $1900
Over the past week, Ethereum (ETH) has been gaining attention from investors as its price approaches the $1900 region. Like many other assets in the market, ETH has seen a 5.85% increase in the last seven days, bringing its total increase over the past four weeks to 15.17%.
A recent whale movement has sparked speculation that ETH may experience a price surge. A whale with the wallet address “0xb15” purchased 8,698 ETH worth $15.94 million from Binance and deposited 31.8 million USDT in the process. This whale, known for their successful transactions, has conducted eight ETH transactions since February 12 with an 87.5% win rate and a profit of $13 million.
The smart whale bought $ETH again!
The whale deposited 31.8M $USDT to #Binance and withdrew 8,698 $ETH($15.94M) 3 hours ago.https://t.co/heBjvbk1Oihttps://t.co/hDNN69qn3h pic.twitter.com/n0SmpqMsVI
— Lookonchain (@lookonchain) November 4, 2023
The whale’s recent purchase indicates their anticipation of a rise in Ether’s price in the coming days. However, investors should be aware that Ether’s Relative Strength Index (RSI) is currently at 71.43, suggesting it is in the overbought zone and may see a trend reversal.
Largest Weekly Outflow of ETH from CEXs Since August
Centralized exchanges (CEXs) have recorded an outflow of $210 million worth of Ether in the past week, marking the largest weekly outflow since August. This reflects the strong bullish sentiment surrounding the ETH market, as a decrease in supply on exchanges indicates increased purchasing activity by investors.
At the time of writing, Ether is trading at $1890.95 with a 2.61% gain in the last day. However, the token’s daily trading volume has decreased by 11.485 and is valued at $6.02 billion. With a market cap of $227.4 billion, Ethereum remains the second-largest cryptocurrency in the world.
Hot Take: ETH’s Price Surge Anticipated with Whale’s Purchase
The recent purchase of Ethereum by a smart whale has sparked speculation of a price surge in the near future. This whale, known for their successful transactions and profit margins, has consistently bought low and sold high. With their latest purchase of 8,698 ETH worth $15.94 million, it suggests that they are anticipating a continuous rise in Ether’s price over the next few days.
However, investors should exercise caution as Ether’s RSI indicates it is currently overbought and may experience a trend reversal. Nevertheless, the strong bullish sentiment surrounding ETH is evident with the largest weekly outflow from centralized exchanges since August. This decrease in supply reflects increased purchasing activity by investors, further supporting the anticipation of a price surge in Ethereum.
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