Ethereum Whales Accumulate Amid Price Drop
In an interesting development in the crypto world, Ethereum whales have been observed accumulating the token as its price experiences a significant downturn. Two prominent whales, known as 0x347 and 0xc47, have been on a buying spree, accumulating Ethereum at price dips. These whales have a history of buying low and selling high, making substantial profits.
The accumulation of Ethereum by these whales amidst the price drop has sparked excitement and suggests that there may be a potential price increase in the near future.
Data Reveals Whale Accumulations
According to data from Spotonchain, a blockchain tracking platform, the two whales mentioned earlier accumulated large amounts of ETH on January 19. Whale 0x347 withdrew 3,600 ETH worth $8.84 million from Binance at a price of $2,456. Whale 0xc47 accumulated 5,580 ETH worth $13.76 million from Coinbase.
Interestingly, these whales have a track record of accumulating ETH and making profits. Whale 0xc47 made an estimated gain of $31.1 million between September 8, 2020, and March 9, 2022. Whale 0x347 accumulated ETH during last year’s bear market and deposited it to CEXs during price rises.
Ethereum Price Drops
The price of Ethereum has experienced a significant fall in the past 24 hours, dropping by 2.09% to reach $2,482. The weekly chart also shows a plunge of 4.92%. However, the token’s trading volume has increased by 15.28% in the past day and currently stands at $11.93 billion. This surge in trading activity aligns with the recent whale accumulations.
Hot Take: Ethereum Whale Accumulations Point Towards Potential Price Surge
The recent accumulation of Ethereum by prominent whales despite the price drop suggests that there may be a potential price surge on the horizon. These whales have a history of accumulating ETH during price lows and profiting from subsequent price increases. This pattern, combined with the increased trading volume, indicates growing market interest in Ethereum. As such, it will be interesting to see how these accumulations and market sentiments impact the future price of Ethereum.
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