Ethereum Whale Grabs 5,000 Tokens – Will This Impact ETH Prices
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- A major Ethereum whale has withdrawn 5,160 tokens valued at $20 million.
- ETH has seen a moderate recovery, gaining 3.7% recently.
In the last month, Ethereum [ETH] has embarked on an upward trend, climbing from a local low of $2,355 to $4,096.
However, after reaching this peak, it corrected downward to $3,501. Currently, Ethereum is trading at $3,899 with a minor daily decline of 0.6%.
This market decline presented buying opportunities for large investors as whales have capitalized on these price dips.
Whales ramp up ETH accumulation
An analysis by on-chain tracker Lookonchain reveals that whales are increasingly accumulating ETH following the price declines. Notably, one whale created a new wallet and withdrew 5,160 ETH tokens worth approximately $20 million from Binance.
The trend of whale accumulation reflects strong confidence among large holders as long-term holders continue to reap profits.
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This is further demonstrated by Ethereum’s long/short MVRV difference steadily increasing over the week from 5.17% to 8.56%, indicating both rising market confidence and profitability in holding ETH assets. p >
An analysis of ETH charts
AskFX’s analysis suggests that Ethereum is currently in a bullish phase driven by purchasing pressure from significant holders. p >
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